| Redman - 1/5/2010 22:33
The 80's and the farm crisis had no logical connection to the Enron, Bank or AIG situations. Even the largest of the Farm insolvencies did not register on the "too big to fail" scale.
Where they did register was on the "too many to ignore scale". I guess the result was somewhat the same, action was required to stabilize the farm economy but it did not spill over into the larger community.
And it wasn't just the BTO's or high flyers that were effected, it went across the ag sector and debt adjustment was common, just when it involved a high profile personality was the only time it was news enough to be news.
It was a sad time for many in ag, to paint the victims as schemers or as morally deficient is being harsh in most cases.
As I don't know of every case, I can't speak of all cases, just those of which I am aware.
Redman:
here in Kansas every one of the ones that went down in flames were schemers and morally deficient to use your words. The real victims were the smaller guys, us who did not over extend but did barrow money to update our operation but stayed below the level that qualified for a debt write off. I have a neighbor that still brags about his write down and when I tell him I and others paid for his write down he says no you didn't they just wrote it off the books. To me that qualifies as morally deficient. These guys should have lost everything as that is the way the system purges itself in economic cycles, but government interfered with the system. When an above post it is reported that Eugene still had corn stored away after his bankruptcy, there should have been jail time spent. I certainly wouldn't consider that as an act of a man to be made into a hero. Justice will be done just not in this lifetime spent on earth. |
Hey MSB, do you have anymore stories on Eugene Smith?
