Milling & Baking News - December 30, 2008 - 7

Editorial

Lessons about government from wheat supports

E

ver since the Bush administration led in promot- depressed market price. Prices for many of these crops
ing legislation that is resulting in the partial na- had fallen to record lows and it was difficult to find
tionalization of major banks, the temptation has any market, much like the situation recently facing
been great to note how grain-based foods faced a re- financial derivatives whose collapse wiped out much
markably similar intrusion by government beginning in bank capital. These crop loans were non-recourse,
the 1930s. When attention is called to the four-day bank- meaning that the borrower could deliver collateral to
ing holiday and later steps taken by President Franklin the Commodity Credit Corp. and would owe nothing
D. Roosevelt right after assuming office as a model for additional if the market price was below the loan.
what is now occurring to stabilize credit markets and to
Not only did the government place itself in position
prevent the economic downturn from worsening, any- to make unlimited loans that were likely to produce
one familiar with what happened in food and agricul- losses, it became the owner of defaulted collateral.
ture must wonder if the experience the industry had 70 Suddenly, the C.C.C. loomed as main owner of grain
years ago doesn't merit examinainventories, which meant its deciAnyone familiar with what
tion. Like the modern-day bankers
sions on when and how to release
happened in food and
who are openly wondering if their
impacted markets. As the C.C.C.
agriculture must wonder if
children have a future in the busiinventories rose to hundreds of
the experience the industry
ness because of the likelihood of a
had 70 years ago doesn't merit millions of bushels, ways had to
heavy-handed bureaucracy assertbe found to curtail what was obexamination.
ing an unfamiliar role, more than
viously excess production. Here
a few people in grain-based foods seriously worried the response was acreage allotments, a complex way of
about their futures in light of programs enacted to help restricting the number of acres a farmer could harvest
farmers avoid the worst of the Great Depression.
to be eligible for loans, and then marketing quotas limCurrent actions involve large-scale financial as- iting the quantities of wheat and other grains that could
sistance for banks in need of capital. This has been be sold in a given year. It was a bureaucratic nightmare,
achieved through a "new economic model," involving with each complexity building on something meant to
unprecedented government purchases of preferred make price supports less a burden for government, but
stock. Described as a fundamental change from recent rarely considering the impact on the market.
years when less governmental participation was the
From these initial moves to seek to stabilize the price
norm, the new programs not only use taxpayer funds of wheat and other grains, much like what is now being
to provide capital, but promise greatly increased reg- attempted for banks, emerged efforts to establish global
ulation. Indeed, it is the absence of regulatory super- price agreements and steps to use export subsidies and
vision that is mainly blamed for the economic crisis, food relief to move America's burdensome surpluses into
along with unrestrained issuance of mortgages and foreign markets. Perhaps the ultimate intrusion in this
collapse of the housing market.
long list of support programs was the domestic wheat
Of course, providing billions to a select group of certificate plan, which was a hated tax imposed on each
banks may appear different from the price supports bushel of wheat milled domestically into flour. Ended
for grains that came with the Roosevelt administra- in one of the periods when wheat prices were climbing,
tion in the 1930s. Yet, a similarity does exist, and it the tax on bread consumers imposed by this program is
is this resemblance that deserves attention. Under the a good symbol of the inherent negatives of government
Agricultural Adjustment Act, farmers were offered participation in markets, whether to support wheat or to
loans against their crops at levels well above the then boost the capital of bankers making bad decisions. MBN
MORTON SOSLAND, EDITOR-IN-CHIEF
WE'RE EAGER TO GET YOUR FEEDBACK: E-mail editor@sosland.com or write to us at
Milling & Baking News, 4800 Main Street, Suite 100, Kansas City, Mo, 64112

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7 bakingbusiness.com
/ March 13, 2007 / world-grain.com
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Milling & Baking News - December 30, 2008

Table of Contents for the Digital Edition of Milling & Baking News - December 30, 2008

Contents
Milling & Baking News - December 30, 2008 - 1
Milling & Baking News - December 30, 2008 - 2
Milling & Baking News - December 30, 2008 - 3
Milling & Baking News - December 30, 2008 - Contents
Milling & Baking News - December 30, 2008 - 5
Milling & Baking News - December 30, 2008 - 6
Milling & Baking News - December 30, 2008 - 7
Milling & Baking News - December 30, 2008 - 8
Milling & Baking News - December 30, 2008 - 9
Milling & Baking News - December 30, 2008 - 10
Milling & Baking News - December 30, 2008 - 11
Milling & Baking News - December 30, 2008 - 12
Milling & Baking News - December 30, 2008 - 13
Milling & Baking News - December 30, 2008 - 14
Milling & Baking News - December 30, 2008 - 15
Milling & Baking News - December 30, 2008 - 16
Milling & Baking News - December 30, 2008 - 17
Milling & Baking News - December 30, 2008 - 18
Milling & Baking News - December 30, 2008 - 19
Milling & Baking News - December 30, 2008 - 20
Milling & Baking News - December 30, 2008 - 21
Milling & Baking News - December 30, 2008 - 22
Milling & Baking News - December 30, 2008 - 23
Milling & Baking News - December 30, 2008 - 24
Milling & Baking News - December 30, 2008 - 25
Milling & Baking News - December 30, 2008 - 26
Milling & Baking News - December 30, 2008 - 27
Milling & Baking News - December 30, 2008 - 28
Milling & Baking News - December 30, 2008 - 29
Milling & Baking News - December 30, 2008 - 30
Milling & Baking News - December 30, 2008 - 31
Milling & Baking News - December 30, 2008 - 32
Milling & Baking News - December 30, 2008 - 33
Milling & Baking News - December 30, 2008 - 34
Milling & Baking News - December 30, 2008 - 35
Milling & Baking News - December 30, 2008 - 36
Milling & Baking News - December 30, 2008 - 37
Milling & Baking News - December 30, 2008 - 38
Milling & Baking News - December 30, 2008 - 39
Milling & Baking News - December 30, 2008 - 40
Milling & Baking News - December 30, 2008 - 41
Milling & Baking News - December 30, 2008 - 42
Milling & Baking News - December 30, 2008 - 43
Milling & Baking News - December 30, 2008 - 44
Milling & Baking News - December 30, 2008 - 45
Milling & Baking News - December 30, 2008 - 46
Milling & Baking News - December 30, 2008 - 47
Milling & Baking News - December 30, 2008 - 48
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https://www.nxtbook.com/sosland/mbn/2016_07_19
https://www.nxtbook.com/sosland/mbn/2016_07_05
https://www.nxtbook.com/sosland/mbn/2016_06_21
https://www.nxtbook.com/sosland/mbn/2016_06_07
https://www.nxtbook.com/sosland/mbn/2016_05_24
https://www.nxtbook.com/sosland/mbn/2016_05_10
https://www.nxtbook.com/sosland/mbn/2016_04_26
https://www.nxtbook.com/sosland/mbn/2016_04_12
https://www.nxtbook.com/sosland/mbn/2016_03_29
https://www.nxtbook.com/sosland/mbn/2016_03_15
https://www.nxtbook.com/sosland/mbn/2016_03_01
https://www.nxtbook.com/sosland/mbn/2016_02_16
https://www.nxtbook.com/sosland/mbn/2016_02_02
https://www.nxtbook.com/sosland/mbn/2016_01_19
https://www.nxtbook.com/sosland/mbn/2016_01_05
https://www.nxtbook.com/sosland/mbn/2015_12_22
https://www.nxtbook.com/sosland/mbn/2015_12_08
https://www.nxtbook.com/sosland/mbn/2015_11_24
https://www.nxtbook.com/sosland/mbn/2015_11_10
https://www.nxtbook.com/sosland/mbn/2015_10_27
https://www.nxtbook.com/sosland/mbn/2015_10_13
https://www.nxtbook.com/sosland/mbn/2015_09_29
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https://www.nxtbook.com/sosland/mbn/2015_09_01
https://www.nxtbook.com/sosland/mbn/2015_08_18
https://www.nxtbook.com/sosland/mbn/2015_08_04
https://www.nxtbook.com/sosland/mbn/2015_07_21
https://www.nxtbook.com/sosland/mbn/2015_07_07
https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
https://www.nxtbook.com/sosland/mbn/2015_05_12
https://www.nxtbook.com/sosland/mbn/2015_04_28
https://www.nxtbook.com/sosland/mbn/2015_04_014
https://www.nxtbook.com/sosland/mbn/2015_03_31
https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
https://www.nxtbook.com/sosland/mbn/2015_02_03
https://www.nxtbook.com/sosland/mbn/2015_01_20
https://www.nxtbook.com/sosland/mbn/2015_01_06
https://www.nxtbook.com/sosland/mbn/2014_12_23
https://www.nxtbook.com/sosland/mbn/2014_12_09
https://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
https://www.nxtbook.com/sosland/mbn/2014_11_11
https://www.nxtbook.com/sosland/mbn/2014_10_28
https://www.nxtbook.com/sosland/mbn/2014_10_14
https://www.nxtbook.com/sosland/mbn/2014_09_30
https://www.nxtbook.com/sosland/mbn/2014_09_16
https://www.nxtbook.com/sosland/mbn/2014_09_02
https://www.nxtbook.com/sosland/mbn/214_08_19
https://www.nxtbook.com/sosland/mbn/2014_08_01
https://www.nxtbook.com/sosland/mbn/2014_07_22
https://www.nxtbook.com/sosland/mbn/2014_07_08
https://www.nxtbook.com/sosland/mbn/2014_06_24
https://www.nxtbook.com/sosland/mbn/2014_06_10
https://www.nxtbook.com/sosland/mbn/2014_05_27
https://www.nxtbook.com/sosland/mbn/2014_05_13
https://www.nxtbook.com/sosland/mbn/2014_04_29
https://www.nxtbook.com/sosland/mbn/2014_04_15
https://www.nxtbook.com/sosland/mbn/2014_04_01
https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
https://www.nxtbook.com/sosland/mbn/2014_02_04
https://www.nxtbook.com/sosland/mbn/2014_01_21
https://www.nxtbook.com/sosland/mbn/2014_01_07
https://www.nxtbook.com/sosland/mbn/2013_12_24
https://www.nxtbook.com/sosland/mbn/2013_12_10
https://www.nxtbook.com/sosland/mbn/2013_11_26
https://www.nxtbook.com/sosland/mbn/2013_11_12
https://www.nxtbook.com/sosland/mbn/2013_10_29
https://www.nxtbook.com/sosland/mbn/2013_10_15
https://www.nxtbook.com/sosland/mbn/2013_10_01
https://www.nxtbook.com/sosland/mbn/2013_09_17
https://www.nxtbook.com/sosland/mbn/2013_09_03
https://www.nxtbook.com/sosland/mbn/2013_08_20
https://www.nxtbook.com/sosland/mbn/2013_08-06
https://www.nxtbook.com/sosland/mbn/2013_07_23
https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
https://www.nxtbook.com/sosland/mbn/2013_05_28
https://www.nxtbook.com/sosland/mbn/2013_05_14
https://www.nxtbook.com/sosland/mbn/2013_04_30
https://www.nxtbook.com/sosland/mbn/2013_04_16
https://www.nxtbook.com/sosland/mbn/2013_04_02
https://www.nxtbook.com/sosland/mbn/2013_03_19
https://www.nxtbook.com/sosland/mbn/2013_03_05
https://www.nxtbook.com/sosland/mbn/2013_02_19
https://www.nxtbook.com/sosland/mbn/2013_02_05
https://www.nxtbook.com/sosland/mbn/2013_01_22
https://www.nxtbook.com/sosland/mbn/2013_01_08
https://www.nxtbook.com/sosland/mbn/2012_12_25
https://www.nxtbook.com/sosland/mbn/2012_12_11
https://www.nxtbook.com/sosland/mbn/2012_11_27
https://www.nxtbook.com/sosland/mbn/2012_11_13
https://www.nxtbook.com/sosland/mbn/2012_10_30
https://www.nxtbook.com/sosland/mbn/2012_10_16
https://www.nxtbook.com/sosland/mbn/2012_10_02
https://www.nxtbook.com/sosland/mbn/2012_09_18
https://www.nxtbook.com/sosland/mbn/2012_09_04
https://www.nxtbook.com/sosland/mbn/2012_08_21
https://www.nxtbook.com/sosland/mbn/2012_08_07
https://www.nxtbook.com/sosland/mbn/2012_07_24
https://www.nxtbook.com/sosland/mbn/2012_07_10
https://www.nxtbook.com/sosland/mbn/2012_06_26
https://www.nxtbook.com/sosland/mbn/2012_06_12
https://www.nxtbook.com/sosland/mbn/2012_05_29
https://www.nxtbook.com/sosland/mbn/2012_05_15
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https://www.nxtbook.com/sosland/mbn/2012_04_17
https://www.nxtbook.com/sosland/mbn/2012_04_03
https://www.nxtbook.com/sosland/mbn/2012_03_20
https://www.nxtbook.com/sosland/mbn/2012_03_06
https://www.nxtbook.com/sosland/mbn/2012_02_21
https://www.nxtbook.com/sosland/mbn/2012_02_07
https://www.nxtbook.com/sosland/mbn/2012_01_24
https://www.nxtbook.com/sosland/mbn/2012_01_10
https://www.nxtbook.com/sosland/mbn/2011_12_27
https://www.nxtbook.com/sosland/mbn/2011_12_13
https://www.nxtbook.com/sosland/mbn/2011_11_29
https://www.nxtbook.com/sosland/mbn/2011_11_15
https://www.nxtbook.com/sosland/mbn/2011_11_01
https://www.nxtbook.com/sosland/mbn/2011_10_18
https://www.nxtbook.com/sosland/mbn/2011_10_04
https://www.nxtbook.com/sosland/mbn/2011_09_20
https://www.nxtbook.com/sosland/mbn/2011_09_06
https://www.nxtbook.com/sosland/mbn/2011_08_23
https://www.nxtbook.com/sosland/mbn/2011_08_09
https://www.nxtbook.com/sosland/mbn/2011_07_26
https://www.nxtbook.com/sosland/mbn/2011_07_12
https://www.nxtbook.com/sosland/mbn/2011_06_28
https://www.nxtbook.com/sosland/mbn/2011_06_14
https://www.nxtbook.com/sosland/mbn/2011_05_31
https://www.nxtbook.com/sosland/mbn/2011_05_17
https://www.nxtbook.com/sosland/mbn/2011_05_03
https://www.nxtbook.com/sosland/mbn/2011_04_19
https://www.nxtbook.com/sosland/mbn/2011_04_05
https://www.nxtbook.com/sosland/mbn/2011_03_22
https://www.nxtbook.com/sosland/mbn/2011_03_08
https://www.nxtbook.com/sosland/mbn/2011_02_22
https://www.nxtbook.com/sosland/mbn/2011_02_08
https://www.nxtbook.com/sosland/mbn/2011_01_25
https://www.nxtbook.com/sosland/mbn/2011_01_11
https://www.nxtbook.com/sosland/mbn/2010_12_28
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https://www.nxtbook.com/sosland/mbn/2010_11_16
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https://www.nxtbook.com/sosland/mbn/2010_10_19
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https://www.nxtbook.com/sosland/mbn/2010_09_21
https://www.nxtbook.com/sosland/mbn/2010_09_07
https://www.nxtbook.com/sosland/mbn/2010_08_24
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https://www.nxtbook.com/sosland/mbn/2010_07_13
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https://www.nxtbook.com/sosland/mbn/2010_05_04
https://www.nxtbook.com/sosland/mbn/2010_04_20
https://www.nxtbook.com/sosland/mbn/2010_04_06
https://www.nxtbook.com/sosland/mbn/2010_03_23
https://www.nxtbook.com/sosland/mbn/2010_03_09
https://www.nxtbook.com/sosland/mbn/2010_02_23
https://www.nxtbook.com/sosland/mbn/2010_02_09
https://www.nxtbook.com/sosland/mbn/2010_01_26
https://www.nxtbook.com/sosland/mbn/2010_01_12
https://www.nxtbook.com/sosland/mbn/2009_12_29
https://www.nxtbook.com/sosland/mbn/2009_12_15
https://www.nxtbook.com/sosland/mbn/2009_12_01
https://www.nxtbook.com/sosland/mbn/2009_11_17
https://www.nxtbook.com/sosland/mbn/2009_11_03
https://www.nxtbook.com/sosland/mbn/2009_10_20
https://www.nxtbook.com/sosland/mbn/2009_10_06
https://www.nxtbook.com/sosland/mbn/2009_09_22
https://www.nxtbook.com/sosland/mbn/2009_09_08
https://www.nxtbook.com/sosland/mbn/2009_08_25
https://www.nxtbook.com/sosland/mbn/2009_08_11
https://www.nxtbook.com/sosland/mbn/2009_07_28
https://www.nxtbook.com/sosland/mbn/2009_07_14
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https://www.nxtbook.com/sosland/mbn/2009_06_16
https://www.nxtbook.com/sosland/mbn/2009_06_02
https://www.nxtbook.com/sosland/mbn/2009_05_19
https://www.nxtbook.com/sosland/mbn/2009_05_05
https://www.nxtbook.com/sosland/mbn/2009_04_21
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https://www.nxtbook.com/sosland/mbn/2009_04_07
https://www.nxtbook.com/sosland/mbn/2009_03_24
https://www.nxtbook.com/sosland/mbn/2009_03_10
https://www.nxtbook.com/sosland/mbn/2009_02_24
https://www.nxtbook.com/sosland/mbn/2009_02_10
https://www.nxtbook.com/sosland/mbn/2009_01_27
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https://www.nxtbook.com/sosland/mbn/2008_12_30
https://www.nxtbook.com/sosland/mbn/2008_12_16
https://www.nxtbook.com/sosland/mbn/2008_12_02
https://www.nxtbook.com/sosland/mbn/2008_11_18
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https://www.nxtbook.com/sosland/mbn/2008_10_21
https://www.nxtbook.com/sosland/mbn/2008_10_07
https://www.nxtbook.com/sosland/mbn/2008_09_23
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https://www.nxtbook.com/sosland/mbn/2008_07_15
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https://www.nxtbook.com/sosland/mbn/2008_06_17
https://www.nxtbook.com/sosland/mbn/2008_06_03
https://www.nxtbook.com/sosland/mbn/2008_05_20
https://www.nxtbook.com/sosland/mbn/2008_05_06
https://www.nxtbook.com/sosland/mbn/2008_04_22
https://www.nxtbook.com/sosland/mbn/2008_04_08
https://www.nxtbook.com/sosland/mbn/2008_04_01
https://www.nxtbook.com/sosland/mbn/2008_03_25
https://www.nxtbook.com/sosland/mbn/2008_03_11
https://www.nxtbook.com/sosland/mbn/2008_02_26
https://www.nxtbook.com/sosland/mbn/2008_02_12
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https://www.nxtbook.com/sosland/mbn/2008_01_15
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https://www.nxtbook.com/sosland/mbn/2007_12_18
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https://www.nxtbook.com/sosland/mbn/2007_10_23
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https://www.nxtbook.com/sosland/mbn/2007_09_25
https://www.nxtbook.com/sosland/mbn/2007_09_11
https://www.nxtbook.com/sosland/mbn/2007_08_28
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https://www.nxtbook.com/sosland/mbn/2007_07_31
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https://www.nxtbook.com/sosland/mbn/2007_06_19
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https://www.nxtbook.com/sosland/mbn/2007_05_23
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https://www.nxtbook.com/sosland/mbn/2007_03_27
https://www.nxtbook.com/sosland/mbn/2007_03_13
https://www.nxtbook.com/sosland/mbn/2007_02_27
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https://www.nxtbook.com/sosland/mbn/2006_11_21
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https://www.nxtbook.com/sosland/mbn/2006_05_24
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https://www.nxtbook.com/sosland/mbn/2004_07_20
https://www.nxtbook.com/sosland/mbn/2004_07_13
https://www.nxtbook.com/sosland/mbn/2004_07_06
https://www.nxtbook.com/sosland/mbn/2004_06_29
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