Posted by NY 986 on March 10, 2017 at 09:57:14 from (184.53.50.126):
In Reply to: Re: Great Depression posted by Dick2 on March 10, 2017 at 09:48:24:
People overpaid for land along with leveraging themselves pretty steep during the boom of 1917-19 which was about feeding Europe during the tail end of WWI. When prices returned to normal those who went out on the limb lost their shirts. If you kept a cool head during 1917-1919 the 1920's while not great for farmers did not kill them either. Farmers back then like lots of others played the stock market during the roaring '20's and some were not in a position to take a loss when the losses came. One farmer in the community here took his life during the early 1930's because he went insolvent. It really was not much different in the 1970's as some thought a good thing was going to last forever so they paid top prices for ground and scheduled debt for the next 30 plus years. The best thing to do with a boom is to figure it is only going to last a couple of years and plan your finances based on that.
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