I read some of the posts below and they remind me of things people were saying in 1979. Things like "there not making any more land".
We are in a very similar economic situation to 1079. Energy is at an all time high, grain prices are at an all time high, credit has been easy to get and loans have been made with no basis in cash flow.
Land prices will go down when grain prices go down. Grain prices will go down when oil goes down. Oil will go down again - the current price of crude is based on speculation, not supply and demand. The lowering price of oil crushed the ethanol business in the early 80's. We should have done all we could to keep the ethanol industry afloat back then. We would be way ahead of the curve now.
We have seen this before. Are we smart enough to see the signs and prevent a repeat? It doesn't look like it.
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