Remember the 70's

[rusty1]

My memory is still angry about how banks and lending institutions closed a lot of family farms in the 70’s with their 20 % interest. We farmed in the Peace country and many many farms were foreclosed by banks and FCC. Second and third generations farms were picked off all around the prairies in those days. The lending institutions owned a lot of land in a short time till they woke up and realized that they didn’t want to farm the land. New buyers were in at $0.25 on the dollar. They then reversed their positions and “wrote off” huge debts and left the farmers on the land to start over.
Let me point out those lending institutions are still here, and most of those with forgiven debts and farms are still farming.
We are going to need to lobby the lending institutions to do that again. Our feedlot industry is currently hanging by a thread. If this current BSE issue doesn’t get straightened out real soon a lot will be history. Americans with all their money and the packers will become the Barons of the beef industry.

[cowman]

You know Rusty I remember the 70s fondly. I was young I was healthy I was making big bucks. I believe the Interest rates peaked about 1982 at the height of the devistatation of the NEP. You know, when Trudeau stold our oil?
I remember I cashed in Canada Savings bonds that yielded 19.5% interest and bought a brand new Oldsmobile for cash. The dealers were so desperate , you could name your own deal!
I owned my own home and I had a good job. Things were sweet.

[Muttley]

In 1981 I bought a 78 Chev 1/2 ton for 4500.00 cash from the local dealer. You can still find them for close to that today. In the 70's we were buying new trucks for 500 to 1000.00 difference. My payments per month are that now!!!

[kato]

I also remember the 70's fondly, except I was young and healthy and had no money at all.

We started farming in a world of 20% interest rates. It was a good time if you had money, but boy, if you were borrowing, it was another story! We were borrowing.

The most important thing we learned over the years is to just remember...the banker is NOT your friend...he is working for the bank, not your best interests. If you keep that in the front of your mind, you'll be OK.

[ivbinconned]

Yes what a stunning revelation it was to learn that while my bank was charging me 22% on all my farm loans they where only charging 3-4% on loans to other countries like Poland so they could buy what I produced.
And I thought they where on my side.