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Honored Advisor

Re: Matt Taibbi on Citibank criminals

This is exactly my point Don, some of these crazy land prices (purchase and rent) are predicated on the assumption that we are at a new plateau in prices and if they are wrong devil be damned, "we`ll get bailed out like in `86".   I personally know of cases of 3 yrs rent @ $350/a  that is irresponsible, it has NOTHING to do with a "sharp pencil".   A one yr $400 rent, yes with forward contract, crop ins and solid current land base there could be a case for that.  Bottomline is in the mid-80`s those golden boys that got their cake and eat it too with a debt write down will probably never be afforded again, also the public would never stand for it.   The Norman Rockwell image of farmers in the 80`s would never fly today...$60K pickups, waiting behind a $600,000 combine with a 12 row head going down the highway, just doesn`t generate the same sympathy of 25 yrs ago.

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Veteran Advisor

Re: Matt Taibbi on Citibank criminals

something gets you all lathered up when it comes to the issue of 1980 farmers not paying their debts. Whether you screwed some landlords, some suppliers, the county welfare office, or all of the above, I would bet something is under the woodpile in Don Kraft's life.

 

Just like a lawyer, you seem so careful to word things ...."all the notes I signed to a bank I paid back".

 

Well, you just are not a big enough fish to warrant anyone wanting to fry you.

 

And the biggest crooks are the ones that are the most careful to make sure they get their own money up front...they know human nature. Just like I said, you are not that obtuse. You know the score.