Farm Progress

Max Armstrong recalls a program created during the farm financial crisis of the 1980s.

March 29, 2023

5 Min Listen

Max Armstrong shares his insight on bank failures with a flashback to the late 1970s and early 1980s. Interest rates soared to 21% in 1981. Max recalls a Federal Reserve report regarding farm debt. He adds that in 1986, the government created Chapter 12 bankruptcy allowing farmers to pay down debts and avoid liquidating assets, as long as they stick with the outlined plan. He notes that the farm economy in in recent years has been stronger, lowering the number of operations that have had to declare Chapter 12.

Max Armstrong's Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Max Armstrong, veteran farm broadcaster and host of This Week in Agribusiness.

Photo: designer491/iStock/Getty Images Plus

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