Eighty-four farms in the US Midwest region covered by the Minneapolis Fed’s Ninth District states (Minnesota, Montana, North and South Dakota, Wisconsin and the Upper Peninsula of Michigan) filed for chapter 12 bankruptcy in the 12 months that ended in June - more than twice the level observed in June 2014, according to a new report from the Federal Reserve, surpassing the prior peak hit just after the GFC. "Current numbers are not unprecedented, even in the recent past, having reached 70 bankruptcies in 2010. However, current price levels and the trajectory of the current trends suggest that this trend has not yet seen a peak," Ron Wirtz, an analyst at the Minneapolis Fed, wrote.
Normal for any businesses that spend more than they make. Or that borrow more than they can repay. I guess there's another special interest group that is seeking bailout money from the taxpayers to pay for the farmers bad business decisions. Let Adam Smith decide their fate.
That is not good!
ReplyDeleteNormal for any businesses that spend more than they make. Or that borrow more than they can repay. I guess there's another special interest group that is seeking bailout money from the taxpayers to pay for the farmers bad business decisions. Let Adam Smith decide their fate.
ReplyDelete