Back in the day, we used to make our loans based mostly on our judge of the character of the borrower. Then came the farm crisis of the '80s. We didn't get hurt too badly as my dad would never let any of our customers carry their land at over $1200/acre on their balance sheets, so the hotdogs ran to PCA and promptly lost their donkeys. Then came the S&L crisis and the regulators swooped down like a flock of vultures and made all of the banks base everything on cash flow spreadsheets, ROI projections and the like...character no longer counted for anything. I bailed out of the industry back in '87 when my father retired and I've never looked back. Pardon me if I have little or no sympathy for those folks who refused to look at history before they signed those variable-rate mortagages that they now can't afford. Santayana was right.
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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