Posted on 12/08/2011 9:42:12 AM PST by socialism_stinX
CHICAGO - For the first time in 25 years, Minnesota farmer Dean Tofteland has missed his deadline to buy seed for next spring's corn and soybean crops.
With $200,000 of his money yet to be returned from the accounts of MF Global, his former broker, the 49-year-old farmer has missed a $5,000 discount for early buyers, and is watching friends and neighbors snap up the best varieties of seeds.
In the latest sign of how MF Global's failure is continuing to cascade across the commodity industry, Tofteland and other farmers who have yet to recover more than a third of their money from the bankrupt broker now find themselves in a cash crunch that risks rippling far beyond the futures market.
(Excerpt) Read more at cnbc.com ...
No, that is not correct - the reason that there is a threat (and it is a very real one) is BECAUSE of government and the very type of action you are proposing.
You’re just not getting it - WE CAN’T AFFORD IT!
We have done so many seemingly worthwhile, our-hearts-are-in-the-right-place, makes sense at the time, need to head off further damage, etc., kind of stuff, THAT WE* ARE LIVING OFF OF OUR CHILDREN AND GRANDCHILDREN.
They are going to have to suffer and pay for us to avoid the pain that we are causing.
And, in the end, food prices are going to go up anyway, because of the situation that we* have created.
* “We” in the very general sense.
And, I don’t usually YELL, but this sure calls for it.
Thousands.
And dozens of elevators, feedlots, co-ops, etc... guys who simply cannot operate without the ability to hedge or forward contract.
Your opinions sound generally correct, but they are misdirected in this case. I’m only advocating a two-year loan guarantee program that would cost essentially nothing to administer because such a high percentage of farmers will repay their loans. These are business people who’ve been swindled out of big bucks through no fault of their own, and are having trouble operating their farms now. What I’m advocating is very similar to government loan guarantees for businesses hit hard by natural disasters such as floods and earthquakes.
If you want to save your grandchildren, we have to start cutting the massive entitlement programs that are bankrupting our country and will eventually lead to devaluation of the dollar and higher inflation. That’s where all the spending is, in the huge middle class entitlement programs (medicare, medicaid, social security, etc) that democrats adamantly refuse to scale back. That’s where you need to yell if you want to yell. Some help for farmers who’ve been swindled costs essentially nothing and could have major benefits to America. That said, the legislation does have to be written correctly so that any loan guarantees end after two years.
I knew he was going to kill millions of people, I just didn't know how.
That sounds like the same rationale that GWB used to pass the TARP. And, will result in similar results. Isn’t that the definition of insanity?
I like farmers; I like food. They and their business losses are no more equal than me and my business losses.
Sorry, not buying it. For that to be true, it means that every year someone gets stuck with less desireable varieties of seed.
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