These days, a lot of conversations at the local diner, coffee shops, family rooms, and just about anywhere else in the country focus on the U.S. economy. Personally, I really don’t want to hear any more about how we got into this situation.
I’ve had enough of the political finger pointing, as I suspect many of you have, too. Instead, it’s time to better understand what we need to do going forward to protect our homes, our savings, our businesses, our financial futures.
I heard Suze Orman, a television personal finance guru, explaining that banks are not going to be as willing to extend credit — unless a person has an excellent credit score. If it’s just pretty good or worse, lenders are expected to lower credit limits and raise interest rates. Many have already begun doing so, making it difficult for individuals or businesses to obtain credit.
The CropLife staff is hearing that agriculture, as a whole, is in a pretty strong position — or at least an optimistic one. As you put in orders for next season’s inputs, including increasingly higher priced fertilizer, are you concerned about how to pay for them? Are you planning to use more cash, or continue to get credit? Are you optimistic or pessimistic about the 2009 season? Are your grower-customers making noises that are making you nervous or confident? How closely are you watching crop prices, the stock market, and the nightly news? Have you had a heart-to-heart with your banker yet?
America, along with the rest of the world, is bracing itself for a bumpy ride, that’s for sure. Drop me a line this week and let me know how you’re dealing with the uncertain waters ahead.
