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  1. #11
    Banned Faust100F is on a distinguished road
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    ICF - we do not carry comprehensive insurance on our cars and trucks here in the rural backwater. The life expectancy of any vehicle is at the most 2 years before it is totaled out by a deer. So when you get south of I-80 you will notice a lot of older vehicles being driven since they are throw away vehicles, and we all know what their life expectancy is. I only carry liability insurance on six vehicles. I think my last vehicle will die about 12 years from now, since one will get killed every two years by deer.

    My son told me we had baseball sized hail at the farm where my farmhouse is located, also 100 MPH winds in a tornado about 8 miles NW of there Saturday night. Hell I might not even have a house, shed, equipment or anything else left down there when I get there this afternoon.

    WTF . . . I started over 25 years ago with two 55 combines and two old tractors, luckily I still have those two 55 combines and the two old tractors I started over with. Only this time, I still have the land and most of it is paid for and money in the bank. I also have a four row 490 planter to get the crop in with and an H farmall and JD A to pull it if necessary. Might be July before I get everything planted. Might have to get ICF to loan me his Super M. lol. John

  2. #12
    Senior Member ECI is on a distinguished road ECI's Avatar
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    Hey John , maybe we could pool our equipment here to get done , I could bring out the 400 with a T/A , live PTO AND fast hitch and the IH 56 4 row ! i think she is ready to go , did a test run and the new maker chain is working great !

  3. #13
    Banned Faust100F is on a distinguished road
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    ECI - Thanks! Nice to know that we can haul it out here to get the job done, buy July 15th, so I can get my government welfare check from the Crop Insurance Company on planted ground rather than PP ground which pays less. Nice to see there are still people with some problem solving ability on this site. For those of you who do not know what the 400 is it does not matter, because your are a bunch of Puzzies. LMAO! John

  4. #14
    Banned IA CORN FARMER is on a distinguished road
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    Yes Faust, really can't see comprehensive insurance on cars, more so if they are 2 years or older. Yea, saw you guys had some tornadoes down there that did alot of damage, believe it was pretty close to your farms. Big weather change here, may freeze here tonight. Yes, as soon as we finish planting will loan you my equipment, could be past July 4, however. LOL

  5. #15
    Senior Member Grainbelt2 is on a distinguished road
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    Quote Originally Posted by Faust100F View Post
    WTF . . . I started over 25 years ago with two 55 combines and two old tractors, luckily I still have those two 55 combines and the two old tractors I started over with. Only this time, I still have the land and most of it is paid for and money in the bank. I also have a four row 490 planter to get the crop in with and an H farmall and JD A to pull it if necessary. Might be July before I get everything planted. Might have to get ICF to loan me his Super M. lol. John
    Just curious, did you repay all the lenders you stiffed back in the 80's in full with interest? How does someone who goes bankrupt get someone to lend him enough money again buy thousands of acres of land in multiple states and become fabulously wealthy in a 25 year span?

  6. #16
    Banned IA CORN FARMER is on a distinguished road
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    Quote Originally Posted by Grainbelt2 View Post
    Just curious, did you repay all the lenders you stiffed back in the 80's in full with interest? How does someone who goes bankrupt get someone to lend him enough money again buy thousands of acres of land in multiple states and become fabulously wealthy in a 25 year span?
    The same way all of us Iowa guys do it, you marry an Iowa farm girl that her father has given her 160 acres of the best quality corn ground in the entire state as a dowry and is debt-free. You marry the girl and in less than 8 weeks of getting married, you borrow as much money as possible on this quarter section and buy some more farms. After you exhaust her equity first by borrowing all the money possible on this 160. Then you start on your land, borrow all you can on that and buy some more farms. Wait another year, be very nice to your banker, talk him into loaning you more money and buy more farms. Ok, a little humor, but also a little trueth too. Timing your land purchases right after the farm crisis and stepping in to buy, when absolutely no one would touch farmland to buy at that time made a huge difference. Just blind luck is all.

  7. #17
    Senior Member iadave is on a distinguished road
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    I don't know about these guys but what happened here is the guys that got the write downs and debt forgiveness are the BTO's now. The guys that paid their bills used all their cash to pay every one and were just skimping by so they could not borrow money.
    Most of the ones that got their debt loads written off had squirreled away cash or assets. When things were cheap things looked good the their banker because they now had no debt. The guys that paid their bills are still here but some are still trying to heal up 30 years later. The rest are not big time because they could not expand when the time was right. It kind of aggravates me today because I hear I rented to so and so because he is a good farmer, but I know they had their debt written down and the guy with the not so fancy stuff must have been better because he paid his bills.

  8. #18
    Banned IA CORN FARMER is on a distinguished road
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    Yes, iadave. The same thing you mentioned happened around me too. Doesn't seem fair, but we do not live in a society where fairness is always rewarded. The guys that did have alot of there debt written-off from the farm crisis, were also some of the people that also were buying the top-quality Iowa farmland for the unheard of price of $12 per CSR point. Now that same land goes for $150 per CSR. You know when you can buy land and put it in one of the many goverment Conservation Programs and get a 16% annual Rate of Return locked up on your capital for 10 years if you want, the farmland market has probably dropped way lower than rational thinking would dictate and some of these now debt-free, after the bad-debt write-off guys jumped back in. Some did well, and some screwed up again. That whole farm crisis time period made for some very interesting times. But as mentioned, for some guys it gave a 2nd chance and they probably learned a few things, because some of them are pretty successful today and run a good farm operation.

  9. #19
    Senior Member H. Bell is on a distinguished road
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    Does all this sound like Ford, GM, Chrysler? Go back a little further think Sprint, ATT, Verison? Who will be the next group to get screwed, let's see, the tax payer because of massive mismanagement by our leaders?

  10. #20
    Banned IA CORN FARMER is on a distinguished road
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    Quote Originally Posted by H. Bell View Post
    Does all this sound like Ford, GM, Chrysler? Go back a little further think Sprint, ATT, Verison? Who will be the next group to get screwed, let's see, the tax payer because of massive mismanagement by our leaders?
    Yes, probably no or little difference between the farmers that had there debt written-off during the farm crisis and the companies you mentioned. It would open up an extremely large can of worms on the guys who filed for bankruptcy during the farm crisis to get rid of there debt, and then went on to buy more farmland when land values bottomed out in price during 1986, and today have a very good farm operation. Did these guys have an unfair advantage over other guys that had to lower there lifestyle to pay off there poor judgment in buying farmland and borrowing a great deal of money between 1978-81 to buy the high-priced dirt? This topic, even today has a great deal of extremely bad feelings between farmers in my little part of Iowa. I have seen fist-fights almost break out on this topic. Yes, a very large can of worms on this issue.

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