"It appears that the people who depend on their land for survival and provide us with food--farmers, ranchers, fishers and laborers--are more expendable than people sitting behind a desk trading stocks"
Other Words - A recent survey by the Federal Reserve Bank of Chicago indicated that 11 percent of Wisconsin farmers with existing lines of credit may not have credit extended next year; this is especially significant because of the a 56 percent decline in net farm income in 2009. Dairy farmers have received prices far below their costs of production for nearly two years. With eroding equity, many are in immediate danger of losing their farms.
Farmland is so valuable that local (but often not locally owned) banks call in farm loans at the first opportunity, destroying families, communities, and regional economies. Farms entering foreclosure are listed publicly, further devastating owners while notifying speculators and investors of chances to take advantage of distraught landowners. Read more.