Tuesday, November 29, 2011

Predatory Banks Target NZ Farmers Again.

Well I just started to write a snarky bit of Agribiz-knocking invective but I thought I'd stop myself and take a bit of a different tack and bash the banks, which is really boring because that's what I do all the time. This article in Stuff.co.nz -Business Day entitled "Banks need to be choosier lenders"  gets the point completely backwards. The fact is that farmers need to be choosier borrowers, in fact, like the rest of us they need to not borrow but to pay down their debt as fast as possible- there will be no debt write-offs for those holding physical assets such as land -not even the however many of them that are sitting in parliament on the National government benches. Good point actually -can you be a sitting MP and a bankrupt at the same time? Perhaps we won't have to endure the full three years of this government after all.
The author of this article so wants to not take sides, be everyones friend. Why not tell us about the bullshit "audits" the banks offered farmers, totally slanted to encourage the taking of loans- I know about these things- I have a farming insider down in South Canterbury tells me, though anyone with a pulse ought to know intuitively that's what these sharks do for a living.
"The insinuation was that anyone over 50 is too old to be farming". More like too old to be intimidated / bamboozled into signing on the line eh?

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