Word: farmland
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...DERBY IN the '80s reflects the economic turbulence of the '70s. Who could have predicted 15 years ago that the quintessential gentlemen's hobby would have become the preferred investment for sheiks, lawyers and industrialists alike? Suddenly (for Kentucky, at least), the rolling farmland and quaint barns which make the central Bluegrass one of the most picturesque regions in the nation acquired enormous value Inflation and its causes made it profitable, in only to invest massively in precisely those assets which make central Kentucky one of the most underrated tourist areas in North America-its farms, landscape, and related services...
...extend to farmers who are unable to repay their loans. His reply: "For the life of me, I cannot figure out why the taxpayers of this country have the responsibility to go in and refinance bad debt that was willingly incurred by consenting adults who went out and bought farmland when the price was going up and thought that they could get rich, or who went out and bought machinery and production assets because they made a business judgment that they could make money." If the Administration did relent and help farmers to get loans renewed, he added, it would...
...elected representatives tell it, the bankers practically begged farmers to take loan money. Says Senator Harkin: "We had bankers going up and down the road like Fuller Brush salesmen during the '70s. They couldn't get farmers to borrow enough." Interest rates skyrocketed, but so did the value of farmland, which was regarded as a scarce resource in a hungry world. The loans secured by farm real estate looked repayable...
...ones of the 1970s. While that decade brought galloping inflation and uncomfortably high unemployment, it was nonetheless a golden age for agriculture. Farm exports, which amounted to just $7 billion in 1970, increased fivefold during the decade as the world developed a taste for American products. American farmland values zoomed as well. An average acre of Iowa land sold for $417 in 1970 but was worth $2,147 at the start of the '80s. Increasingly prosperous farmers borrowed heavily to buy additional acreage and new equipment. "In the '70s, you couldn't do anything wrong in agriculture," recalls Cliff Vrieze...
They invade farmland, they cause cancer, and they may hold the key to the production of a host of futuristic synthetic products...