Bankruptcies of the 80s

[bucket]

Sure seems like guys are loading up like their parents did in the 80s just prior to getting a ten cents on the dollar write down....

Is that what is called good business?

[Robertbarlage]

Ya history will repeat.

[bucket]

But it ends up hurting those that don't use that method....

[woodland]

Sure seems like guys are loading up like their parents did in the 80s just prior to getting a ten cents on the dollar write down....

Is that what is called good business?

My folks were “loaded up” In the 80’s since that’s when they started. Never got and any write downs and paid back everything plus crazy interest.

What exactly happened? Was it a Saskatchewan thing?

[Robertbarlage]

Drought. When you have nothing to sell at all it isn't good.

[bucket]

My folks were “loaded up” In the 80’s since that’s when they started. Never got and any write downs and paid back everything plus crazy interest.

What exactly happened? Was it a Saskatchewan thing?

Yes well you and your family would be in the category of what I would call principled businessmen.

[furrowtickler]

My folks were “loaded up” In the 80’s since that’s when they started. Never got and any write downs and paid back everything plus crazy interest.

What exactly happened? Was it a Saskatchewan thing?

Was the same here , the ones that went bankrupt never came back . Loan sharks scooped up the land cause everyone else here focused on paying the debt off and had nothing to load up with .
Some areas were different I guess ?

The great reset Will throw a whole new uncertainty over the next few years . Bankruptcies could be a big part of it ... time will tell ... shortly

[bucket]

Was the same here , the ones that went bankrupt never came back . Loan sharks scooped up the land cause everyone else here focused on paying the debt off and had nothing to load up with .
Some areas were different I guess ?

The great reset Will throw a whole new uncertainty over the next few years . Bankruptcies could be a big part of it ... time will tell ... shortly

I have a good amount of equity...cash poor retire rich , still have debt but I buy lottery tickets for a win like my farm would bring....

Problem ...my kids would never speak to me again....somedays that would be a bonus...but they could never enter farming at todays prices...no off farm job would pay for it...

Some executives couldn't afford to do it...

[Guest]

Quit with the nonsense already.....

It will never happen.

They're not making any more farmland.
Farmland is a bullet proof investment, especially when bought at peak prices.
Farmland prices can't and won't fall.

******** full blown sarcasm.

Seems farmers are jumping in now. We might have a chance at something beside us in the beginning of the new year.

Sat on my hands it all the way up saying it can't keep going.....I was wrong. Probably until we take the plunge. If we do.

It's schtoopit.

still remember sitting in FCC's office in 81 getting that exact sermon , we should of been able to see over the cliff at that point but it was a little foggy , was painfully obvious a couple years later

[SASKFARMER]

All we’re done who bought stupid on the 80s in our area only one guy made it and for 25 years he did not change a thing. Rest all gone.

[flea beetle]

Have a shot at 800-900 acres touching my home quarter. Fighting with myself whether it is a need or a want. As farma says, schtoopit price. But also right next door....

[Partners]

In 80's borrowed lots at 19% interest.
Paid it all off in a few yrs.
Wheat was 8 bucks..
Neighbors rode the system and paid half price later.
Now they all BTO's..

[flea beetle]

If you or your family is in it for the long haul and you can manage it, go for it.

If prices fall after I buy I will have paid for it's future appreciation, lol. Thats not ideal but it always tends to recover over time..... make sure you have enough, or someone younger that will carry the torch.

Well I am in my 30’s and my kids are all under 10, so hard to make that call yet.

It kinda makes sense when to rent the same amount of land is over half the payment to buy it...but that can all change I guess.

[flea beetle]

In 80's borrowed lots at 19% interest.
Paid it all off in a few yrs.
Wheat was 8 bucks..
Neighbors rode the system and paid half price later.
Now they all BTO's..

I have more respect for you than them, sir!

[seldomseen]

Timing is everything in this game!

At one time i thought i started farming at the very worst time. Now i think i started at the best time!