There was a lot more than the grain embargo that affected companies like IH and the family farmer too. Lot of farmers had loans that rolled over every year. One year they were at 7.5% and the next year 19%. back then the fed decided that credit was bad and they raised interest rates to get people to stop borrowing. That meant they were not buying either. That includes tractors and implements too. Then there were new fed rules on things like dairy that would cost some old farmers a bunch. They tossed in the towel. A heck of a lot of farm kids in the 60's and 70's said the heck with this city living is the life for me! So the decision to quit was easy. Can't afford the mandated improvements plus all the kids left for a 5 day a week 8-5 job. Lot of small dairy operations here went under.
IH was in trouble before the embargo. That plus the embargo plus an ill timed strike were the end for them.
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Today's Featured Article - Farmall 460: That's My Girl - by LeAnn R. Ralph. How many sounds can you think of that are as familiar to you as your own breathing? What about the hum of your refrigerator? Or the thump of your clothes dryer? Maybe the engine of your car? You hear those sounds every day, and you don't think much about them, do you. I can think of a few common, ordinary sounds in my daily life, too.
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