Agreed. The management of IH made the exact opposite decision in 1979 that it should have made. The former Xerox CEO thought all businesses were similar. When the strike happened in 1979 he should have slowly rebuilt the inventory instead he ran the plants at full bore building a massive backlog of inventory for what he thought was going to be a huge year in ag sales - instead the ag recession only deepened in 1980 and continued to deepen each succeeding year. The massive hit on their cash reserves nearly wiped them out as banks would readily extend credit - at 22%. Similar to the "2008" crisis, corporations that went into the crisis with cash or established credit (John Deere & Ford) weathered the storm, GM and Chrysler went into the "crisis" low on cash and it couldn't be borrowed - at any interest rate. Not having cash on hand to meet operating requirements they went into bankruptcy and government bailouts.
In 1984 you could still buy brand new 1980 equipment off most dealer's lots and they were desperate to sell it.
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Today's Featured Article - A Question for Dads This recent topic from the Tractor Talk discussion board is being highlighted because it is an awesome display of the caliber of individuals that have made this site their own. The young person asking questions received positive feedback and advice from total strangers who "told it like it is" with the care many reserve for their own kids. The advice is timeless... so although it isn't necessarily antique tractor related, it will be prominently displayed in our archives to honor those who have the courage to ask and those who have the courage to respond in an honest, positive manner.
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