The thing that's puzzling is the implication that the lender is at the mercy of what stuff sells for to third parties at the auction. I worked for PCA at that time, and that simply isn't true. The creditor (bank or PCA) can bid up to the amount owed on anything they want. We (well, I) always figured out how much we were willing to bid on each item, based on what we thought we could resell it for. We would bid it up to that amount, and either buy it (for that amount or less) or let it go and get our money out of it. We would rather someone else outbid us so we didn't have to deal with reselling the item, but were perfectly willing to go either way. And either way, the more that gets bid, the less the debtor ends up owing, and the better it is for him. I just can't think of any scenario where it was to the farmer's advantage to encourage no one to bid.
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Today's Featured Article - Reflections of the Fifties - by "Country" Elliott. I remember rowing up in the 1950�s in a small, rural town in northwestern New Jersey. The closest town to ours was only 3 miles away, and there were seven dairy farms in the areas of these two country towns. We had 5 acres, and because my Dad was a salesman and not a dairy farmer, he let the Bockovens, who owned the Willow Tree Dairy farm most of our land.
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