U.S. Farm Report Mailbag
U.S. Farm Report
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Common Sense Commentary
Oct 12, 2010
I just happened to walk into the living room and heard your commentary on the economy, just before the half hour. Thank you. What I liked and appreciated so much, was the absolutely nonpolitical way the commentator framed the issue, stating that we need to hear the truth about how long it will take our economy recover, be it a decade or several, no matter how much we wish it were otherwise. That is, as he stated, something we can deal with and handle...and reduce uncertainty and our fears of the unknown.
Your simple, straightforward commentary made most of our politicians, on both sides of the debate, look like children at best but more like selfish fools or worse.
I dont often tune in to your program...but I am a political junkie. I intend to tune in more to capture your common sense, refreshing ideas.
Editor's Note: Below is a transcript of John's commentary...
WHILE MANY OF US ON FARMS WERE LOOKING TO WASHINGTON FOR THE CROP ESTIMATE, THERE WERE A FEW OTHER ISSUES THERE AS WELL. ONE IS THE ON-GOING STRUGGLE TO UNWIND THE MESS THAT IS OUR MORTGAGE MARKET. THE BUZZWORD OF THE DAY IS UNCERTAINTY, AND DESPITE WHAT PROPONENTS THINK IT DOESN'T REFER ONLY TO THE BUSH TAX CUTS. FOR WAY TOO LONG, OUR ECONOMY UNDERPRICED RISK, SINCE WE SIMPLY DIDN'T SEE MUCH. NOW, AFTER SOME SEVERE SHOCKS WERE ARE PROBABLY OVERPRICING RISK - REDUCING CREDIT FLOWS TO TRICKLES. THIS DOES NOT INSPIRE CONFIDENCE TO PLAN FOR THE FUTURE. I CAN'T SEE ANY ACTION BY CONGRESS, THE WHITE HOUSE OR THE FEDERAL RESERVE THAT WILL ALLAY THESE FEARS QUICKLY. IF HISTORY IS ANY JUDGE, WE SIMPLY OUTLIVE THEM BY WORKING OUR WAY THROUGH THE ISSUES, SUCH AS RESOLVING THE MILLIONS OF MORTGAGES ONE AT A TIME. IN FACT, MOST OF THE ECONOMIC MESS WILL REQUIRE LONG-TERM SACRIFICE AND ADJUSTMENT. ONE PREDICTION I READ THIS WEEK WAS FOR A DECADE OF SLOW GROWTH IN THE U-S FOLLOWED BY TWO MORE DECADES OF SLOW GROWTH. THIS SEEMS ABOUT RIGHT TO ME. BIG HOLES TAKE SOME TIME TO FILL IN. MAKING A LONG-TERM COMMITMENT TO THIS HARD WORK WOULD NOT JUST START US IN THE RIGHT DIRECTION, BUT WOULD REMOVE MUCH UNCERTAINTY. AFTER ALL, AN UNEXCITING BUT BELIEVABLE FORECAST IS STILL A FORECAST - AND ONE WE MIGHT BE ABLE TO MAKE HAPPEN.