“Mr. Vilsack ignores the ultimate Pigford fallacy: thatUSDA loans are magic beans that automatically turn recipients into successful farmers. In reality, legions of farmers went bankrupt in the 1980s because they received too many subsidized loans, according to the GAO. Farmers Home Administration chief Vance Clark told me in 1988 that some loan applicants ‘don’t even possess the basic farming ability — they are selling used cars and they decide to come to us and become a farmer.’ Still, Congress pressured USDA to shovel out loans to uncreditworthy borrowers, and many recipients financially destroyed themselves as a result.”
http://www.washingtontimes.com/news/2013/apr/3/the-great-farm-robbery/
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