Posted by 2002sliverado on March 10, 2017 at 14:18:34 from (216.16.75.34):
In Reply to: hard times posted by kccca on March 10, 2017 at 12:20:31:
The 1980's I remember very well. I was in high school at the time and yes, if you were borrowing money, the interest rate was around 20 percent. If you had money in the bank and it was on Certificates of Deposit, the interest rate on those topped out around 16 percent. My mother had a job in town and my father and his youngest brother were on the farm. We lost our local JD dealership where we had purchased equipment for some years. The family could no longer keep the doors open with the sales volume they had. Our family farm was kept intact by hard work, work off the farm, and pinching pennies. My father in law's farm was held together in the same manner. Neither had overextended itself, but there were tight times. Neither was considered "too big to fail" so neither received any sort of a debt re-structuring or write down. I will never forget what happened with most of those people who DID receive a write down or restructuring. They bought a new line up of farm equipment, a new pickup truck, and a new family car. They showed up to church on Sundays and sat in front so every one who paid their bills and "sucked it up" could see them. It does frustrate me how these people who were deemed, "Too Big To Fail" were given a tremendous opportunity to start fresh. I guess at least I can say that what I have today, I worked hard for it and I don't owe my soul to the devil.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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