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Stories of farmers going broke?
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Mrs B
Posted 10/4/2021 08:13 (#9251896 - in reply to #9251767)
Subject: RE: Stories of farmers going broke?


Highland Center, in Southeast Iowa

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.      



Don't forget that enjoyable 17-21% interest factor.  In our world, that was the big issue. We were very fortunate to have a great lender and a couple of beyond-great feed and animal health people. We'd have not made it without those 3 folks. 

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