Posted by paul on November 15, 2020 at 04:29:27 from (66.60.223.229):
In Reply to: farming in the 1970s? posted by swindave on November 15, 2020 at 03:58:43:
Early 70s was pretty good times.
Late 70s is when things got crazy, some world events led to a seesaw of economics and grain supplies that set up the world glut of grains that depressed farm prices into the 80s. USA tried to help farmers with policies that gave subsidies to producing more bu, so farmers responded and grew more and more grain into a market that wanted less grain so the problem got really bad, just as the general ecconomy got goofy and interest rates went to 14-18%. Banks faced collapse and so they carried the farmers that were too big and in too deep forgiving much of their loans, meanwhile they called in the loans of good farmers and foreclosed on them so the bank could recover their assets and use that to save the bank.
So, yes, early 70s was pretty good.
Mid 70s seemed good but actually was the stepping stone to major disaster, hindsight says that while expanding and cashing big checks it actually was the beginning of the end.
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