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S.C. Wisconsin | Actually the crisis in the 80's had more to do with the feds raising interest rates to stop runaway inflation that was plaguing the country which in turn made our dollar high which in turn priced our exports out of the market leaving our grain exports dead in the water, A lot of farmers bought land that was rising along with inflation and had a lot of debt against it then this combined with 18% interest, extremely commodity prices was the death knell for a lot of farmers. Whether I want to admit it or not it would have happened no matter who was in for president as it was the policy of the feds. I farmed through the 80's and it wasn't easy but I didn't know any different and most of my land debt was with others on a land contract and they knew if they didn't keep the interest affordable they would have got their land back. Also as like now land never inflated as bad as some other area's and it didn't really drop that bad during the 80's. That's what saved my butt in the 80's, as I was just getting started. | |
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Carter grain embargo
