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 - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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