Agreed. The management of IH made the exact opposite decision in 1979 that it should have made. The former Xerox CEO thought all businesses were similar. When the strike happened in 1979 he should have slowly rebuilt the inventory instead he ran the plants at full bore building a massive backlog of inventory for what he thought was going to be a huge year in ag sales - instead the ag recession only deepened in 1980 and continued to deepen each succeeding year. The massive hit on their cash reserves nearly wiped them out as banks would readily extend credit - at 22%. Similar to the "2008" crisis, corporations that went into the crisis with cash or established credit (John Deere & Ford) weathered the storm, GM and Chrysler went into the "crisis" low on cash and it couldn't be borrowed - at any interest rate. Not having cash on hand to meet operating requirements they went into bankruptcy and government bailouts.
In 1984 you could still buy brand new 1980 equipment off most dealer's lots and they were desperate to sell it.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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