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deep SW On. | Biggest thing was equip't mfg. bankruptcy which in turn took down 1/3-1/2 dealers ,especially ones with a high inventory of expensive trades ,,, farmers got into trouble as they leveraged a 100 acre paid for farm into a 200 acre farm and when land prices dropped they lost all equity ,bad crops '83 and '88 ..........can't recall any real drop on inputs or farm supply/grain elevator failures..... and some auctions just because when profits disappeared so did the fun of being a farmer.....interest rates affected everyone, somebody with a 10% int. mort. in '78 ,re-newing it in '81 interest went too 18-20% effectively doublinbg there payments...be it home owners or farmers if your selling prices dropped and payments doubled you were in trouble | |
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For those who survived the 80's?
