Floods create economic catastrophe in Midwest

[Pale Blue Dot]

Source: MSNBC

Long after the waters subside, the floods that submerged the Midwest this month could turn out to be the region’s biggest economic disaster in decades, with ramifications that will be felt by consumers across the country.

With levees still under pressure and more flooding expected, no one is ready to put an estimate on the final damage, but it will likely swamp the $21 billion in losses tallied by the Great Flood of 1993.

Crop damage in Iowa alone has already surpassed $2.7 billion, nearly half of it in just one town, Cedar Rapids. Corn prices hit an all-time high near $8 a bushel Monday on the Chicago Board of Trade, but many other important crops were also devastated, especially wheat in Missouri and Nebraska and soybeans in Indiana and Kentucky.

Growing season already lost
Casey Langan, a spokesman for the Wisconsin Farm Bureau, said Bradly faced the same problem farmers across the Midwest face: Because it’s already June, it’s too late to replant.

“You need about 110 to 120 growing days to get your crop to harvest, and there are not that many days left in the season before a frost. What you see now is lost is lost” for good, Langan said.

Read more: http://www.msnbc.msn.com/id/25274045/

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Our economy had NO ROOM for error. We have NO MONEY to fix this because we are all so hopelessly in debt. I think this may finally be the straw that breaks our backs.

[SpiralHawk]

1. And Commander AWOL gave them about 5 minutes of time, and a kiss off...

republicon conservative compassion in inaction.

As usual.

[tanyev]

2. "That's the next President's problem. Heh, heh, heh....

Sucker!"

[crikkett]

3. Maybe they can grow different crops - like vegetables

Collard greens take 90 days to mature but are being picked earlier than that
Peppers and tomatoes have a season of 90 days...

Congress would have to make an exception to the farm act though, because I think that land which is earmarked for growing corn MUST GROW CORN.

[Winterblues]

5. That soil is so toxic it will take ninety days just to leach it clean

No more growing anything worth eating this year...On top of high energy costs this is devastating..

[ensho]

4. and summer has just begun

nt