Re: What was the 80's recession like?

Posted by DP on November 20, 2001 at 20:15:55 from (12.158.135.82):

In Reply to: What was the 80's recession like? posted by Poppin' Johnny on November 20, 2001 at 15:20:18:

Good evening PJ, I guess I would have to say they were my downfall. Of all times, I decided to buy a dairy farm in 79. Was milking 70 to 80 head, and running 450 acres of rowcrop. By 81 the interest rates had jumped to 20 and 21%. Land values dropped like a rock, and what I had borrowed, all the sudden was too much for the ground owned. Also paying interest on a herd od cows, and a lineup of used machinery. Add to that a family of six children, all under the age of 10. Real tough times, but not sorry for the family. That was the end of my farming. Not many businesses can survive 20% interest rates. The ones that made it were the ones that wern't operating on borrowed money. I worked for the Landoll Corp. for a few years, tnen went to the CaseIH dealership.

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