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Advisor

PS and BTW

Stop talking about Obama increasing spending. Expenditures are up because of increases in demand for unemployment benefits and Medicade and boomers being added to the SS rolls. Structural stuff that has been in place for years.  The increased unemployment and Medicade expenses are net results of the financial crisis, which he didn't create.

 

Spending has slowed considerably in most other areas. Way, way less people work for the government than did a few years go. Retiree's spots aren't being filled.

 

 

 

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Honored Advisor

Re: Matt Taibbi on Citibank criminals

Quit playing dumb Don, they didn`t even go to bankruptcy court..Chapter 12 was the "rock" that the deadbeat farmer held over the head of the banker "Write my debt down and you`ll get money from the government orrrr sell me out and yer bank is on the hook for $1.7 million!!"  How do I know how much money was in each individual farmer`s case?? Why the Des Moines Register, of course!!  They listed each county and each deadbeat farmer in that county and the amount of write off that each received...A lotta $800,000`s $900,000`s a Mill here and there, to be honest there were a few $200,000 write offs...hmmm I wonder what they did wrong? Smiley Happy  You know the funny thing was everyone was down in the mouth about the farm economy at that time, right at the time the Register printed their names up goes a new house with a shiny 1988 pickup in the driveway.  That`s what farmers do with a windfall, buy a pickup.

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Honored Advisor

Re: Matt Taibbi on Citibank criminals

Yes, my entire adult life I have been watching people who aren`t qualified to clean a toilet get write offs and bailouts.  It`s bullsh!t but what are ya gonna do Bruce?  Someone`ll probably accuse me of being jealous or bitching too much, just for saying the way it is Smiley Happy

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Veteran Advisor

Re: Matt Taibbi on Citibank criminals

My guess is that Don knows a whole lot more than he lets on. Nobody could be that obtuse. I can use that word "obtuse" here without getting solitary confinement, right?

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Advisor

Re: Matt Taibbi on Citibank criminals

Sam doesn't like it, but he seems to be on hiatus.

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Veteran Contributor

Re: Matt Taibbi on Citibank criminals

How about the gentleman in NCIA that got caught selling USDA loaned grain with out release? Filed bankruptcy, lost his house and a year later is farming with 1200 acres and new equipment? We sort of have that gotten into that mentality lately. Most of the drug busts up here lately are all walking away with probation. And it's not the small time guys that have gotten caught. A lot of these guys figure I did it once and walked away why not again what's the worst that can happen? We'll they just said in the paper it could be thirty years in prison for this guy.

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Senior Advisor

Re: Matt Taibbi on Citibank criminals

No Don does not know better. I do not know other peoples business and I do not believe rumors. Too many friends and neighbors willing to kick a man when he is down. 

 

Now a bank may be holding collateral on a customers assets. Liquidation could mean big losses.  Farmers dad comes in a buys the banks interest in those assets for 50 cents on the dollar and refinances the son. Kosher or not? No body is forcing the bank to take the deal and father and son are making the best of a bad situation.

 

Or would you rather the farmer was liquidated  completely and made destitute never to rise again? Or is it ok if family comes in and guarantees new financing so that he can try again.

 

In any case, I would not be concerned about it because I paid off my debt on notes that I had signed for and I di not expect discounts because I didn't need one. Both the bank and I honored our contract and I have no beef with what happened between the bank and others. Just not my business and not my concern. I can't explain why you folks are all lathered up about it. They are privat business transactions that did not effect you directly and are really not your business. Petty Jealousy seems to be the sticking point. " I'm mad because someone else got a better deal than I did' Is that what you folks are hung up on?

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Honored Advisor

Re: Matt Taibbi on Citibank criminals

Chapter 12 forced a lender to write down to "market value" a debt, for instance $3,000 land was written down to $1,200, the deadbeat farmer could go on making payments at 40% of what he orginally agreed to..Merry Christmas to him!!!  If I went out and bought some $10,000 land today, the market crashes and it`s worth $4,000 should I get a "present" of a $6,000/ acre cut?   Would that be fair to the guys that would`ve paid $8,000/acre AND been able to live up to the orginal agreement?   Let`s say, Don a young tiger offers you $500/acre for 3 years up front, you of course will have $$signs in your eyes and snap up the $1500.  Now let`s say farming goes like the 80`s how would you feel about having to REFUND $900/acre??? To keep the irresponsible Pup in business to screw another day.  Now, on every other business transaction case on here, you are a hardnosed businessman...except on this issue...They don`t call you Krafty for nothin`   Smiley Wink 

 

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Honored Advisor

Re: Matt Taibbi on Citibank criminals

Those crooks are not farmers, they are just milking the teats of the Taxpayer and the responsible farmers that only borrow what they can afford and bid doable amounts on land.  This "tulip mania" in farming is just a smaller scale of the Wall Street shenanigans. 

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Senior Advisor

Re: Matt Taibbi on Citibank criminals

If it's that easy, I suggest that you rent and buy more land today. Don't wait until tomorrow. Get on the gravy train to day and pray you go bankrupt. You will be on easy street forever.

 

If i rent my land you can be somewhat certain I will get my rent.