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Thu Jul 11, 2019, 10:21 AM

Farm Crisis on the Horizon? - a "troubling echo" of the 1980s farm crisis

https://www.reuters.com/article/us-usa-farmers-lending-insight/wall-street-banks-bailing-on-troubled-us-farm-sector-idUSKCN1U618F

Chapter 12 federal court filings, a type of bankruptcy protection largely for small farmers, increased from 361 filings in 2014 to 498 in 2018, according to federal court records.

“My phone is ringing constantly. It’s all farmers,” said Minneapolis-St. Paul area bankruptcy attorney Barbara May. “Their banks are calling in the loans and cutting them off.”

Surveys show demand for farm credit continues to grow, particularly among Midwest grain and soybean producers, said regulators at the Federal Reserve Banks of Chicago, St. Louis, Minneapolis and Kansas City. U.S. farmers rely on loans to buy or refinance land and to pay for operational expenses such as equipment, seeds and pesticides.

Fewer loan options can threaten a farm’s survival, particularly in an era when farm incomes have been cut nearly in half since 2013.

... snip ,,,

Michelle Bowman, a governor at the U.S. Federal Reserve, told an agricultural banking conference in March that the sharp decline in farm incomes was a “troubling echo” of the 1980s farm crisis, when falling crop and land prices, amid rising debt, lead to mass loan defaults and foreclosures.

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Reply Farm Crisis on the Horizon? - a "troubling echo" of the 1980s farm crisis (Original post)
UpInArms Thursday OP
DetlefK Thursday #1
democratisphere Thursday #3
democratisphere Thursday #2
spanone Thursday #4
world wide wally Thursday #5

Response to UpInArms (Original post)

Thu Jul 11, 2019, 10:27 AM

1. Oh, I thought this was about the ground-water shortages in the Mid-West.

The farms in the Mid-West are using up too much groundwater: Rain can't replenish it fast enough. It has been estimated that by 2040 or 2050 or so, farms will have serious trouble pumping groundwater from the ground.

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Response to DetlefK (Reply #1)

Thu Jul 11, 2019, 10:29 AM

3. Sounds like a job for the Ancient Romans. I'm certain they can

figure it out.

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Response to UpInArms (Original post)

Thu Jul 11, 2019, 10:27 AM

2. Gorge the wealthiest and let our family farmers die.

This country is a disgrace.

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Response to UpInArms (Original post)

Thu Jul 11, 2019, 10:30 AM

4. How much taxpayer money will go to buy the farmers votes for 2020?

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Response to UpInArms (Original post)

Thu Jul 11, 2019, 11:58 AM

5. Don't worry.

The guy that lives in the gilded tower in New York City will fix it.
(and I have some swampland in Arizona you can buy too)

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