I don't expect it will be tested too much. There's lots of those operations out there that are in so deep, they have very little equity. They don't have hard assets to take and sell for the bank to recover anything. These loans wern't made based on hard assets. They were done on the basis of cash flow.... if they could cash flow the loan and make the bank believe at the time that they could keep it up, they got the money. So... in the bank's eyes, the manager of that mess IS the asset. There's some guys around here that work daily with the attitude that if they want to take it, have someone here to milk the cows tonight...
The ones that are really going to be in trouble in the not so distant future are the people that are having cash flow problems and actually have assets to take and equity in the business. It probably won't take too much on the bank's part to pull the plug on some of them, especially if they need the money.
Even if they did pull the plug on a big operation, it would simply be reorganized next week with a new name and they'd go right back at it.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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