Wednesday, October 22, 2008

Livestock Organizations Outraged Over Agriculture Secretary's Comments on Using USDA Loans for Ethanol Companies

It's almost unbelievable that Agriculture Secretary Ed Schafer said recently that he is considering using USDA loans to bailout the horribly run ethanol companies which are already pillaging taxpayer dollars in order to even launch or survive.

Now the reason they are whining for more money is they invested in corn futures. What are they doing investing in corn futures? They simply don't care.

In an extraordinarily stupid statement, Schafer said they "got away from their focus on producing ethanol and started speculating in the commodity markets. It's hurt them."

I can't think of anything more criminalizing than that statement. Now the Agriculture Secretary wants to do his part be bailing out the dubious corn-based ethanol industry? I don't think so.

The industry is worthless and a huge mistake. It's past time to abandon it, drop all subsidies, and let them all go out of business. It's already starting to happen, and it needs to be put to rest now.

To even consider helping these screwballs by offering them loans to cover their speculation in corn futures is outrageous at least, and potentially criminal.

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