I don't expect it will be tested too much. There's lots of those operations out there that are in so deep, they have very little equity. They don't have hard assets to take and sell for the bank to recover anything. These loans wern't made based on hard assets. They were done on the basis of cash flow.... if they could cash flow the loan and make the bank believe at the time that they could keep it up, they got the money. So... in the bank's eyes, the manager of that mess IS the asset. There's some guys around here that work daily with the attitude that if they want to take it, have someone here to milk the cows tonight...
The ones that are really going to be in trouble in the not so distant future are the people that are having cash flow problems and actually have assets to take and equity in the business. It probably won't take too much on the bank's part to pull the plug on some of them, especially if they need the money.
Even if they did pull the plug on a big operation, it would simply be reorganized next week with a new name and they'd go right back at it.
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Today's Featured Article - Tractor Implements and Their Use - by Curtis Von Fange. Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he reached his early sixties
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