barren - 10/4/2021 07:06
Good topic and looking forward to hearing others stories. In the late 70's and early 80's rapid expansion left some farmers highly leveraged. Land prices were going up every year and that just added fuel to the fire as far as prices were concerned. Sound familiar? Short term credit was easy to get for machinery etc and many loaded up on it. Then the early 80's hit, land prices plummeted and farm income dropped. The short term debt became unmanageable for many. Balance sheets got ugly when the land valuation was cut in half, in some instances. Don't have time to go into detail right now but will chime back in later if there is anything of substance I can add.