{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/5717m04h45/manifest","type":"Manifest","label":{"en":["Harl, Neil E. and John Chrystal, Dealing with the Financial Situation Iowa's Farm Communities"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Identifier"]},"value":{"en":["RS008-006-053 (call number)","AV203429 (UID)"]}},{"label":{"en":["Description"]},"value":{"en":["Dealing with the Financial Situation Iowa's Farm Communities is a November 1, 1984 event in the Iowa State University Lecture Series featuring John Chrystal and Neil Harl. John Chrystal and Neil Harl discuss the farm debt crisis.","This item was captioned by Rev.com in conformance with WCAG 2.1 AA accessibility guidelines. (accessibility)"]}},{"label":{"en":["Local Identifier"]},"value":{"en":["Lectures_AV203429"]}},{"label":{"en":["Rights Statement"]},"value":{"en":["Per request by the creator, access to this item is restricted to scholarly use only. (access)","This item is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. In addition, no permission is required from the rights-holder(s) for educational uses. For other uses you need to obtain permission from the rights-holder(s)."]}},{"label":{"en":["Preferred Citation"]},"value":{"en":["Dealing with the Financial Situation Iowa's Farm Communities. Iowa State University Lecture Series (RS 8/6/53). Special Collections and University Archives, Iowa State University Library, Ames, Iowa."]}},{"label":{"en":["Ark"]},"value":{"en":["https://n2t.net/ark:/87292/w9w37kv66"]}},{"label":{"en":["Date"]},"value":{"en":["1984-11-01"]}},{"label":{"en":["Type"]},"value":{"en":["lectures","Sound"]}},{"label":{"en":["Agent"]},"value":{"en":["Harl, Neil E. 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Company,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=9.68,13.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"coupled with his years as Superintendent of banking of Iowa,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=13.73,18.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"uniquely qualify him to speak on our chosen topic.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=18.18,22.053"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because of his several trips to the Soviet Union,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=22.9,26.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he brings an international perspective to this conference,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=26.01,30.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as well as to his professional work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=30.03,32.763"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"perhaps less well known to us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=34.07,36.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is his involvement in education.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=36.3,38.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He is currently a member of the Board of Trustees","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=38.98,41.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at Grinnell college, and was for several years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=41.76,44.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a member of the Iowa Board of Regions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=44.88,47.203"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He has also served as President","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=48.54,51.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the Iowa Civil Liberties Union.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=51.08,54.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/15","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I'm going to take the liberty today of telling you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=54.05,57.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/16","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about a recent accolade that he received at a class 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chairman","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=85.137,88.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/25","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the Iowa Savings Bank at Coon Rapids.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=88.23,90.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/26","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We bank at Coon Rapids which my chairmanship is as a direct","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=90.77,95.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"result of a perfect marriage of nepotism and capitalism.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=96.87,100.633"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience 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experience.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=105.53,108.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=108.98,112.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/32","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have been traveling around the state of Iowa","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=112.42,114.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/33","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"talking about US Soviet relations in the past year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=114.8,118.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/34","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a great deal more than I could afford to do,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=118.28,121.193"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/35","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that those travels have led me to the observation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=122.12,127.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/36","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that there was a profound change taking place in IOWA","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=127.49,131.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the demographics of the state,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=131.85,134.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the agricultural economy and just retailers, suppliers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=134.07,138.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and agriculture and processors and the coast-to-coast star,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=138.09,143.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the ladies ready to wear the newspaper,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=144.9,148.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to the point where those places are closed or dying","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=148.07,153.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or in financial difficulty.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=153.19,155.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I wonder if they will come back,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=155.11,157.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/44","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something needs to be 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recovery.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=171.67,174.163"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/49","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"30% in my opinion of our farmers are in trouble,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=175.05,178.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/50","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"30% could be in trouble and 30% are doing great","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=178.85,183.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/51","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they are buying time CDs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=183.09,185.903"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/52","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If the 30% getting more struggle,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=187.53,191.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/53","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think the whirlwind drags the next 30% with them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=191.98,196.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/54","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and something is necessary now,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=197.72,201.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/55","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"land prices are currently still in a free fall.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=201.82,204.923"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/56","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Even in the good land areas of Iowa,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=206.2,209.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/57","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't know what land is worth,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=209.24,211.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/58","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some are selling for $2,000, some are selling for $1,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=211.02,214.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in communities not 30 miles apart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=214.96,217.713"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's absolutely a matter of","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=218.94,222.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/61","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who wants to buy the land next door.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=222.04,224.803"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/62","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why are we in the problem?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=226.79,228.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I suppose, because we were advised by ourselves foolishly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=228.16,233.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I'm one of those to buy land at a too high price.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=233.62,238.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/65","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We were advised by public advisors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=238.52,241.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that leverage was a good idea and we were led into it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=241.61,245.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to some degree by the government,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=245.63,248.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in any case, here we are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=248.3,250.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what can we do about it to make agriculture profitable?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=250.87,255.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The price of land can go down to some figure,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=256.71,259.654"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think 12, $1300 an acre for land in Story County","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=259.654,264.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where it would cash flow, where it would not cash flow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=264.58,268.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But at these rates of interest,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=268.64,270.929"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there would be enough optimism at 12 or $1300","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=270.929,275.929"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"price that people would buy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=277.12,279.733"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We could cut our expenses, we could use less fertilizer,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=281.85,286.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we could use less machinery, we could use less chemicals.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=287.04,292.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't believe that is an option","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=292.86,294.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"open to the American farmer or to the Iowa farmer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=294.72,297.597"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think it goes against you as moral","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=297.597,299.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and ethical ideas of being productive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=299.89,304.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that something else has to be done.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=307.1,311.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I was business generally speaking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=311.5,313.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is utterly dependent upon agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=313.95,317.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The meat packing plants, the machinery, manufacturers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=317.61,321.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the distributors of fertilizer and all those things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=321.67,325.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are utterly dependent, so the Iowa agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=325.64,328.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is in terrible shape.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=328.65,331.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I couldn't follow Neil Hall.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=331.18,333.537"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I wouldn't have anything much to add to what he said","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=333.537,336.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because I generally agree with it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=336.36,338.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the farm programs today,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=338.6,342.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are not so much a creation of the department of agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=342.89,347.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by that I'm not criticizing Secretary Block.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=347.55,350.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is simply a fact of life","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=350.93,352.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the agricultural programs today are more importantly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=352.97,357.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"placed in the White House, in the state department","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=357.53,360.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in the money center banks and in the Pentagon.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=360.61,363.223"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have a high interest rate in a 3% return industry.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=364.45,369.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're charging people at Bankers Trust and at Coon Rapids,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=369.69,373.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somewhere between 12 and 14%, for agricultural loans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=373.46,378.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and industry that returns 3%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=378.46,380.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When people pay that kind of interest,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=380.98,382.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for that kind of return, they're either seriously mistaken,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=382.76,386.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or they are overly optimistic.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=386.96,389.143"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We must cut the budget.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=390.66,392.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The interest rate will not go down","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=392.7,394.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"unless the investing public has confidence","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=394.93,399.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the United States means business","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=399.09,403.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about cutting their deficit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=403.31,405.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a $200 billion deficit compared to a 50","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=405.15,408.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or $60 billion deficit, which was bad enough 10 years ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=408.26,413.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is simply astounding.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=413.11,414.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We must cut that deficit and we must lead the public","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=414.72,419.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to believe that budget cut is permanent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=419.05,423.431"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that we intend to have it attached to a bearable amount","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=423.431,428.431"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the foreseeable future.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=429.09,430.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That it's not just a flash in the pan.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=430.91,433.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we don't cut the interest rate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=433.43,435.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with which I think the deficit is absolutely connected,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=435.75,439.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then the dollar will remain high,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=439.46,441.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so long as that dollar remains high","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=441.69,443.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we are infect it's an embargo","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=445.27,450.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"against American agricultural exports.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=450.11,453.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I am not nearly as afraid in the long run","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=453.12,457.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the protectionist ideas of the European Common Market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=457.23,462.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as I am about a high dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=464.08,466.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think they finally will have to give up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=466.38,468.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that subsidy of agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=468.52,469.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they gonna have to choose","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=469.97,471.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between social programs and subsidization of agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=471.08,475.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I am more afraid of is American deficits","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=475.1,478.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the American high dollar, which in effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=478.27,480.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"prevent the export of American agricultural goods.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=480.96,484.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is a very serious situation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=484.61,486.963"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I could not also speak here if I was not an advocate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=489.67,494.263"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Our deficit is composed of many things,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=496.64,500.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"domestic programs, various entitlement programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=500.01,503.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the defense budget.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=503.26,505.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I am utterly convinced that to cut education,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=505.15,508.823"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"various social programs, road building,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=509.73,513.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or those kinds of things are isn't much far left.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=513.5,516.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I was a government employee once in my life,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=516.94,521.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I have a high regard for government employees,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=522.879,526.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't think they lay around","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=526.89,528.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"living off the far of the budget.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=530.43,532.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think they're generally speaking hard workers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=532.03,534.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and about the same percentage as a private industry.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=534.71,539.113"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that I don't think the ability to cut the budget","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=540.14,543.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"domestically and in the entitlement programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=543.57,546.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is really very large.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=546.67,547.963"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think the place with the budget must be cut is in defense.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=549.15,553.671"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have been existing since Lyndon Johnson,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=553.671,557.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with every president in a guns and better economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=557.67,560.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We borrow the money to build arms, so that we roll over","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=560.98,565.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that debt at a higher interest rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=565.91,567.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and borrow more money to buy arms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=567.9,570.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are in a race with the Soviet Union","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=570.6,573.269"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to arm ourselves more than the other,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=573.269,577.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is enormously costly to us.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=577.84,581.103"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are exporting to the Soviet Union today","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=583.03,586.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"only because they have an extreme need","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=586.13,588.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of of crop failure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=588.95,591.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We could export more if the dollar was lower.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=591.43,594.713"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we make a mistake in looking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=595.59,598.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at their agriculture as a failure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=598.62,600.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in thinking that perhaps we wish","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=601.16,604.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"their agriculture didn't do so well.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=604.95,606.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, they're feeding more people,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=606.83,609.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a better diet with fewer farmers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=609.41,611.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that is success in agriculture or any kind of economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=611.76,615.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact their agricultural economy, and their whole economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=615.59,619.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are growing but at a very slow rate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=619.74,622.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we ought to be glad of them, we ought to be glad","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=622.61,625.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if the rest of the world can produce more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=625.25,627.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the things that they need to 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corn,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=682.12,685.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and 40 bushel soybeans at a decent price,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=685.33,688.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"can provide them a richer 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restructuring.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=705.74,706.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We need a short term credit cure,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=706.79,711.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and perhaps 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up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=722.98,726.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they can't move it away.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=726.15,727.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And and I can't see the difference between a 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programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=740.58,743.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the theories of Franklin Delano Roosevelt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=743.72,746.593"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they worked for a long time and perhaps some portion of them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=747.93,751.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would still work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=751.32,752.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But this is a different world, this is a different...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=752.83,755.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When I was farming 20, some years ago,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=755.73,760.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you didn't have to commit suicide","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=760.24,761.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if your corn made 80 bushels an acre,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=761.69,763.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"now corn makes 140 bushels an acre,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=763.98,767.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"soybeans made in the twenties, now they make in the forties,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=767.13,770.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we are a horn of plenty of of the world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=770.34,774.001"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so it takes a different kinds of agricultural programs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=774.001,779.001"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to support that kind of 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participating","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=794.86,798.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the conservation portions of farm programs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=798.26,802.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we need a long term 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ahead","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=808.03,812.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not just for for the farmer, but for the person","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=812.05,817.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who supplies him, the person who processes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=818.26,821.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"out of that agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=821.09,822.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in fact the, the social structure of the state of Iowa,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=822.71,827.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we have to find a way to lower interest rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=828.99,833.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to increase exports.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=833.62,835.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We grew as much corn the year I was born,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=835.01,838.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as it's necessary to export today,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=838.93,841.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I find that a startling figure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=841.65,845.173"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We need to put our house in order","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=847.17,850.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and our foreign house in order,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=850.49,852.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to find some way to find honorable accord","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=852.55,856.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the world, especially the Soviet Union,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=856.0,859.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that we're not buying ourselves into a recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=859.26,864.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or worse than a recession.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=864.67,866.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We need to look both inside this country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=866.37,868.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And especially, I think the universities,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=868.96,872.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the public land grant universities to suggest","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=872.17,875.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"solutions to our problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=875.3,876.803"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we need to look outside our country","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=878.15,881.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the time is now for some solution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=881.12,885.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the need is extremely great.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=885.85,888.46"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=888.46,889.414"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(audience applauding)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=889.414,892.581"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31282/annotation/259","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/031/282/original/AV203429_Dealing_with_the_Financial_Situation_Iowa_s_Farm_Communities_a.vtt?1627039830","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/031/282/original/AV203429_Dealing_with_the_Financial_Situation_Iowa_s_Farm_Communities_a.vtt?1627039830"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31283","type":"AnnotationPage","label":{"en":["AV203429_Dealing_with_the_Financial_Situation_Iowa_s_Farm_Communities_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199/transcript/31283/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- I was seeing Frank in Coon Rapids, his farming background and close association with the Garst Seed Company, coupled with his years as Superintendent of banking of Iowa, uniquely qualify him to speak on our chosen topic. Because of his several trips to the Soviet Union, he brings an international perspective to this conference, as well as to his professional work, perhaps less well known to us is his involvement in education. He is currently a member of the Board of Trustees at Grinnell college, and was for several years a member of the Iowa Board of Regions. He has also served as President of the Iowa Civil Liberties Union. And I'm going to take the liberty today of telling you about a recent accolade that he received at a class reunion of his high school class this summer in Coon Rapids. He was selected as one of the two best preserved man of his class. Mr. Krista, we appreciate your taking time from your schedule to be with us today.\r\n\r\n- I am the recently elected president of Bankers Trust Company and still the chairman of the Iowa Savings Bank at Coon Rapids. We bank at Coon Rapids which my chairmanship is as a direct result of a perfect marriage of nepotism and capitalism. My presidency of bankers trust are not related to a single director and so it's a terrifying experience. I have been traveling around the state of Iowa talking about US Soviet relations in the past year, a great deal more than I could afford to do, and that those travels have led me to the observation, that there was a profound change taking place in IOWA and the demographics of the state, the agricultural economy and just retailers, suppliers, and agriculture and processors and the coast-to-coast star, the ladies ready to wear the newspaper, and to the point where those places are closed or dying or in financial difficulty. And I wonder if they will come back, something needs to be done and something needs to be done fast. If what happens continues, I am afraid and very afraid that I will have a permanent restructuring and I don't know how there will be a recovery. 30% in my opinion of our farmers are in trouble, 30% could be in trouble and 30% are doing great because they are buying time CDs. If the 30% getting more struggle, I think the whirlwind drags the next 30% with them and something is necessary now, land prices are currently still in a free fall. Even in the good land areas of Iowa, I don't know what land is worth, some are selling for $2,000, some are selling for $1,000 in communities not 30 miles apart. It's absolutely a matter of who wants to buy the land next door. Why are we in the problem? I suppose, because we were advised by ourselves foolishly and I'm one of those to buy land at a too high price. We were advised by public advisors that leverage was a good idea and we were led into it to some degree by the government, but in any case, here we are. And what can we do about it to make agriculture profitable? The price of land can go down to some figure, I think 12, $1300 an acre for land in Story County where it would cash flow, where it would not cash flow. But at these rates of interest, there would be enough optimism at 12 or $1300 price that people would buy. We could cut our expenses, we could use less fertilizer, we could use less machinery, we could use less chemicals. I don't believe that is an option open to the American farmer or to the Iowa farmer. And I think it goes against you as moral and ethical ideas of being productive. So that something else has to be done. I was business generally speaking is utterly dependent upon agriculture. The meat packing plants, the machinery, manufacturers, the distributors of fertilizer and all those things are utterly dependent, so the Iowa agriculture is in terrible shape. I couldn't follow Neil Hall. I wouldn't have anything much to add to what he said because I generally agree with it. But the farm programs today, are not so much a creation of the department of agriculture, and by that I'm not criticizing Secretary Block. It is simply a fact of life that the agricultural programs today are more importantly placed in the White House, in the state department and in the money center banks and in the Pentagon. We have a high interest rate in a 3% return industry. We're charging people at Bankers Trust and at Coon Rapids, somewhere between 12 and 14%, for agricultural loans and industry that returns 3%. When people pay that kind of interest, for that kind of return, they're either seriously mistaken, or they are overly optimistic. We must cut the budget. The interest rate will not go down unless the investing public has confidence that the United States means business about cutting their deficit and a $200 billion deficit compared to a 50 or $60 billion deficit, which was bad enough 10 years ago is simply astounding. We must cut that deficit and we must lead the public to believe that budget cut is permanent and that we intend to have it attached to a bearable amount in the foreseeable future. That it's not just a flash in the pan. If we don't cut the interest rate, with which I think the deficit is absolutely connected, then the dollar will remain high, and so long as that dollar remains high we are infect it's an embargo against American agricultural exports. I am not nearly as afraid in the long run about the protectionist ideas of the European Common Market as I am about a high dollar. I think they finally will have to give up that subsidy of agriculture because they gonna have to choose between social programs and subsidization of agriculture. What I am more afraid of is American deficits in the American high dollar, which in effect prevent the export of American agricultural goods. It is a very serious situation. And I could not also speak here if I was not an advocate. Our deficit is composed of many things, domestic programs, various entitlement programs and the defense budget. I am utterly convinced that to cut education, various social programs, road building, or those kinds of things are isn't much far left. I was a government employee once in my life, and I have a high regard for government employees, I don't think they lay around living off the far of the budget. I think they're generally speaking hard workers and about the same percentage as a private industry. So that I don't think the ability to cut the budget domestically and in the entitlement programs is really very large. I think the place with the budget must be cut is in defense. We have been existing since Lyndon Johnson, with every president in a guns and better economy. We borrow the money to build arms, so that we roll over that debt at a higher interest rate and borrow more money to buy arms. We are in a race with the Soviet Union to arm ourselves more than the other, which is enormously costly to us. We are exporting to the Soviet Union today only because they have an extreme need because of of crop failure. We could export more if the dollar was lower. I think we make a mistake in looking at their agriculture as a failure and in thinking that perhaps we wish their agriculture didn't do so well. In fact, they're feeding more people, a better diet with fewer farmers, and that is success in agriculture or any kind of economy. In fact their agricultural economy, and their whole economy are growing but at a very slow rate, we ought to be glad of them, we ought to be glad if the rest of the world can produce more of the things that they need to eat, because as people get richer, their demands don't grow arithmetically, they grow geometrically. I can remember as a kid on the farm at Coon Rapids, those things I wanted and the things that my parents wanted, and they were nothing compared to what I have today and what I guess my nephews and nieces will still desire. We often want the rest of the world to produce agriculturally well because as they do, they will buy more agricultural products because of their increasing desires. Egypt now is self-sufficient in grain, that doesn't mean that they're self-sufficient according to their desires. Egypt will within the foreseeable future be self-sufficient. That doesn't mean they'll be self-sufficient within their desires, they will want more and more and more. And the United States with 140 bushel corn, and 40 bushel soybeans at a decent price, can provide them a richer diet. We need to be able to do those things and that means keeping a live and growing agricultural industry. We need two things, one of which I was very supportive of Neil Hall, was the debt restructuring. We need a short term credit cure, and perhaps restructuring of the American agricultural debt is that answer, but that needs to come now, perhaps we need to let foreigners buy grains or buy land in the state of Iowa to hold that price up, they can't move it away. And and I can't see the difference between a foreigner owning land and an IOWA owning land, but we need a short term solution. In addition to that, then we need a long-term solution. We're operating our agricultural programs on the theories of Franklin Delano Roosevelt, they worked for a long time and perhaps some portion of them would still work. But this is a different world, this is a different... When I was farming 20, some years ago, you didn't have to commit suicide if your corn made 80 bushels an acre, now corn makes 140 bushels an acre, soybeans made in the twenties, now they make in the forties, we are a horn of plenty of of the world. And so it takes a different kinds of agricultural programs to support that kind of production. I think we need to tie a farm program to conservation practices and make the two interdependent that you may not participate in the benefits of farm programs without participating in the conservation portions of farm programs. But we need a long term program which meets the needs of a profitable agriculture, because if we don't, I see dark days ahead not just for for the farmer, but for the person who supplies him, the person who processes out of that agriculture. And in fact the, the social structure of the state of Iowa, I think we have to find a way to lower interest rates and to increase exports. We grew as much corn the year I was born, as it's necessary to export today, I find that a startling figure. We need to put our house in order and our foreign house in order, and to find some way to find honorable accord with the world, especially the Soviet Union, so that we're not buying ourselves into a recession or worse than a recession. We need to look both inside this country. And especially, I think the universities, the public land grant universities to suggest solutions to our problems. And we need to look outside our country because the time is now for some solution and the need is extremely great. Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120199#t=0.0,903.144"}]}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200","type":"Canvas","label":{"en":["Media File 2 of 2 - 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[Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/1","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Iowa farm communities.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=7.29,9.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/2","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Dr. Neil Harl is well known to most of us here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=9.4,13.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/3","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of his work and recent proposals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=13.16,17.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/4","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for assistance to the Iowa rural sector.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=17.01,20.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His work towards farm debt restructuring","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=20.18,23.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has been instrumental nationally in the concrete proposals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=23.59,28.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for aiding the farm situations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=28.79,31.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Could we have the lights on just a little bit longer please?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=31.91,34.264"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=34.264,35.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=35.41,36.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His colleagues have for many years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=36.4,38.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"recognized his creative and relevant work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=38.21,41.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and have accorded him numerous honors and responsibilities.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=41.67,46.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Dr. Harl is the Charles Curtiss Distinguished 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him.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=96.34,98.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/31","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Dr. Harl, we are very happy that you're 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appreciative--","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=117.676,118.855"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Beautiful.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=118.855,120.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Of the fact that Dr. Barron,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=120.21,122.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the committee agreed that I could be on early,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=122.92,125.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/43","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for I have to be in Knoxville, Tennessee, this 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agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=140.01,142.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/50","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are linkages between the problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=142.16,145.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/51","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the debt 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land,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=226.57,229.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"someone will plant the crops.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=229.26,231.572"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"At least it will probably not 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however,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=238.5,241.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for changing the structure of US agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=241.75,245.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and of course, it has already and will continue to affect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=245.45,250.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"very substantially the economic position","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=251.08,254.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of many, many families and their position","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=254.55,257.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with respect to what they do for the rest of their lives.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=257.23,261.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so today, in the very brief time we have,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=261.19,264.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we would like to spend a few moments examining why.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=264.5,268.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why is it that US agriculture is having problems?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=268.89,271.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What are the linkages to the third world?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=271.71,274.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What lessons can we learn, with some brief attention","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=274.49,278.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"within the time span available,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=278.88,280.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to consider some policy solutions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=280.82,284.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For we're at the point now where no one really doubts","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=284.42,288.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the existence of a severe problem of debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=288.74,292.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"burdening US agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=292.79,294.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and burdening the third world, as well.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=294.56,297.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The key question is what in the realm of policy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=297.08,301.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is most appropriate to deal with the problem?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=301.35,304.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are losses to be shared, and one need not talk","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=304.4,307.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to very many chief executive officers of money center banks","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=307.79,311.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in New York, Chicago, and elsewhere,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=311.57,313.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before they will admit that there are losses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=313.87,317.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be shared in the third world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=317.06,318.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are losses to be shared in Iowa","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=318.68,321.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and elsewhere within the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=321.23,325.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the features of the current debate over policy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=325.17,329.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is are we facing a continuation of the same set of forces","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=329.31,334.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that has caused agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=335.2,337.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"almost since the memory of persons","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=337.1,338.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"runneth not to the contrary,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=338.58,340.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be a sector that gives up people and gives up capital.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=340.56,345.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That trend has been very marked since the 1930s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=346.25,350.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it actually dates back much, much farther than that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=350.35,354.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Agriculture has been discouraging people, especially people,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=354.36,359.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"almost from the beginning of recorded time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=359.5,362.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you'll notice the number of farms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=362.04,364.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has declined very sharply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=364.23,365.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Average size of farms increased equally sharply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=365.97,370.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=370.45,371.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We think there are three basic categories of reasons.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=371.53,374.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One category of reasons is the vast, vast progress made.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=374.73,379.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The great progress made with respect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=379.73,381.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to plant and animal breeding,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=381.98,384.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"increasing the productivity of resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=384.41,387.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by a very substantial degree.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=387.13,389.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, the increase in productivity of other inputs,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=389.97,393.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"machinery, chemical area.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=393.87,396.323"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The third is management.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=397.64,399.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Over the last several decades, we hope at least,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=399.56,403.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that great improvement has been made","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=403.77,405.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the ability of managers to manage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=405.48,409.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But what we're now seeing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=409.25,410.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is not a continuation of that trend.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=410.35,413.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The exiting of firms from agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=413.08,415.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"does not relate to those same three sets of forces.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=415.06,417.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's a new set of forces, and it cuts across","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=417.96,421.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the efficiency phenomenon in a unique manner.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=421.92,426.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're looking at forces that are being brought to bear","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=426.89,430.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"upon farm firms that do not relate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=430.11,433.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the continuing press of efficiency","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=433.11,436.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with more resources leaving agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=436.09,439.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"more human resources leaving agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=439.06,441.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"simply because those remaining can accomplish","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=441.31,444.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what needs to be done.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=444.02,445.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are seeing people exiting for reasons that relate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=445.01,448.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the fact that they happen to have more debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=448.38,451.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than in retrospect, was prudent for the period in question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=451.76,456.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Iowa data are similar, and again (mumbling) very sharp,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=456.83,461.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"show a very sharp decline in the number of farms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=461.53,465.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that increased in size.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=465.09,466.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We believe initially, we should address some myths","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=466.87,470.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because as you talk about this problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=470.17,472.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"among your friends or your non-friends,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=472.84,475.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you sooner or later will get to the point of hearing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=475.11,478.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about some of the reasons,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=478.95,480.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we believe the data are available now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=480.77,483.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to debunk some of those myths.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=483.96,486.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One is that there are only a few high rollers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=486.08,488.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who are in difficulty, and the data indicate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=488.6,491.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"quite to the contrary.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=491.73,492.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were a few high rollers who were involved,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=492.77,495.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they have been dealt with,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=495.32,496.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and were dealt with sometime ago.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=496.78,498.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, that land speculation is to blame.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=498.72,501.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's no doubt, there's no doubt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=501.79,504.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that those who invested in land in the period after 1975","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=504.32,509.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have a higher probability of being in financial stress today","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=509.08,512.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than those who did not, but it says much too much","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=512.07,514.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to say that, that is the reason,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=514.88,517.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for we have vast numbers of people who are in difficulty","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=517.1,520.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who did not own land,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=520.26,521.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who did not purchase land during that period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=521.89,524.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some people who had their land paid for,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=524.69,526.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's difficult to believe, but they had their land paid for,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=526.67,529.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're now in financial difficulty","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=529.57,531.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they became vulnerable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=531.63,534.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A window of vulnerability was created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=534.03,536.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during the late 1970s, early 1980s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=536.9,540.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and anything that placed them in that window","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=540.16,542.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of vulnerability financially is enough to do it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=542.3,545.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/180","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Third, that those in trouble lack management skills.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=545.41,547.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This one we believe is not appropriate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=547.64,550.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as an explanatory variable, unless you take the position","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=550.49,554.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that anyone who had borrowed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=554.23,557.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the extent of about 50% or so debt-to-asset ratio","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=557.22,561.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"lacks management skills.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=561.3,562.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/186","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we do not believe that, that is a fair indictment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=562.59,565.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/187","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Finally, that only Iowa debtors are in trouble.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=565.65,568.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, that we were hearing for a long time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=568.94,570.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"At least the people in Washington were saying,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=570.96,572.507"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"At least we're only hearing from Iowa,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=572.507,574.687"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"so it must be that only Iowa debtors are in difficulty.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=574.687,577.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Actually the data now from Minnesota, Wisconsin, New Mexico","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=577.41,582.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a very objective basis using essentially,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=582.01,583.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the same questionnaire that Iowa used this year early,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=583.92,588.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"indicate that those states are in about the same position,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=588.03,590.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or a little bit worse, than Iowa.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=590.87,593.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondary sources of data for Nebraska, the Dakotas, Kansas,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=593.0,597.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Oklahoma, Missouri, parts of Illinois and Indiana,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=597.0,600.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as well as Ohio, and most recently, California,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=600.35,603.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"indicate very clearly that the problem is widespread.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=603.29,606.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is almost nationwide.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=606.83,608.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The California data are most striking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=608.77,610.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they did not have the difficulty we had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=610.62,612.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"until fairly recently, and now the Federal Reserve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=612.91,615.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is pulling those numbers out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=615.15,616.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they think it distorts the US figures","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=616.56,620.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when they look at what is happening","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=620.19,621.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the State of California.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=621.55,622.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, it is not at all an Iowa phenomenon.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=622.88,625.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why are we having such difficulty?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=625.57,628.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, I think we can probably focus on four problem areas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=628.36,632.28"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Adverse weather conditions in some parts of the state","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=632.28,635.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"created that window of vulnerability,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=635.33,637.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and with the investment needed to produce crops these days","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=637.79,641.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it doesn't take very much weakening","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=641.54,643.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before one is in that window of vulnerability.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=643.39,646.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One could add cattle feeding losses in the late 1970s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=646.51,649.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a contributing factor also.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=649.44,650.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, and the variable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=650.99,652.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that without any question is the dominant one,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=652.59,656.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that is high real rates of interest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=656.53,659.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Record setting rates of interest in real terms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=659.01,662.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And of course, we know that by real terms","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=662.5,664.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we mean the stated rate less the rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=664.62,668.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"now running somewhere between the 10 and 12% range.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=668.75,672.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've had higher nominal rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=672.51,673.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or higher stated rates of interest, but not in real terms,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=673.87,677.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that has a very distinct, very profound effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=677.9,682.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"upon economic relationships,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=683.93,685.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some of which we'll be discussing in a few moments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=685.9,688.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thirdly, and without too much doubt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=688.45,689.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"expansion in the 1970s is a contributing factor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=689.95,693.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in many cases, a surprising number of cases,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=693.34,696.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the expansion was to bring a child","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=696.8,699.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or a spouse of a child into the operation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=699.23,703.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Again, expanded became vulnerable,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=703.09,706.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and again, created that window of vulnerability.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=706.02,709.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Finally, reduction in land values.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=709.02,710.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have seen a very sharp decline,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=710.77,712.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so sharp that in some communities in Iowa","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=712.96,715.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it is difficult to know what the land value really is.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=715.39,718.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so, we believe there are at least","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=718.53,721.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those four categories of problem areas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=721.19,723.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, a word about what higher real interest rates do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=723.21,726.793"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in an economic sense,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=726.793,728.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we think they have four distinct impacts.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=728.82,731.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of which affects uniquely borrowers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=731.9,734.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the other three affect everyone producing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=734.95,738.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or dependent upon those who produce.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=738.04,741.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The one that affects the producers of course,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=741.04,742.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that it raises the direct cost to production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=742.98,745.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Their production capital cost is higher,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=745.78,748.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're seeing records in terms of the percentage","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=748.84,751.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of production costs made up of interest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=751.62,755.915"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Secondly, high real interest rates contribute","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=755.915,760.915"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the strong dollar, which in turn means","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=761.07,763.68"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we have difficulty selling our products internationally","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=763.68,766.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even though product prices are not as high now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=766.82,769.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as they have been at other times.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=769.64,771.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Looking at the price in Europe and elsewhere,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=771.89,774.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the price is very high for corn, soy beans, and wheat,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=774.84,778.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and so we lose market share.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=778.23,781.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thirdly, inputs are made more expensive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=781.48,783.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because input suppliers operate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=783.67,785.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the same basic environment of high costs of money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=785.54,789.373"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the nature of the competitive structure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=790.47,792.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the input supply sectors means that much of that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=792.88,795.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"gets passed on to the farmer as purchaser of inputs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=795.96,799.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The farmer, on the other hand,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=799.67,800.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"operates in a nearly perfectly competitive environment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=800.7,803.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and cannot pass along increase in costs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=803.22,805.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the purchaser of farm products,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=805.71,807.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least in the short term.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=807.1,809.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Finally, as interest rates go up,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=809.04,811.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those who hold foreign products and inventory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=811.47,814.283"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since that their costs are increasing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=815.29,817.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so they act in a rational manner.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=817.56,819.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They try to reduce what is held in inventory,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=819.16,821.227"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so it has a short term effect of increasing supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=821.227,824.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the market with a negative effect on price.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=824.62,826.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That one is soon worked through,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=826.64,828.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but as interest rates go up, it is a factor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=828.04,830.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, why are real interest rates at a peak?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=830.66,834.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are many theories.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=834.15,836.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Certainly, the deregulation of the financial industry,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=836.36,839.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we believe, is a factor.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=839.81,841.472"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We also believe a very significant factor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=841.472,844.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the size of the Federal Budget deficit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=844.76,848.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mention was made of the trade deficit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=848.56,850.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the introductory remarks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=850.38,851.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we know that we're running a record","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=851.33,852.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that trade deficit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=852.94,854.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It'll probably be in the 120, 130 billion range,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=854.35,857.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we used to think a 12 to $15 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=857.99,860.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trade deficit was huge,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=860.58,862.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and now we're dealing with one so very much higher.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=862.32,865.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now talking though, about the budget deficit,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=865.08,867.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the budget deficit as you know,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=867.5,868.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the year just concluded,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=868.84,870.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"ranged in the $175 billion category.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=870.53,874.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A very large amount of red ink, indeed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=874.53,877.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As you look at the period since 1950,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=877.01,879.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"only on rare occasion have we had a surplus,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=879.62,882.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those are noted in the lighter in the white.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=882.6,886.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The years in which we've had a deficit,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=886.07,888.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"appropriately enough, are in red.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=888.38,890.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you'll notice that during the 1970s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=890.99,893.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"particularly from 1975 to 1979,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=893.26,896.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we ran a budget deficit that was significant.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=896.65,900.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It came close to closure in the late 1970s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=900.57,903.997"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then started a yawning gap in the early 1980s,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=903.997,908.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and has been running at the range","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=908.98,912.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of over 100 billion now since 1981.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=912.75,916.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the projections, the projections","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=916.62,919.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the congressional budget office, for example,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=919.76,921.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which I think are among the more credible,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=921.83,924.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"showing that rising to 263 billion in 1989,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=924.11,929.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that we are running a very sharp increase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=929.54,933.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the budget deficit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=933.14,935.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Lots of theories as to what the linkages are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=935.43,937.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think in rather simple terms,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=937.48,940.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we're looking at interest as the price of a commodity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=940.45,943.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The supply of money,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=943.9,945.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the supply of funds available is finite.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=945.63,949.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Federal Reserve has constraints","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=949.7,951.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"imposed upon credit supply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=951.51,954.32"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The demand for funds comes from two sources,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=954.32,957.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the private sector, and as the private sector is strong,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=957.0,959.86"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so is their demand for capital.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=959.86,961.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The government demand for money is quite significant.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=961.95,964.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as you look at the amounts that our agendaed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=964.43,966.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for borrowing over the next four quarters,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=966.42,969.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it is a very, very large amount 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3%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1027.87,1030.23"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during a great deal of that decade.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1030.23,1033.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were some periods when the real cost of 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expect.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1079.97,1082.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Rational people, to make decisions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1082.54,1086.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they would conserve on 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labor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1102.64,1105.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and increase in emphasis on those inputs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1105.44,1107.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that could be 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growing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1114.35,1117.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"being built into agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1117.2,1119.45"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what's going to happen if interest 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mortgage,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1140.68,1142.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and earning three or 4% on the land,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1142.4,1145.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you don't get rich very 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fall,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1160.91,1163.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're seeing the value of land falling.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1163.81,1166.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that once again, those who are earning 11 or 12%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1166.58,1169.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on their certificates of deposit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1169.49,1171.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or money market 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rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1180.76,1183.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will remain where they are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1183.96,1185.313"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We might ask the question just how bad is the situation?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1186.72,1191.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, in absolute terms it's fairly grim,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1191.37,1193.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's even more 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categories","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1200.58,1204.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of farm debt, both real estate and non-real estate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1204.83,1207.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has grown from about the $12 billion range in 1950","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1207.17,1212.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to 216 billion at the end of 1983.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1212.16,1217.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Very sharp increase, especially since the mid 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income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1225.16,1230.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In 1950, had people been willing to do so,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1230.54,1233.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they could have cinched up the belt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1233.87,1235.66"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"paid off all the farm debt collectively","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1235.66,1238.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because farm debt was only 92% of farm income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1238.47,1242.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the aggregate on the national level.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1242.12,1244.173"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, not everyone could've done that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1245.17,1246.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but collectively on the average,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1246.47,1248.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that could've been accomplished.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1248.06,1249.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"By the end of 1983, farm debt was 1,350% of net farm income.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1249.17,1254.17"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Net farm income hasn't changed a great deal in that period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1256.19,1259.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It has bounced up and down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1259.29,1261.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It has ranged between roughly 12 to 15 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1261.33,1264.54"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the low side, up to 35 to 38 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1264.54,1267.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the occasional high side,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1267.36,1269.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but not at all in relation of course, to debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1269.07,1271.84"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as you lose inflation-generated gains,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1271.84,1273.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then you begin to focus much more attention","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1273.89,1276.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on farm income for servicing of debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1276.16,1278.513"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the problems that farmers face are quite severe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1280.04,1285.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if they hold debt approaching the 50% mark","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1285.06,1289.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of debt-to-asset ratio.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1289.96,1292.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As a matter of fact, we believe anyone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1292.34,1294.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over about 30% debt-to-asset ratio is suffering","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1294.63,1297.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or will suffer significant economic trauma.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1297.41,1301.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We think virtually everyone over 40% is losing net worth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1301.39,1305.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because of the pressure of interest costs,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1305.11,1309.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"along with all other the costs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1309.04,1311.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We synthesized our task force at Iowa State University","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1311.1,1314.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's been operating since May.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1314.15,1316.99"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the projects was to view","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1316.99,1319.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a synthesized basis what all this means","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1319.43,1322.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to a typical north Iowa farm and a south Iowa farm.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1322.38,1326.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"North Iowa farm, an average of 378 acres.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1326.21,1330.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Assets of a little over a million dollars in 1979.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1330.09,1334.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We equipped that synthetic farm with 50% debt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1334.69,1339.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then we simply applied the data","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1339.24,1342.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the Iowa Farm Business Associations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1342.25,1344.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those are somewhat better than average managers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1344.39,1347.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Asset values would've risen through 1981,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1347.02,1349.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then started to decline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1349.22,1351.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because the amount of debt involved could not be paid,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1351.47,1354.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the interest could not be paid, it started to roll over.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1354.5,1357.15"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"By the end of 1983, they were insolvent.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1357.15,1360.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Four years from relative safety to insolvency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1360.19,1365.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"South Iowa, very similar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1365.6,1367.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Assets not as large in value.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1368.77,1371.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"650 to $60,000 in assets, 50% debt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1371.02,1376.02"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and again, by the end of 1983, were approaching insolvency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1376.14,1380.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, we're showing here also the impact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1380.31,1382.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a 20% initial position debt-to-asset relationship.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1382.33,1387.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You'll notice they're still in relative safety","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1387.6,1389.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they have equity remaining,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1389.9,1392.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it doesn't take a great stretch of the imagination","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1392.16,1394.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to extrapolate those curves off to the right","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1394.31,1397.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and see that even at a 20% level,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1397.05,1399.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you eventually would face some difficulty.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1399.41,1402.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We believe however, that most who have 30% or less","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1402.69,1405.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"can probably weather the current situation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1405.88,1408.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"unless it deteriorates very substantially indeed.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1408.81,1411.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How much debt is there?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1411.58,1412.883"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There's a dual question here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1414.7,1416.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One is the amount of debt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1416.27,1417.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the other is the distribution of that debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1417.39,1420.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Using first, the data from the spring Iowa survey.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1420.34,1425.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Actually, the survey instruments went out in January,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1425.01,1428.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"study published in March, additional work down here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1428.21,1432.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Iowa State University in April and May of this year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1432.1,1434.803"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Many different features of the survey","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1436.44,1438.71"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"might be of interest to you, and you can obtain copies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1438.71,1441.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a number of publications by contacting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1441.3,1443.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the department of economics here on the campus.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1443.56,1445.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But first, let me just take a look","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1445.92,1448.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the percentage of operators in each category","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1448.95,1452.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a debt-to-asset basis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1452.98,1454.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If a farmer has a 50% debt-to-asset ratio,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1454.92,1457.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that means for every dollar of assets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1457.16,1460.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they have 50 cents of debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1460.36,1462.253"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is broken down in to a zero to 10% category,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1464.381,1467.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"those almost totally equity funded.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1467.13,1470.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"11 to 40%, 41 to 70, and over 70.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1470.97,1473.67"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you notice there are 36% of the farmers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1473.67,1477.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in that zero to 10 category.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1477.01,1478.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those are older.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1478.51,1479.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Average age 61.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1479.38,1481.163"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They are smaller than average, as we'll see in a moment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1482.19,1485.883"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The next group, 11 to 40% we have 35% of the farmers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1486.88,1491.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those are a little larger than average.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1491.53,1495.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"41 to 70% debt-to-asset ratio, 18% of the operators.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1495.25,1500.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then over 70, the ones with the greatest exposure,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1500.0,1505.0"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the greatest vulnerability, 10% of the operators.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1505.68,1508.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Who holds the assets?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1508.95,1511.39"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That group who are nearly debt-free hold 30% of the assets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1511.39,1516.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"indicating they're a little smaller than average.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1516.01,1518.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those 11 to 40% own 40% of the assets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1518.36,1522.55"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those 41 to 70 have 21%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1522.55,1524.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And those over 70, nine, indicating they 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group,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1552.12,1555.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"probably suffering significant economic trauma.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1555.04,1558.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The 41 to 70 category, they hold 40% of the 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size,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1592.2,1595.22"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and this gives us an indication","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1595.22,1597.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of whether it really is the big operator in 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assets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1613.1,1617.067"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's the largest average size group.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1617.067,1620.087"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"341,000 of debt, 287,000 of net worth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1620.087,1625.087"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Slightly smaller average size 11 to 40.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1626.24,1628.841"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"624,000 of assets, 146,000 of debt,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1628.841,1632.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/552","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they have a larger net worth, 478,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1632.65,1636.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then that smaller group, 459,000 average size.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1636.14,1639.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The smallest average group.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1639.83,1641.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"15,000 of debt, 444,000 of net worth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1641.76,1644.933"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"US figures are fairly similar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1646.35,1648.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They are older.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1648.82,1650.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They have been adjusted to bring them up to January of '84,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1650.03,1653.153"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"published for the Federal Reserve,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1654.24,1656.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they bear about the same message.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1656.25,1658.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The distribution of operators, 58, 24, 11 and 13.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1658.9,1662.293"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Asset distribution, rather comparable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1663.42,1665.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Debt distribution is skewed a little bit more","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1665.88,1668.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"toward the upper end of the scale.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1668.89,1669.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They have 31% of the debt held by the 13% of the operators","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1669.9,1674.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the 8% of the assets over the 70% mark.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1675.94,1680.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The big question is what's going to happen?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1684.6,1686.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What scenarios?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1686.77,1688.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think the feeling has been, especially in my agribusiness,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1688.69,1691.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the picture would stabilize,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1691.12,1693.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/571","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the light would begin to appear","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1693.47,1695.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the end of the tunnel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1695.93,1697.35"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/573","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"People could their breath for six months.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1697.35,1698.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They can hold their breath for a year economically,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1698.75,1700.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if necessary, but what do we see ahead?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1700.62,1704.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/576","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We see four scenarios worthy of mention,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1704.01,1707.48"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/577","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and this tells us how fast the problem will develop,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1707.48,1711.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/578","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how severe it will become, and no one knows.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1711.04,1715.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/579","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm tempted to say, least of all economists,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1715.36,1717.326"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/580","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but certainly economists are not in agreement","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1717.326,1719.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/581","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on what is likely to happen.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1719.96,1721.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One scenario, and we think the most probable,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1721.94,1724.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is continued high interest rates in real terms.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1724.3,1727.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/584","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Maybe rising.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1727.64,1728.94"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/585","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In fact, we see a probability that in the near term,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1728.94,1732.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"although we see some current nearby weakness,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1732.24,1735.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we have the last few days,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1735.18,1737.13"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/588","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we see rising interest rates, unless the numbers are showing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1737.13,1741.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/589","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we're entering a recession.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1741.21,1742.96"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/590","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there are now some worrisome signs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1742.96,1745.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/591","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we may be in the early stages of 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decline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1749.2,1752.263"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/594","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"High real interest rates probably stable,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1753.28,1755.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/595","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or maybe slightly declining commodity 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dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1767.07,1767.903"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This has been discussed, it has been hypothesized","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1767.903,1770.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for quite a long time for various reasons.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1770.49,1773.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/602","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of which is we're running such a massive trade deficit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1773.08,1776.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/603","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that at some point we will become a net debtor nation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1776.49,1780.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/604","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and could see the dollar decline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1780.27,1782.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/605","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If it did, we might see some of the foreign funds","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1782.74,1786.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are now helping to fuel the US recovery going home.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1786.43,1791.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Massive amounts of foreign funds are in the United 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economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1796.87,1799.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"politically and economically.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1799.08,1801.56"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so, if that happened, we would see then","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1801.56,1803.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some halting of the decline in the value of the dollar,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1805.55,1808.64"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and might even return.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1808.64,1809.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, we see turbulence in terms of interest rates.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1809.69,1813.455"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Whether there would be a sharp decline","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1813.455,1815.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and stay down is quite another matter,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1815.4,1817.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and I guess I do not see that as a likely 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supply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1829.7,1832.81"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Probably not getting that idea by looking at agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1832.81,1835.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Probably getting that idea by looking at the third world,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1835.76,1838.91"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where some 820 billion or so of debt held by nations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1838.91,1843.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a number of nations that are having grave difficulties","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1843.85,1846.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in keeping their interest payments current,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1846.76,1849.1"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not to mention, principal payments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1849.1,1851.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're lurching from quarter to quarter keeping those current","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1851.44,1854.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that it is not necessary to classify loans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1854.44,1857.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"held by those who hold those loans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1857.6,1860.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in many cases, those 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question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1863.99,1866.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of currency of interest payments than they have in capital.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1866.53,1870.44"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that if the decision were to ease the 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value","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1884.4,1885.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because you have to rebuild people's expectations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1885.79,1887.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And even if it did, we're not sure in a 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obligations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1898.3,1901.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not variable debt obligations,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1901.2,1903.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if in fact that were to happen.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1903.33,1905.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've never been through this before","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1905.03,1907.27"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a world of deregulation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1907.27,1908.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the extent that we are at this time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1908.87,1911.523"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Finally, if those countries in the third 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payments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1916.67,1918.04"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but were unable to make those payments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1918.04,1919.716"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there were to be default, then we would see instability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1919.716,1923.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"throughout the financial markets worldwide.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1923.49,1926.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Tentacles would reach into food producing areas, of course.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1926.76,1930.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We see that not as a probable outcome,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1930.19,1932.58"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but one that certainly ought to be viewed, studied,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1932.58,1935.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"hopefully with contingency plans.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1935.78,1938.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We only mention to say that we hope there are people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1938.03,1940.34"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Washington thinking tall thoughts","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1940.34,1941.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about how to deal with that problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1941.69,1943.783"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I'd like to just close by saying that we see here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1945.36,1949.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"implications not only for farm firms,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1950.9,1953.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those farm firms with heavy debt obligations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1953.5,1956.85"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are at the forefront of difficulty","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1956.85,1959.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's the entire community, however, that's at risk,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1959.53,1963.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the burden falls with an uneven hand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1963.07,1966.37"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Bankruptcy data for Iowa indicate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1966.37,1969.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that those who are unsecured suffer the most.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1969.24,1972.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're showing here by category","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1972.61,1974.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the secured and unsecured debt","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1974.63,1976.16"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because there are losses to be born,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1976.16,1977.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those who have security positions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1977.78,1979.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least have collateral they can look to.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1979.75,1982.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The government category is largely farmers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1982.24,1984.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"home administration, and small business administration,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1984.18,1987.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're largely secured.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1987.82,1989.733"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The category of corporate lenders","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1989.733,1991.38"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"include the farm credit system, life insurance companies,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1991.38,1994.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they too, are largely secured.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1994.08,1995.78"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Commercial banks are largely secured, as well,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1995.78,1998.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and at least can take their collateral","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=1998.88,2000.31"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the event of default, in the event of bankruptcy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2000.31,2003.3"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The agribusiness firms are not as well covered.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2003.3,2006.6"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The input suppliers, feed, seed, chemical,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2006.6,2009.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they are the most vulnerable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2009.97,2011.12"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And our data here at Iowa State University","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2011.12,2013.4"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"indicate that at least half of that group","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2013.4,2015.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"probably cannot take a hit as large as 5% of their sales","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2015.79,2019.97"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in lost accounts receivable,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2019.97,2023.74"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or it would put them in financial jeopardy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2023.74,2025.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so we need to keep that in mind, as well.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2025.51,2028.09"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The private firms, mostly sellers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2028.09,2030.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"under land contract, largely secure.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2030.25,2032.29"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then we have the personal group that are unsecured.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2032.29,2035.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's the physician whose bill is not paid,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2035.47,2037.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the credit card company, the poor penniless lawyer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2037.21,2039.88"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those are the ones who are in that category there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2039.88,2042.653"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2042.653,2043.69"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, we would emphasize the lenders are likewise exposed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2043.69,2048.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and here we're just showing a hypothetical,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2048.43,2049.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we don't mean to single out commercial banks.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2049.89,2051.697"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And my good friend, John Crystal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2051.697,2053.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will repair any damage I do, I'm sure, very shortly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2053.73,2056.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but just to show you that there are limits to forbearance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2056.43,2061.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In an address to the Iowa bankers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2062.4,2064.24"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/711","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"earlier this autumn, I said that forbearance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2064.24,2067.19"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/712","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is next to godliness in times like this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2067.19,2069.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but there are limits certainly to forbearance.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2069.05,2071.75"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as you look at a $50 million bank with 8% capital,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2071.75,2074.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's typical, banks are pretty heavily leveraged.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2074.57,2077.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"More so than a lot of farmers are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2077.76,2079.583"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"92% is not owned capital.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2080.44,2083.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're assuming a 75% loan up position,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2083.72,2085.76"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which may be a little high,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2085.76,2086.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"assuming loans are all agricultural,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2086.72,2088.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and although that is not the case in all instances,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2088.25,2090.77"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you don't really have a diversity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2090.77,2092.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if the only other loans are to the feed store,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2092.01,2093.9"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the elevator, the farm equipment dealer, and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2093.9,2097.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're assuming a 25% amount of loans and liquidation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2097.89,2101.47"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A random sample of those","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2101.47,2103.07"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who have more than 70% debt-to-asset ratio,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2103.07,2105.57"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we're assuming a 60% recovery on collateral.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2105.57,2107.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That may be low, it may be high,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2107.79,2109.65"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it all depends upon the strength of the land market,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2109.65,2111.73"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"machinery market when liquidation occurs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2111.73,2114.62"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Any event we'd have with a hypothetical bank","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2114.62,2116.59"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at 37,000,005 amount of loans,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2116.59,2119.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of which 9,000,375 would be in liquidation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2119.11,2122.01"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"5,000,625 would be recovered from the collateral,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2122.01,2125.06"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"losses of 3,000,750, and capital of $250,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2125.06,2128.8"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And long before that, somebody would ask,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2128.8,2130.767"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Where's the capital?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2130.767,2132.33"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they would want to infusions, or mergers, or something,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2132.33,2134.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so lenders are also in this problem area.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2134.82,2138.26"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/741","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are lots of alternatives here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2138.26,2140.52"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/742","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are being exercised with respect to debtors.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2140.52,2143.14"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/743","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You're familiar with them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2143.14,2144.25"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/744","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They have a familiar ring.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2144.25,2145.51"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Bankruptcy, scale down their operations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2145.51,2149.11"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/746","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Creditors have remedies,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2149.11,2150.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/747","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those have a familiar ring also.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2150.93,2152.72"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/748","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Foreclosure, and forfeiture, and default provisions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2152.72,2157.03"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/749","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"under the uniform commercial code.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2157.03,2158.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/750","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Policies have been examined, and some are in place,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2158.93,2162.43"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/751","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and very quickly, debt moratoria.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2162.43,2164.61"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/752","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Iowa's one of the few states","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2164.61,2165.82"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/753","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that has an active moratorium statute","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2165.82,2168.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/754","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would bar foreclosure for a period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2168.41,2171.42"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/755","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those were commonplace in the 1930s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2171.42,2173.79"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/756","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Iowa had one that survived the 1930s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2173.79,2176.89"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/757","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Debt restructuring, you've heard a great deal about that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2176.89,2178.807"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/758","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the president's initiative announced September 18th,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2178.807,2181.53"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/759","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"regulations published October 19th, do contain the elements","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2181.53,2186.2"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/760","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of one approach to debt restructuring.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2186.2,2188.05"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/761","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Asset restructuring is what must take place.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2188.05,2190.458"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/762","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Assets moving from the hands of those who cannot handle","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2190.458,2193.83"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/763","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into the hands of those who can,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2193.83,2195.08"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/764","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if they're willing to assume the risk involved.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2195.08,2198.87"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/765","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But for asset restructuring to take place","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2198.87,2200.5"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/766","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a rational basis, we must have strength","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2200.5,2202.93"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/767","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the land market and the machinery markets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2202.93,2204.92"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/768","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for that exchange to occur.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2204.92,2206.36"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/769","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's the most significant reason","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2206.36,2208.63"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/770","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for having a debt restructuring plan in place.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2208.63,2211.98"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/771","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"My time has gone.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2211.98,2212.95"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/772","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I want to thank you for an opportunity to be with you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2212.95,2215.7"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/773","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Although I'm going to have to leave shortly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2215.7,2217.41"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/774","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I would certainly welcome any comments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2217.41,2219.18"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/775","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"communications from any of you,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2219.18,2221.023"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/776","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if you'd like more information,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2221.023,2222.49"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/777","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would be very pleased to provide it to you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2222.49,2224.21"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/778","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you so very much.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2224.21,2225.443"},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/779","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(applause)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=2225.443,2227.776"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31284/annotation/780","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/031/284/original/AV203429_Dealing_with_the_Financial_Situation_Iowa_s_Farm_Communities_b.vtt?1627039835","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/031/284/original/AV203429_Dealing_with_the_Financial_Situation_Iowa_s_Farm_Communities_b.vtt?1627039835"}]},{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31285","type":"AnnotationPage","label":{"en":["AV203429_Dealing_with_the_Financial_Situation_Iowa_s_Farm_Communities_b.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200/transcript/31285/annotation/781","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Iowa farm communities. Dr. Neil Harl is well known to most of us here because of his work and recent proposals for assistance to the Iowa rural sector. His work towards farm debt restructuring has been instrumental nationally in the concrete proposals for aiding the farm situations. Could we have the lights on just a little bit longer please? Thank you. His colleagues have for many years recognized his creative and relevant work, and have accorded him numerous honors and responsibilities. Dr. Harl is the Charles Curtiss Distinguished Professor in Agriculture, and also professor in economics here at Iowa State. He has been accorded honors in extension and in various areas of teaching, and also was awarded the Distinguished Service to Agriculture Award by the American Society of Managers and Rural Appraisers. He has held presidencies of the American Agricultural Law Association and the American Agricultural Economics Association. In fact, I think he is currently president of one of those, and that is why he is first on the program, because he is leaving very soon. Leaving to go to the airport to make that date. I understand his wife has to invite him out to lunch to see him. Dr. Harl, we are very happy that you're here. Okay, now we can have the lights.\r\n\r\n- Thank you very, very much. I'm very pleased to be here. Are we set there, Lee?\r\n\r\n- Sure. Talk.\r\n\r\n- I'm very appreciative--\r\n\r\n- Beautiful.\r\n\r\n- Of the fact that Dr. Barron, the committee agreed that I could be on early, for I have to be in Knoxville, Tennessee, this afternoon. I am past president. I just relinquished the presidency, and we're meeting there this afternoon, and the next couple of days. I think it's appropriate that we focus attention on the debt problems of US agriculture. There are linkages between the problems of the debt situation, related to the debt situation in US agriculture, and the problems around the world. A study of US farm debt problems can provide insights into the greater problems, pressures on debtor nations, pressures on debtors in the third world, and elsewhere. Countries hold more debt than can be serviced under the current economic environment. It's very clear that farmers, some of them, hold more debt than they can service under the current economic environment. Also, in both cases, we are looking at diminished expectations, and in some cases, failed expectations. Leading, of course, to dislocations of capital, dislocations of people, substantial trauma, economic and social. We are looking at something in excess of $20 billion, for example, of loss of wealth value in Iowa farmland, not to count the loss of value in the vendor group, supplying inputs, and the loss of value with respect to creditor institutions, lenders. It's likely that the current debt problems will not endanger the food supply of American agriculture because someone will till the land, someone will plant the crops. At least it will probably not result in a substantial change in the quantities produced. It will however, or does have the potential however, for changing the structure of US agriculture, and of course, it has already and will continue to affect very substantially the economic position of many, many families and their position with respect to what they do for the rest of their lives. And so today, in the very brief time we have, we would like to spend a few moments examining why. Why is it that US agriculture is having problems? What are the linkages to the third world? What lessons can we learn, with some brief attention within the time span available, to consider some policy solutions. For we're at the point now where no one really doubts the existence of a severe problem of debt burdening US agriculture and burdening the third world, as well. The key question is what in the realm of policy is most appropriate to deal with the problem? There are losses to be shared, and one need not talk to very many chief executive officers of money center banks in New York, Chicago, and elsewhere, before they will admit that there are losses to be shared in the third world. There are losses to be shared in Iowa and elsewhere within the United States. One of the features of the current debate over policy is are we facing a continuation of the same set of forces that has caused agriculture, almost since the memory of persons runneth not to the contrary, to be a sector that gives up people and gives up capital. That trend has been very marked since the 1930s, but it actually dates back much, much farther than that. Agriculture has been discouraging people, especially people, almost from the beginning of recorded time. And you'll notice the number of farms has declined very sharply. Average size of farms increased equally sharply. Why? We think there are three basic categories of reasons. One category of reasons is the vast, vast progress made. The great progress made with respect to plant and animal breeding, increasing the productivity of resources by a very substantial degree. Secondly, the increase in productivity of other inputs, machinery, chemical area. The third is management. Over the last several decades, we hope at least, that great improvement has been made in the ability of managers to manage. But what we're now seeing is not a continuation of that trend. The exiting of firms from agriculture does not relate to those same three sets of forces. It's a new set of forces, and it cuts across the efficiency phenomenon in a unique manner. We're looking at forces that are being brought to bear upon farm firms that do not relate to the continuing press of efficiency with more resources leaving agriculture, more human resources leaving agriculture, simply because those remaining can accomplish what needs to be done. We are seeing people exiting for reasons that relate to the fact that they happen to have more debt than in retrospect, was prudent for the period in question. Iowa data are similar, and again very sharp, show a very sharp decline in the number of farms that increased in size. We believe initially, we should address some myths because as you talk about this problem among your friends or your non-friends, you sooner or later will get to the point of hearing about some of the reasons, and we believe the data are available now to debunk some of those myths. One is that there are only a few high rollers who are in difficulty, and the data indicate quite to the contrary. There were a few high rollers who were involved, but they have been dealt with, and were dealt with sometime ago. Secondly, that land speculation is to blame. There's no doubt, there's no doubt that those who invested in land in the period after 1975 have a higher probability of being in financial stress today than those who did not, but it says much too much to say that, that is the reason, for we have vast numbers of people who are in difficulty who did not own land, who did not purchase land during that period. Some people who had their land paid for, it's difficult to believe, but they had their land paid for, and they're now in financial difficulty because they became vulnerable. A window of vulnerability was created during the late 1970s, early 1980s, and anything that placed them in that window of vulnerability financially is enough to do it. Third, that those in trouble lack management skills. This one we believe is not appropriate as an explanatory variable, unless you take the position that anyone who had borrowed to the extent of about 50% or so debt-to-asset ratio lacks management skills. And we do not believe that, that is a fair indictment. Finally, that only Iowa debtors are in trouble. Now, that we were hearing for a long time. At least the people in Washington were saying, \"At least we're only hearing from Iowa, \"so it must be that only Iowa debtors are in difficulty.\" Actually the data now from Minnesota, Wisconsin, New Mexico on a very objective basis using essentially, the same questionnaire that Iowa used this year early, indicate that those states are in about the same position, or a little bit worse, than Iowa. Secondary sources of data for Nebraska, the Dakotas, Kansas, Oklahoma, Missouri, parts of Illinois and Indiana, as well as Ohio, and most recently, California, indicate very clearly that the problem is widespread. It is almost nationwide. The California data are most striking because they did not have the difficulty we had until fairly recently, and now the Federal Reserve is pulling those numbers out because they think it distorts the US figures when they look at what is happening in the State of California. So, it is not at all an Iowa phenomenon. Why are we having such difficulty? Well, I think we can probably focus on four problem areas. Adverse weather conditions in some parts of the state created that window of vulnerability, and with the investment needed to produce crops these days it doesn't take very much weakening before one is in that window of vulnerability. One could add cattle feeding losses in the late 1970s as a contributing factor also. Secondly, and the variable that without any question is the dominant one, and that is high real rates of interest. Record setting rates of interest in real terms. And of course, we know that by real terms we mean the stated rate less the rate of inflation now running somewhere between the 10 and 12% range. We've had higher nominal rates or higher stated rates of interest, but not in real terms, and that has a very distinct, very profound effect upon economic relationships, some of which we'll be discussing in a few moments. Thirdly, and without too much doubt, expansion in the 1970s is a contributing factor. And in many cases, a surprising number of cases, the expansion was to bring a child or a spouse of a child into the operation. Again, expanded became vulnerable, and again, created that window of vulnerability. Finally, reduction in land values. We have seen a very sharp decline, so sharp that in some communities in Iowa it is difficult to know what the land value really is. And so, we believe there are at least those four categories of problem areas. Now, a word about what higher real interest rates do in an economic sense, and we think they have four distinct impacts. One of which affects uniquely borrowers, the other three affect everyone producing or dependent upon those who produce. The one that affects the producers of course, is that it raises the direct cost to production. Their production capital cost is higher, and we're seeing records in terms of the percentage of production costs made up of interest. Secondly, high real interest rates contribute to the strong dollar, which in turn means that we have difficulty selling our products internationally even though product prices are not as high now as they have been at other times. Looking at the price in Europe and elsewhere, the price is very high for corn, soy beans, and wheat, and so we lose market share. Thirdly, inputs are made more expensive because input suppliers operate in the same basic environment of high costs of money. And the nature of the competitive structure of the input supply sectors means that much of that gets passed on to the farmer as purchaser of inputs. The farmer, on the other hand, operates in a nearly perfectly competitive environment and cannot pass along increase in costs to the purchaser of farm products, at least in the short term. Finally, as interest rates go up, those who hold foreign products and inventory, since that their costs are increasing, so they act in a rational manner. They try to reduce what is held in inventory, so it has a short term effect of increasing supply on the market with a negative effect on price. That one is soon worked through, but as interest rates go up, it is a factor. Now, why are real interest rates at a peak? There are many theories. Certainly, the deregulation of the financial industry, we believe, is a factor. We also believe a very significant factor is the size of the Federal Budget deficit. Mention was made of the trade deficit in the introductory remarks, and we know that we're running a record in that trade deficit. It'll probably be in the 120, 130 billion range, and we used to think a 12 to $15 billion trade deficit was huge, and now we're dealing with one so very much higher. Now talking though, about the budget deficit, and the budget deficit as you know, in the year just concluded, ranged in the $175 billion category. A very large amount of red ink, indeed. As you look at the period since 1950, only on rare occasion have we had a surplus, and those are noted in the lighter in the white. The years in which we've had a deficit, appropriately enough, are in red. And you'll notice that during the 1970s, particularly from 1975 to 1979, we ran a budget deficit that was significant. It came close to closure in the late 1970s, and then started a yawning gap in the early 1980s, and has been running at the range of over 100 billion now since 1981. And the projections, the projections by the congressional budget office, for example, which I think are among the more credible, showing that rising to 263 billion in 1989, so that we are running a very sharp increase in the budget deficit. Lots of theories as to what the linkages are. I think in rather simple terms, we're looking at interest as the price of a commodity. The supply of money, the supply of funds available is finite. The Federal Reserve has constraints imposed upon credit supply. The demand for funds comes from two sources, the private sector, and as the private sector is strong, so is their demand for capital. The government demand for money is quite significant. And as you look at the amounts that our agendaed for borrowing over the next four quarters, it is a very, very large amount indeed. So that we see competition for that limited supply of funds, and as you might guess, the price of that commodity goes up, and that is interest rate. We do know that all of this has an impact on trade, an impact on the sale of agricultural products abroad, and this of course, is tied to farm income. Now, I'd like to say a word about this impact of high interest rates. More pernicious than we might first think. More pervasive than we might first think because as we see interest rates rise and stay high, it alters the basic relationships in society. And as expectations harden, and the belief is that real interest rates will stay high, that it becomes increasingly important to us. In the 1970s, there was a low cost of capital. In real terms, the cost of capital was running one, or two, or 3% during a great deal of that decade. There were some periods when the real cost of money was actually negative when the inflation rate exceeded the cost of borrowing. And so, during that period there was heavy use of capital inputs, heavy use of machinery, heavy purchases in all kinds of areas where you could substitute capital for labor, and then labor costs were rising. The perception was labor costs were going up. In the 1980s, the perception is that labor costs are plateauing and capital costs are very high. And so, we then have a different relationship between labor and capital. Now, you'll see that farm real estate didn't change much on an index basis. During the late 1970s, laborer usage actually declined, as you'd expect. Rational people, to make decisions, they would conserve on labor. They would use the cheap input and they would purchase more and larger equipment. They would use more agricultural chemicals, more of other manufactured inputs. And so, what we saw happening was a decline in emphasis on labor and increase in emphasis on those inputs that could be purchased because capital was reasonably cheap. And so, we saw four wheel drive tractors, we saw huge combines, we saw a lot of capital intensity growing, being built into agriculture. Now, what's going to happen if interest rates in real terms stay in the 10, to 12, to 13% range? Well, we would not anticipate that people would make the same decisions again. This has very profound implications for the manufacture of farm equipment. It has profound implications for the value of land. Because if you are paying 14% interest on a variable rate mortgage, and earning three or 4% on the land, you don't get rich very fast. Something has to adjust. And if the income level does not change, the only thing that can change to bring the rate of return into balance with the alternatives investors have is for the value of land to fall, and we're seeing the value of land falling. So that once again, those who are earning 11 or 12% on their certificates of deposit or money market certificates will be induced to invest in land. And it takes a significant decline before that is once again restored. That is if the expectation is that interest rates will remain where they are. We might ask the question just how bad is the situation? Well, in absolute terms it's fairly grim, and it's even more grim when you look at the heterogeneity of the situation. Debt in the United States for the various categories of farm debt, both real estate and non-real estate, has grown from about the $12 billion range in 1950 to 216 billion at the end of 1983. Very sharp increase, especially since the mid 1970s. Now, it's even more striking when you view it as a percentage of, or in relation to, net farm income. In 1950, had people been willing to do so, they could have cinched up the belt, paid off all the farm debt collectively because farm debt was only 92% of farm income in the aggregate on the national level. Now, not everyone could've done that, but collectively on the average, that could've been accomplished. By the end of 1983, farm debt was 1,350% of net farm income. Net farm income hasn't changed a great deal in that period. It has bounced up and down. It has ranged between roughly 12 to 15 billion on the low side, up to 35 to 38 billion on the occasional high side, but not at all in relation of course, to debt. And as you lose inflation-generated gains, then you begin to focus much more attention on farm income for servicing of debt. Now, the problems that farmers face are quite severe if they hold debt approaching the 50% mark in terms of debt-to-asset ratio. As a matter of fact, we believe anyone over about 30% debt-to-asset ratio is suffering or will suffer significant economic trauma. We think virtually everyone over 40% is losing net worth because of the pressure of interest costs, along with all other the costs. We synthesized our task force at Iowa State University that's been operating since May. One of the projects was to view on a synthesized basis what all this means to a typical north Iowa farm and a south Iowa farm. North Iowa farm, an average of 378 acres. Assets of a little over a million dollars in 1979. We equipped that synthetic farm with 50% debt, and then we simply applied the data from the Iowa Farm Business Associations, and those are somewhat better than average managers. Asset values would've risen through 1981, then started to decline. Because the amount of debt involved could not be paid, the interest could not be paid, it started to roll over. By the end of 1983, they were insolvent. Four years from relative safety to insolvency. South Iowa, very similar. Assets not as large in value. 650 to $60,000 in assets, 50% debt, and again, by the end of 1983, were approaching insolvency. Now, we're showing here also the impact of a 20% initial position debt-to-asset relationship. You'll notice they're still in relative safety because they have equity remaining, but it doesn't take a great stretch of the imagination to extrapolate those curves off to the right and see that even at a 20% level, you eventually would face some difficulty. We believe however, that most who have 30% or less can probably weather the current situation, unless it deteriorates very substantially indeed. How much debt is there? There's a dual question here. One is the amount of debt, the other is the distribution of that debt. Using first, the data from the spring Iowa survey. Actually, the survey instruments went out in January, study published in March, additional work down here. Iowa State University in April and May of this year. Many different features of the survey might be of interest to you, and you can obtain copies of a number of publications by contacting the department of economics here on the campus. But first, let me just take a look at the percentage of operators in each category on a debt-to-asset basis. If a farmer has a 50% debt-to-asset ratio, that means for every dollar of assets, they have 50 cents of debt. It is broken down in to a zero to 10% category, those almost totally equity funded. 11 to 40%, 41 to 70, and over 70. And you notice there are 36% of the farmers in that zero to 10 category. Those are older. Average age 61. They are smaller than average, as we'll see in a moment. The next group, 11 to 40% we have 35% of the farmers, and those are a little larger than average. 41 to 70% debt-to-asset ratio, 18% of the operators. And then over 70, the ones with the greatest exposure, the greatest vulnerability, 10% of the operators. Who holds the assets? That group who are nearly debt-free hold 30% of the assets, indicating they're a little smaller than average. Those 11 to 40% own 40% of the assets. Those 41 to 70 have 21%. And those over 70, nine, indicating they too, are a little smaller than average. Where's the debt? The group that's nearly paid off holds 3% of the debt, and that is against 30% of the assets. They are not in eminent difficulty at all, but remember those are the older and somewhat smaller operators. Those in the 11 to 40 have 32% of the debt, and in general, that crowd is in reasonable shape. However, the upper group, the upper part of that group, probably suffering significant economic trauma. The 41 to 70 category, they hold 40% of the debt against 21% of the assets, meaning they have roughly double the proportionate amount of debt per unit of assets. The over 70 group have approximately 2 1/2 times a proportionate amount of debt per unit of assets on a dollar basis. So, you can see that we have a distribution of debt that is not at all uniform. It is skewed heavily toward the upper end of the scale. Now, looking at the average size, and this gives us an indication of whether it really is the big operator in trouble. Take a look at the over 70. We have $477,000 average asset amount per farm. Average amount of debt of 394,000, net worth $83,000. Back off to the 41 to 70, $628,000 worth of assets. That's the largest average size group. 341,000 of debt, 287,000 of net worth. Slightly smaller average size 11 to 40. 624,000 of assets, 146,000 of debt, and they have a larger net worth, 478,000. And then that smaller group, 459,000 average size. The smallest average group. 15,000 of debt, 444,000 of net worth. US figures are fairly similar. They are older. They have been adjusted to bring them up to January of '84, published for the Federal Reserve, but they bear about the same message. The distribution of operators, 58, 24, 11 and 13. Asset distribution, rather comparable. Debt distribution is skewed a little bit more toward the upper end of the scale. They have 31% of the debt held by the 13% of the operators and the 8% of the assets over the 70% mark. The big question is what's going to happen? What scenarios? I think the feeling has been, especially in my agribusiness, that the picture would stabilize, and the light would begin to appear at the end of the tunnel. People could their breath for six months. They can hold their breath for a year economically, if necessary, but what do we see ahead? We see four scenarios worthy of mention, and this tells us how fast the problem will develop, how severe it will become, and no one knows. I'm tempted to say, least of all economists, but certainly economists are not in agreement on what is likely to happen. One scenario, and we think the most probable, is continued high interest rates in real terms. Maybe rising. In fact, we see a probability that in the near term, although we see some current nearby weakness, and we have the last few days, we see rising interest rates, unless the numbers are showing that we're entering a recession. And there are now some worrisome signs that we may be in the early stages of recession. If we are, the demand for capital in the private sector would likely decline. High real interest rates probably stable, or maybe slightly declining commodity prices. We don't see a lot of buoyancy, and that's a grim scenario, if that indeed is the outcome. A second possibility, there could be a sharp decline in the value of the dollar. This has been discussed, it has been hypothesized for quite a long time for various reasons. One of which is we're running such a massive trade deficit that at some point we will become a net debtor nation and could see the dollar decline. If it did, we might see some of the foreign funds that are now helping to fuel the US recovery going home. Massive amounts of foreign funds are in the United States drawn by two things, high real interest rates and stability of the US economy, politically and economically. And so, if that happened, we would see then some halting of the decline in the value of the dollar, and might even return. So, we see turbulence in terms of interest rates. Whether there would be a sharp decline and stay down is quite another matter, and I guess I do not see that as a likely scenario. The third, the Federal Reserve might take a look at the world and believe that maybe the human family would be better served with a less constrained set of controls on the credit supply. Probably not getting that idea by looking at agriculture. Probably getting that idea by looking at the third world, where some 820 billion or so of debt held by nations, a number of nations that are having grave difficulties in keeping their interest payments current, not to mention, principal payments. We're lurching from quarter to quarter keeping those current so that it is not necessary to classify loans held by those who hold those loans. And in many cases, those lenders have more in third world debts for which there is a grave question of currency of interest payments than they have in capital. So that if the decision were to ease the constraints maybe they would see a burst of inflation, but before you assume that, that would be a great help, a couple of things to point out. First of all, a burst of inflation would not immediately be transferred into rises in land value because you have to rebuild people's expectations. And even if it did, we're not sure in a world of deregulated financial markets that interest rates wouldn't follow the rate of inflation fairly closely. So, those who had gained would be those who had fixed debt obligations, not variable debt obligations, if in fact that were to happen. We've never been through this before in a world of deregulation to the extent that we are at this time. Finally, if those countries in the third world not only were forced to the wall with respect to interest payments, but were unable to make those payments, and there were to be default, then we would see instability throughout the financial markets worldwide. Tentacles would reach into food producing areas, of course. We see that not as a probable outcome, but one that certainly ought to be viewed, studied, hopefully with contingency plans. We only mention to say that we hope there are people in Washington thinking tall thoughts about how to deal with that problem. Now, I'd like to just close by saying that we see here implications not only for farm firms, and those farm firms with heavy debt obligations are at the forefront of difficulty It's the entire community, however, that's at risk, and the burden falls with an uneven hand. Bankruptcy data for Iowa indicate that those who are unsecured suffer the most. We're showing here by category the secured and unsecured debt because there are losses to be born, and those who have security positions at least have collateral they can look to. The government category is largely farmers, home administration, and small business administration, and they're largely secured. The category of corporate lenders include the farm credit system, life insurance companies, and they too, are largely secured. Commercial banks are largely secured, as well, and at least can take their collateral in the event of default, in the event of bankruptcy. The agribusiness firms are not as well covered. The input suppliers, feed, seed, chemical, they are the most vulnerable. And our data here at Iowa State University indicate that at least half of that group probably cannot take a hit as large as 5% of their sales in lost accounts receivable, or it would put them in financial jeopardy, so we need to keep that in mind, as well. The private firms, mostly sellers under land contract, largely secure. Then we have the personal group that are unsecured. That's the physician whose bill is not paid, the credit card company, the poor penniless lawyer. Those are the ones who are in that category there. Now, we would emphasize the lenders are likewise exposed, and here we're just showing a hypothetical, and we don't mean to single out commercial banks. And my good friend, John Crystal will repair any damage I do, I'm sure, very shortly, but just to show you that there are limits to forbearance. In an address to the Iowa bankers earlier this autumn, I said that forbearance is next to godliness in times like this, but there are limits certainly to forbearance. And as you look at a $50 million bank with 8% capital, and that's typical, banks are pretty heavily leveraged. More so than a lot of farmers are. 92% is not owned capital. We're assuming a 75% loan up position, which may be a little high, assuming loans are all agricultural, and although that is not the case in all instances, you don't really have a diversity if the only other loans are to the feed store, the elevator, the farm equipment dealer, and so on. We're assuming a 25% amount of loans and liquidation. A random sample of those who have more than 70% debt-to-asset ratio, and we're assuming a 60% recovery on collateral. That may be low, it may be high, and it all depends upon the strength of the land market, machinery market when liquidation occurs. Any event we'd have with a hypothetical bank at 37,000,005 amount of loans, of which 9,000,375 would be in liquidation, 5,000,625 would be recovered from the collateral, losses of 3,000,750, and capital of $250,000. And long before that, somebody would ask, \"Where's the capital?\" And they would want to infusions, or mergers, or something, so lenders are also in this problem area. There are lots of alternatives here that are being exercised with respect to debtors. You're familiar with them. They have a familiar ring. Bankruptcy, scale down their operations. Creditors have remedies, and those have a familiar ring also. Foreclosure, and forfeiture, and default provisions under the uniform commercial code. Policies have been examined, and some are in place, and very quickly, debt moratoria. Iowa's one of the few states that has an active moratorium statute that would bar foreclosure for a period. Those were commonplace in the 1930s. Iowa had one that survived the 1930s. Debt restructuring, you've heard a great deal about that. And the president's initiative announced September 18th, regulations published October 19th, do contain the elements of one approach to debt restructuring. Asset restructuring is what must take place. Assets moving from the hands of those who cannot handle into the hands of those who can, if they're willing to assume the risk involved. But for asset restructuring to take place on a rational basis, we must have strength in the land market and the machinery markets for that exchange to occur. And that's the most significant reason for having a debt restructuring plan in place. My time has gone. I want to thank you for an opportunity to be with you. Although I'm going to have to leave shortly, I would certainly welcome any comments, communications from any of you, and if you'd like more information, would be very pleased to provide it to you. Thank you so very much.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/2486/collection_resources/46831/file/120200#t=0.0,2241.648"}]}]}]}