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| I disagree that our decisions don't matter, of course they do, it's not random chance that I end up with a loan. I decide to borrow money or not to borrow money. If I don't have a loan they can't call it in. This may mean passing on opportunities.
I agree that the bank does set the rules, of course they do. If I was borrowing to someone, I would set the rules too.
Life isn't fair and I don't expect this to be fair either. I also don't see people going broke in my neighborhood. Land price have softened some, but not much. Rent, hasn't drop a bit and could be argued it has increased.
Also, the bank cannot call in a mortgage, if you are current, you are fine. But if they call your operating note and you can't pay it, you are now delinquent and they then can call your mortgages or term notes. I am susceptible to this for 5 months out of the year. (planting to harvest) This is one reason to use multiple sources of financing. Say JD for equipment, farm credit for mortgage and local bank for operating.
Good conversation. I did live through the 80's but did not farm. I did however sell $0.20 hogs and played the LDP game. | |
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Line of credit limits
