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Honored Advisor
Posts: 18,031
Registered: ‎05-13-2010
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Raising limits on Chapter 12

I see they`re fixin` to roop the the taxpayers again by raising chapter 12 bankruptcy limits from $4 million to $10 million, like they did 30 some years ago.  Chapter 12 was a "rock held over the head of the banker" to make writing off debt more palatable that closing out a bigger hardup farmer.  But $10 million or even $4 million debt????  I don`t call that helping some poor farmer in a Norman Rockwell painting, if you have $4 million in farm debt, in my book you are on your own Buddy Boy, now they want to raise it to $10 million??  Are Senators Grassley and Ernst smoking rope?  The "bipartisan" Democrats that want it, that`s understandable no surprise there, but our 2 normally sane senators on that bandwagon?

 

I`m sure it`ll be a ag bank bailout, though I thought banks were under new rules to not make stupid loans.  But the greedy clowns that have $4 million or proposed $10 million in debt, that`s in big business territory.  Yes, we did bailout GM, which wasn`t so much about bailing out the car manufacturer as it was putting taxpayers on the hook for their unsustainable legacy costs (pensions).    

 

And to keep the `cheap food` merry-go-round going they need to prop up the greedy clowns that have no lack of testosterone when it comes to expanding, even if it`s done stupidly.  

 

https://www.agriculture.com/news/business/agriculture-leads-bankruptcy-filings-report-shows