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RE: In Northwest Iowa the farming crisis of the late 70's
Posted on: July 21, 2024 at 07:31:53 CT
BH O'bonga MU
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It was the same in NW Missouri. So many people lost their farms and moved out to get closer to their jobs in St. Joe or KC. In our County only three of the nine banks survived and our local bank barely held on. Every bank in St. Joe failed. Farm land, machinery, cattle, every farm asset class fell in value as there were few farmers with deep enough pockets to buy out their neighbors and even fewer banks willing to lend money. I recall seeing a letter my Dad got from our bank notifying him that interest rates on farm operating loans were increasing to 22%. Rates might have gone higher, I don't recall for certain.
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RE: In Northwest Iowa the farming crisis of the late 70's - BH O'bonga MU - 7/21 07:31:53