This document provides an overview of the current state of agricultural lending from the perspective of a lender. It discusses the impact of the struggling economy and housing crisis on various agricultural sectors. It outlines the major sources of agricultural lending in the US, including the Farm Credit System, commercial banks, and Farmer Mac. The document notes tightening credit availability as lenders focus on building capital reserves and consumers and businesses reduce borrowing and spending to pay down debt.
This document discusses trends in the global economy and implications for private equity. It analyzes the unprecedented levels of debt in the US economy and ongoing deleveraging process across sectors. Deleveraging involves debt repayment and defaults, which reduces spending and availability of credit, lowering asset prices and economic activity. The housing market downturn and end of mortgage equity withdrawals have further depressed the US economy into its most severe recession since WWII. Globalization of credit issues has spread the crisis to Europe and emerging markets through channels like falling trade and commodity prices.
Overview Of Housing/Credit Crisis And Why There Is More Pain To ComeAndrew Coleman
This document provides an overview of the housing/credit crisis and why more pain is to come. It discusses several key causes of the crisis, including a decline in lending standards that allowed many unqualified borrowers to obtain loans. This was driven by the assumption of perpetually rising home prices and the demand from Wall Street for loan products to securitize. The consequences section outlines the surge in delinquencies, falling home sales, rising foreclosures and inventories, and the number of homeowners who owe more than their homes are worth.
This document analyzes the impact of household debt and deleveraging on the US gaming industry. It finds that:
1) A significant amount of consumer spending between 2002-2007 was driven by debt and housing appreciation, fueling gaming revenue growth.
2) As households pay down debt from unprecedented levels, it is dampening discretionary consumer spending and therefore gaming industry revenues.
3) Regional gaming markets dependent on regions with high debt levels like Arizona, California and Florida have seen worse declines, while Texas's gaming markets have fared better with its lower household debt.
4) The analysis concludes that high household debt and deleveraging will continue to limit gaming industry spending growth through at
Waking Up To A World Currency - tna - Sept 27 2010miscott57
This letter discusses the Obama administration's decision to sue Arizona over its new immigration law but not California, even though California has a similar law. The writer notes that California Penal Code Section 834b requires law enforcement to verify immigration status and notify federal authorities, which is similar to provisions in Arizona's law. The letter questions why the administration is not also suing California given that it has a comparable law.
The document discusses the issues with global tax havens and their costs. It notes that the global tax haven industry is huge and hurts economic growth and development. Trillions of dollars are missing from countries' tax bases and held in havens, growing transnational corporate abuses. Solutions require transparency, ending tax and rule competition between countries, and addressing the roles of professionals and institutions that enable tax haven abuse.
S.Y. Bancorp Inc. KBW 13th Annual Community Bank Investor Conference Presenta...Company Spotlight
S.Y. Bancorp is a bank holding company headquartered in Louisville, KY that trades on the NASDAQ under the symbol SYBT. It has over $2 billion in assets and provides banking services through its subsidiary, Stock Yards Bank & Trust, which operates 31 locations across Kentucky, Indiana, and Ohio. The presentation outlines SYBT's financial performance, business strategy, and growth opportunities. Key points include its conservative credit culture, significant fee income from wealth management, and potential for further expansion in its market areas.
The document summarizes the sub-prime mortgage crisis of the late 2000s. It describes how risky sub-prime mortgages were packaged and sold as securities by investment banks, fueling a housing bubble. When borrowers started defaulting, it led to huge losses at major financial institutions, the bankruptcy of Lehman Brothers, and the acquisition of Merrill Lynch. The crisis spread globally and resulted in the Great Recession, with impacts like millions of foreclosures and a 20% drop in home prices. Governments enacted legislation to regulate derivatives and assist homeowners.
This document discusses trends in the global economy and implications for private equity. It analyzes the unprecedented levels of debt in the US economy and ongoing deleveraging process across sectors. Deleveraging involves debt repayment and defaults, which reduces spending and availability of credit, lowering asset prices and economic activity. The housing market downturn and end of mortgage equity withdrawals have further depressed the US economy into its most severe recession since WWII. Globalization of credit issues has spread the crisis to Europe and emerging markets through channels like falling trade and commodity prices.
Overview Of Housing/Credit Crisis And Why There Is More Pain To ComeAndrew Coleman
This document provides an overview of the housing/credit crisis and why more pain is to come. It discusses several key causes of the crisis, including a decline in lending standards that allowed many unqualified borrowers to obtain loans. This was driven by the assumption of perpetually rising home prices and the demand from Wall Street for loan products to securitize. The consequences section outlines the surge in delinquencies, falling home sales, rising foreclosures and inventories, and the number of homeowners who owe more than their homes are worth.
This document analyzes the impact of household debt and deleveraging on the US gaming industry. It finds that:
1) A significant amount of consumer spending between 2002-2007 was driven by debt and housing appreciation, fueling gaming revenue growth.
2) As households pay down debt from unprecedented levels, it is dampening discretionary consumer spending and therefore gaming industry revenues.
3) Regional gaming markets dependent on regions with high debt levels like Arizona, California and Florida have seen worse declines, while Texas's gaming markets have fared better with its lower household debt.
4) The analysis concludes that high household debt and deleveraging will continue to limit gaming industry spending growth through at
Waking Up To A World Currency - tna - Sept 27 2010miscott57
This letter discusses the Obama administration's decision to sue Arizona over its new immigration law but not California, even though California has a similar law. The writer notes that California Penal Code Section 834b requires law enforcement to verify immigration status and notify federal authorities, which is similar to provisions in Arizona's law. The letter questions why the administration is not also suing California given that it has a comparable law.
The document discusses the issues with global tax havens and their costs. It notes that the global tax haven industry is huge and hurts economic growth and development. Trillions of dollars are missing from countries' tax bases and held in havens, growing transnational corporate abuses. Solutions require transparency, ending tax and rule competition between countries, and addressing the roles of professionals and institutions that enable tax haven abuse.
S.Y. Bancorp Inc. KBW 13th Annual Community Bank Investor Conference Presenta...Company Spotlight
S.Y. Bancorp is a bank holding company headquartered in Louisville, KY that trades on the NASDAQ under the symbol SYBT. It has over $2 billion in assets and provides banking services through its subsidiary, Stock Yards Bank & Trust, which operates 31 locations across Kentucky, Indiana, and Ohio. The presentation outlines SYBT's financial performance, business strategy, and growth opportunities. Key points include its conservative credit culture, significant fee income from wealth management, and potential for further expansion in its market areas.
The document summarizes the sub-prime mortgage crisis of the late 2000s. It describes how risky sub-prime mortgages were packaged and sold as securities by investment banks, fueling a housing bubble. When borrowers started defaulting, it led to huge losses at major financial institutions, the bankruptcy of Lehman Brothers, and the acquisition of Merrill Lynch. The crisis spread globally and resulted in the Great Recession, with impacts like millions of foreclosures and a 20% drop in home prices. Governments enacted legislation to regulate derivatives and assist homeowners.
This document summarizes Kent Gardner's presentation on the unsustainable fiscal situation facing New York state and local governments. Some key points:
1) Spending by New York state and local governments has consistently outpaced inflation and economic growth for decades, fueling budget deficits and rising debt levels.
2) In the 1970s, New York City faced a fiscal crisis when it could no longer borrow to cover budget shortfalls, requiring a state bailout.
3) New York state now confronts large structural budget deficits despite tax increases, as Wall Street bonus-driven tax revenues decline. Spending is projected to rise rapidly while the economy remains weak.
4) High taxes and costs are driving residents
BancorpSouth, Inc. reported financial results for the first quarter of 2012. Some key highlights included net income of $22.9 million, continued improvement in credit quality indicators, and stable net interest margin of 3.66%. Capital levels also improved from the prior periods. The company noted initiatives to integrate specialty lending lines of business and reorganize geographically from 10 to 4 regions.
The document provides an overview of the key issues facing three major sectors of the US economy - consumers, businesses, and banks. It summarizes that consumer confidence and business optimism are rising, but unemployment remains high, causing consumers to save more and hurting retail sales. Business bankruptcies are near a record high. Banks remain cautious as loan delinquencies and charge-offs are at or near record levels across loan types. The recovery appears to be underway but fragile.
The document provides an overview of The Wall Street Journal's circulation figures for its various regional editions. It then discusses early coverage in 2001-2002 of the emerging housing bubble and concerns about rapidly rising home prices. Several experts are quoted warning about the potential for a collapse in prices. The document also summarizes several WSJ articles covering key events during the unfolding of the financial crisis between 2007-2009, including the collapse of Bear Stearns, Lehman Brothers, and AIG as well as the government bailouts.
Mercer Capital's Bank Watch | January 2018 | Credit Quality at a CrossroadsMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Most of us may know that the cost of running a household keeps increasing. Daily expenses such as food and utilities may be taking a larger portion of our income each month. Below are some tips on how to save on a few common expenditures.
The document discusses various methods that credit card companies use to calculate finance charges, including:
- The previous balance method which charges interest on the previous month's balance
- The adjusted balance method which subtracts payments and credits from the previous balance
- The average daily balance method which calculates interest based on the average balance owed each day in the billing period.
It provides an example of how to calculate the average daily balance.
Impact On Global Financial Turmoil On Indian Marketslokeshsaraf
The document discusses the impact of the global financial crisis originating from the US subprime mortgage crisis on various sectors in India. It states that the financial services, real estate, and infrastructure sectors will be the most impacted due to their exposure to structured products from failing US financial institutions. The IT and automotive sectors will be mildly impacted due to their revenue dependence on the US and Europe. The pharmaceutical, oil & gas, FMCG, and power equipment sectors are seen as the least impacted. Specific Indian companies from each sector that may face challenges or that are recommended for investment are discussed.
The Water Authority's viewpoint on a Bay-Delta fix, costs associated, and how MWD's commitments to the funding of such a fix may affect the San Diego region.
This is a Sample of a Research Report valued at over $80,000 containing millions of dollars worth of research data that shows why approx 95% of retirement plans FAIL.
The full version is also available at no cost.
Anyone who wants to retire MUST see this valuable information.
You will learn how much is needed to retire, see historic investment returns, why most plans are losing 44% they don't know about, how inflation devastates most plans, where 90% of millionaires made their money and most importantly discover a safe and affordable alternative
Enjoy and more importantly plan wisely for your future!
allstate Notice of 2007 Annual Meeting, Proxy Statement and 2006 Annual Report finance7
This document is a notice of Allstate Corporation's 2007 annual meeting, including proxy materials and annual report. It provides information on the date, time, and location of the meeting, as well as items to be voted on, including electing directors, ratifying appointment of auditors, and approving amendments to eliminate supermajority vote requirements. It also includes details on shareholder voting procedures and eligibility. In addition, it contains sections on corporate governance practices and executive compensation.
Us economy goldilocks- 4th oct 2007 published in singapore timessatya saurabh khosla
The author's article that appeared in Business Times, Singapore on Oct 4, 2007 stated that USA Housing, low interest rates and derivatives will lead the global economy into a recession
The document compares projections for mobile advertising spending in 2010 to forecasts for 2011 across 210 US media markets. Total projected national and local mobile advertising spending for 2010 was $1.9 billion, projected to increase to $3.1 billion in 2011 forecasts. The top 5 markets by total projected 2010 spending were Chicago, New York, Los Angeles, Philadelphia and Dallas-Fort Worth. Mobile advertising was projected to account for 12.5% of total online advertising in 2010 and increase to 18.2% in 2011 forecasts.
The document summarizes the ethical issues that arose during the global financial crisis, beginning with Enron's accounting fraud in 2001. It discusses subsequent events like the subprime mortgage crisis in the US, the collapse of Bear Stearns and Lehman Brothers, and government bailouts of AIG and other major financial institutions. The document also examines countries like Ireland and Greece that were heavily impacted by the crisis and faced fiscal problems as market pressures increased their borrowing costs.
Dr. Scott Dee - New Information on the Aerobiology and Biosecurity of PRRSV a...John Blue
New Information on the Aerobiology and Biosecurity of PRRSV and Mycoplasma hyopneumoniae - Dr. Scott Dee, D.V.M , University of Minnesota, at the Boehringer Ingelheim Vetmedica, Inc. Swine Health Seminar, August 15, 2009, Carolina Beach, North Carolina, USA.
Dr. Tom Chiller - International Activities in Antimicrobial ResistanceJohn Blue
International Activities in Antimicrobial Resistance - Dr. Tom Chiller, Associate Director for Epidemiologic Science, Division of Foodborne, Waterborne, and Environmental Diseases, US Centers for Disease Control and Prevention, from the 2014 NIAA Symposium on Antibiotics Use and Resistance: Moving Forward Through Shared Stewardship, November 12-14, 2014, Atlanta, Georgia, USA.
More presentations at http://www.swinecast.com/2014-niaa-antibiotics-moving-forward-through-shared-stewardship
Dr. Peter Davies - Livestock associated MRSA: What are the risks to human hea...John Blue
Livestock associated MRSA: What are the risks to human health? - Dr. Peter Davies, from the 2012 Allen D. Leman Swine Conference, September 15-18, St. Paul, Minnesota, USA.
More presentations at http://www.swinecast.com/2012-leman-swine-conference-material
Mr. Neil Hammerschmidt, Dr. Jack Shere - USDA Update on Implementation of Ani...John Blue
USDA Update on Implementation of Animal Disease Traceability - Mr. Neil Hammerschmidt, Program Manager, Animal Disease Traceability, USDA APHIS VS; Dr. Jack Shere, DVM, PhD, Associate Deputy Administrator, APHIS Veterinary Services, from the 2015 NIAA Annual Conference titled 'Water and the Future of Animal Agriculture', March 23 - March 26, 2015, Indianapolis, IN, USA.
More presentations at http://www.trufflemedia.com/agmedia/conference/2015_niaa_water_future_animal_ag
Dr. Mike Murtaugh - PRRS '174' - What are we learning about PRRSV evolution a...John Blue
This document discusses the evolution and diversity of Porcine Reproductive and Respiratory Syndrome Virus (PRRSV) strains. It notes that there are two types of PRRSV (Type 1 European and Type 2 North American) and analyzes the genetic relationships between PRRSV strains from the United States, China, South Korea, Denmark, and other countries based on the ORF5 gene sequence. The analysis shows that PRRSV continues to evolve and diversify globally.
Dr. Meggan Bandrick - Porcine Epidemic Diarrhea virus (PEDv) Vaccine, Path to...John Blue
Porcine Epidemic Diarrhea virus (PEDv) Vaccine, Path to Conditional License - Dr. Meggan Bandrick, Clinical Research Veterinarian, Zoetis; and Postdoctoral Veterinary Research Scientist, USDA-National Animal Disease Center, from the 2015 North American PRRS Symposium, December 4 - 5, 2015, Chicago, IL, USA.
More presentations at http://www.swinecast.com/2015-north-american-prrs-symposium
This document summarizes Kent Gardner's presentation on the unsustainable fiscal situation facing New York state and local governments. Some key points:
1) Spending by New York state and local governments has consistently outpaced inflation and economic growth for decades, fueling budget deficits and rising debt levels.
2) In the 1970s, New York City faced a fiscal crisis when it could no longer borrow to cover budget shortfalls, requiring a state bailout.
3) New York state now confronts large structural budget deficits despite tax increases, as Wall Street bonus-driven tax revenues decline. Spending is projected to rise rapidly while the economy remains weak.
4) High taxes and costs are driving residents
BancorpSouth, Inc. reported financial results for the first quarter of 2012. Some key highlights included net income of $22.9 million, continued improvement in credit quality indicators, and stable net interest margin of 3.66%. Capital levels also improved from the prior periods. The company noted initiatives to integrate specialty lending lines of business and reorganize geographically from 10 to 4 regions.
The document provides an overview of the key issues facing three major sectors of the US economy - consumers, businesses, and banks. It summarizes that consumer confidence and business optimism are rising, but unemployment remains high, causing consumers to save more and hurting retail sales. Business bankruptcies are near a record high. Banks remain cautious as loan delinquencies and charge-offs are at or near record levels across loan types. The recovery appears to be underway but fragile.
The document provides an overview of The Wall Street Journal's circulation figures for its various regional editions. It then discusses early coverage in 2001-2002 of the emerging housing bubble and concerns about rapidly rising home prices. Several experts are quoted warning about the potential for a collapse in prices. The document also summarizes several WSJ articles covering key events during the unfolding of the financial crisis between 2007-2009, including the collapse of Bear Stearns, Lehman Brothers, and AIG as well as the government bailouts.
Mercer Capital's Bank Watch | January 2018 | Credit Quality at a CrossroadsMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Most of us may know that the cost of running a household keeps increasing. Daily expenses such as food and utilities may be taking a larger portion of our income each month. Below are some tips on how to save on a few common expenditures.
The document discusses various methods that credit card companies use to calculate finance charges, including:
- The previous balance method which charges interest on the previous month's balance
- The adjusted balance method which subtracts payments and credits from the previous balance
- The average daily balance method which calculates interest based on the average balance owed each day in the billing period.
It provides an example of how to calculate the average daily balance.
Impact On Global Financial Turmoil On Indian Marketslokeshsaraf
The document discusses the impact of the global financial crisis originating from the US subprime mortgage crisis on various sectors in India. It states that the financial services, real estate, and infrastructure sectors will be the most impacted due to their exposure to structured products from failing US financial institutions. The IT and automotive sectors will be mildly impacted due to their revenue dependence on the US and Europe. The pharmaceutical, oil & gas, FMCG, and power equipment sectors are seen as the least impacted. Specific Indian companies from each sector that may face challenges or that are recommended for investment are discussed.
The Water Authority's viewpoint on a Bay-Delta fix, costs associated, and how MWD's commitments to the funding of such a fix may affect the San Diego region.
This is a Sample of a Research Report valued at over $80,000 containing millions of dollars worth of research data that shows why approx 95% of retirement plans FAIL.
The full version is also available at no cost.
Anyone who wants to retire MUST see this valuable information.
You will learn how much is needed to retire, see historic investment returns, why most plans are losing 44% they don't know about, how inflation devastates most plans, where 90% of millionaires made their money and most importantly discover a safe and affordable alternative
Enjoy and more importantly plan wisely for your future!
allstate Notice of 2007 Annual Meeting, Proxy Statement and 2006 Annual Report finance7
This document is a notice of Allstate Corporation's 2007 annual meeting, including proxy materials and annual report. It provides information on the date, time, and location of the meeting, as well as items to be voted on, including electing directors, ratifying appointment of auditors, and approving amendments to eliminate supermajority vote requirements. It also includes details on shareholder voting procedures and eligibility. In addition, it contains sections on corporate governance practices and executive compensation.
Us economy goldilocks- 4th oct 2007 published in singapore timessatya saurabh khosla
The author's article that appeared in Business Times, Singapore on Oct 4, 2007 stated that USA Housing, low interest rates and derivatives will lead the global economy into a recession
The document compares projections for mobile advertising spending in 2010 to forecasts for 2011 across 210 US media markets. Total projected national and local mobile advertising spending for 2010 was $1.9 billion, projected to increase to $3.1 billion in 2011 forecasts. The top 5 markets by total projected 2010 spending were Chicago, New York, Los Angeles, Philadelphia and Dallas-Fort Worth. Mobile advertising was projected to account for 12.5% of total online advertising in 2010 and increase to 18.2% in 2011 forecasts.
The document summarizes the ethical issues that arose during the global financial crisis, beginning with Enron's accounting fraud in 2001. It discusses subsequent events like the subprime mortgage crisis in the US, the collapse of Bear Stearns and Lehman Brothers, and government bailouts of AIG and other major financial institutions. The document also examines countries like Ireland and Greece that were heavily impacted by the crisis and faced fiscal problems as market pressures increased their borrowing costs.
Dr. Scott Dee - New Information on the Aerobiology and Biosecurity of PRRSV a...John Blue
New Information on the Aerobiology and Biosecurity of PRRSV and Mycoplasma hyopneumoniae - Dr. Scott Dee, D.V.M , University of Minnesota, at the Boehringer Ingelheim Vetmedica, Inc. Swine Health Seminar, August 15, 2009, Carolina Beach, North Carolina, USA.
Dr. Tom Chiller - International Activities in Antimicrobial ResistanceJohn Blue
International Activities in Antimicrobial Resistance - Dr. Tom Chiller, Associate Director for Epidemiologic Science, Division of Foodborne, Waterborne, and Environmental Diseases, US Centers for Disease Control and Prevention, from the 2014 NIAA Symposium on Antibiotics Use and Resistance: Moving Forward Through Shared Stewardship, November 12-14, 2014, Atlanta, Georgia, USA.
More presentations at http://www.swinecast.com/2014-niaa-antibiotics-moving-forward-through-shared-stewardship
Dr. Peter Davies - Livestock associated MRSA: What are the risks to human hea...John Blue
Livestock associated MRSA: What are the risks to human health? - Dr. Peter Davies, from the 2012 Allen D. Leman Swine Conference, September 15-18, St. Paul, Minnesota, USA.
More presentations at http://www.swinecast.com/2012-leman-swine-conference-material
Mr. Neil Hammerschmidt, Dr. Jack Shere - USDA Update on Implementation of Ani...John Blue
USDA Update on Implementation of Animal Disease Traceability - Mr. Neil Hammerschmidt, Program Manager, Animal Disease Traceability, USDA APHIS VS; Dr. Jack Shere, DVM, PhD, Associate Deputy Administrator, APHIS Veterinary Services, from the 2015 NIAA Annual Conference titled 'Water and the Future of Animal Agriculture', March 23 - March 26, 2015, Indianapolis, IN, USA.
More presentations at http://www.trufflemedia.com/agmedia/conference/2015_niaa_water_future_animal_ag
Dr. Mike Murtaugh - PRRS '174' - What are we learning about PRRSV evolution a...John Blue
This document discusses the evolution and diversity of Porcine Reproductive and Respiratory Syndrome Virus (PRRSV) strains. It notes that there are two types of PRRSV (Type 1 European and Type 2 North American) and analyzes the genetic relationships between PRRSV strains from the United States, China, South Korea, Denmark, and other countries based on the ORF5 gene sequence. The analysis shows that PRRSV continues to evolve and diversify globally.
Dr. Meggan Bandrick - Porcine Epidemic Diarrhea virus (PEDv) Vaccine, Path to...John Blue
Porcine Epidemic Diarrhea virus (PEDv) Vaccine, Path to Conditional License - Dr. Meggan Bandrick, Clinical Research Veterinarian, Zoetis; and Postdoctoral Veterinary Research Scientist, USDA-National Animal Disease Center, from the 2015 North American PRRS Symposium, December 4 - 5, 2015, Chicago, IL, USA.
More presentations at http://www.swinecast.com/2015-north-american-prrs-symposium
Dr. Jim Hutchinson - Antibiotic Stewardship Programs and Human HealthJohn Blue
Antibiotic Stewardship Programs and Human Health - Dr. Jim Hutchinson, Medical Director, Vancouver Island Health Authority, from the 2014 NIAA Symposium on Antibiotics Use and Resistance: Moving Forward Through Shared Stewardship, November 12-14, 2014, Atlanta, Georgia, USA.
More presentations at http://www.swinecast.com/2014-niaa-antibiotics-moving-forward-through-shared-stewardship
Dr. Lauri Hicks - Out-Patient Antibiotic Resistance (AMR) IssuesJohn Blue
Out-Patient Antibiotic Resistance (AMR) Issues - Dr. Lauri Hicks, Commander, U.S. Public Health Service, Medical Epidemiologist, Respiratory Diseases Branch; Medical Director, Get smart: Know When Antibiotic Work Program; Centers for Disease Control and Prevention (CDC), from the 2015 NIAA Antibiotic Symposium - Stewardship: From Metrics to Management, November 3-5, 2015, Atlanta, Georgia, USA.
More presentations at http://swinecast.com/2015-niaa-symposium-antibiotics-stewardship-from-metrics-to-management
Dr. David Sjeklocha - Antibiotic Stewardship for BeefJohn Blue
Antibiotic Stewardship for Beef - Dr. David Sjeklocha, Director of Animal Health and Welfare, Cattle Empire, from the 2015 NIAA Antibiotic Symposium - Stewardship: From Metrics to Management, November 3-5, 2015, Atlanta, Georgia, USA.
More presentations at http://swinecast.com/2015-niaa-symposium-antibiotics-stewardship-from-metrics-to-management
Dr. Dick Hesse - Recent Emergence of Swine Coronaviruses in North AmericaJohn Blue
Recent Emergence of Swine Coronaviruses in North America - Dr. Dick Hesse, Director of Diagnostic Virology, K-State Veterinary Diagnostic Laboratory, from the 2014 Allen D. Leman Swine Conference, September 15-16, 2014, St. Paul, Minnesota, USA.
More presentations at http://www.swinecast.com/2014-leman-swine-conference-material
Ms. Stacey Stevens - Crisis Communications Update: Messages and ChannelsJohn Blue
Crisis Communications Update: Messages and Channels - Ms. Stacey Stevens, VP, Media & Industry Affairs, DMI/National Dairy Council, from the 2013 NIAA Merging Values and Technology conference, April 15-17, 2013, Louisville, KY, USA.
More presentations at http://www.trufflemedia.com/agmedia/conference/2013-niaa-merging-values-and-technology
The document provides an update from the National Pork Producers Council (NPPC) to the Iowa Pork Congress in January 2012. It summarizes legislative and regulatory successes from the past year, including defeating a CAFO suit against the EPA and lifting Mexico's tariff. It outlines ongoing issues like the proposed GIPSA rule and details on the Strategic Investment Program (SIP) to boost pork exports. The document concludes by discussing challenges for 2012 like the election, new CAFO rules, and animal welfare issues.
Dr. Brian Richert - PDF - Alternative Feed Ingredients: Real Options or Just ...John Blue
Alternative Feed Ingredients: Real Options or Just a Nice Idea? - Dr. Brian Richert, Associate Professor of Animal Sciences, Department of Animal Sciences, Purdue University, from the 2012 Minnesota Pork Congress, January 18-19, Minneapolis, MN, USA.
Panel - Putting the Principles of PRRS Control into Practice - Tools and Thei...John Blue
The document summarized several area regional control (ARC) projects focused on disease control in swine herds. It provided overviews of ARC projects in Pennsylvania, North Carolina, Southeast Iowa, Southwest Iowa, and Northeast Iowa/Southeast Minnesota. For each project, it discussed the history, participants, goals, information flow processes, and key takeaways. Some common themes across successful projects included high producer involvement, reducing positive herds near sow/boar sites, limiting new disease strains, and collaboration between participants. The document concluded with announcing a round table discussion between coordinators of the different ARC projects.
Bi pre aasv health seminar castro ppt (1) dw020810 sans picsJohn Blue
This document summarizes the experience of a Chilean pig farm with porcine circovirus type 2 (PCV2) and different PCV2 vaccination protocols from 2007-2009. It finds that vaccination with Ingelvac CircoFLEX at 20 days of age resulted in lower attrition, culling, and mortality rates compared to vaccination with Circumvent at 5-21 days of age or no vaccination. Average marketed pigs per period were also highest with CircoFLEX vaccination. Mortality rates were highest during a PCV2-associated disease (PCVAD) outbreak in 2007 before vaccines were widely used. Intestinal torsion was a top cause of mortality.
Advanced Twitter refers to using Twitter for purposes beyond casual use such as driving traffic, building brands, and connecting with others on specific topics. Examples include curating daily reference information (#the5), analyzing social media insights, and engaging an audience through consistent hashtags. Achieving advanced use requires planning content strategy and analyzing results to continuously refine the approach.
Eldon McAfee - Iowa Regulations & Nuisance Case UpdateJohn Blue
Iowa Regulations & Nuisance Case Update - Eldon McAfee, Beving, Swanson & Forrest, P.C., from the 2014 Iowa Pork Congress, January 22-23, Des Moines, IA, USA.
More presentations at http://www.swinecast.com/2014-iowa-pork-congress
Dr. John Lawrence - Strengthening Agriculture's Commitment to Water Quality: ...John Blue
Strengthening Agriculture's Commitment to Water Quality: The Iowa Nutrient Reduction Strategy - Dr. John Lawrence, from the 2014 Iowa Pork Congress, January 22-23, Des Moines, IA, USA.
More presentations at http://www.swinecast.com/2014-iowa-pork-congress
The document provides perspective on past market crashes and downturns in 1929, 1972, 1987, 1998, 1999, and 2007. It notes that while media hype can cause emotional market frenzies, taking a long term perspective is important. The document recommends buying blue chip stocks with consistent earnings, highly rated mutual funds, and insurance companies. It suggests selling high yield bonds and anything rated B+ or lower.
GMAC Executive Vice President and Chief Financial Officer Sanjiv Khattri.finance8
The document discusses forward-looking statements and risk factors that could cause actual results to differ from expectations. It notes that statements with words like "expect" and "anticipate" are intended to identify forward-looking statements that are subject to important risk factors described in SEC filings. The summary also notes that GMAC management cannot guarantee the accuracy of its forward-looking statements.
1) The document discusses the events leading up to the 2007-2008 financial crisis, including the rise of subprime mortgages, collateralized debt obligations (CDOs), and credit default swaps (CDS).
2) It describes how losses in the subprime mortgage market led to the collapse of Bear Stearns in 2008 and how the Federal Reserve intervened to prevent further damage.
3) Key events that exacerbated the crisis included the bankruptcies of Lehman Brothers and the rescue of insurance giant AIG by the Federal Reserve.
2009 Economic Outlook For The Global Food And Beverage Market Apr09stevelmy
The document provides an overview of the 2009 economic outlook for the global food and beverage market. It discusses how the financial crisis impacted commodity prices and consumer demand, putting pressure on industry supply chains and margins. While the US food industry was relatively resilient, the downturn slowed growth in emerging markets like Asia. The document recommends differentiating products, optimizing customer relationships, and understanding external factors as best practices. It also analyzes opportunities and threats in China's food and beverage industry, such as partnerships with multinationals and ongoing concerns over food safety.
This document summarizes discussions from a 2008 distressed and turnaround investment forum. It covers the state of the distressed industry after the financial crisis, known and potential after-effects, and predictions of economic forecaster Nouriel Roubini about the impending housing and credit market collapse. Sections analyze the meltdowns in 1990, 2000, and 2008; industries and financial institutions affected; major bank write-offs and hedge fund failures; and an extensive list of collapsed mortgage lenders. The forum aimed to explore investment opportunities arising from the crisis aftermath.
The US financial crisis was caused by a housing bubble fueled by low interest rates and loose lending practices. Mortgages, especially subprime loans, were securitized and sold in complex financial products. When the housing bubble burst in 2008, the value of these securities plummeted, causing major losses at banks and other financial institutions and resulting in the failure or near-failure of some large companies. The crisis highlighted issues with risky leverage, lack of transparency, misaligned incentives, and inadequate risk management in the financial system.
Join us for the fourth quarter economic outlook webinar with Dr. Joe Webb, sponsored by MindfireInc. With an increasingly confused economic environment, Dr. Webb has the right prescription for navigating these rocky waters. Topics to be discussed include:
* The latest economy fun & games going into the election, and the first look at 2009's economy
* The print economy as the industry prepares for Graph Expo
* The latest survey of print businesses and their planned end-of-year actions
* Technology trends to watch for in 2009 and 2010
* Fall into Fall with Dr. Joe’s reading list
Subprime Under Ethics 980105 [Compatibility Mode]MBA_Community
The document discusses the subprime mortgage crisis and its causes. It summarizes that:
- The crisis began with high default rates on subprime mortgages in the United States starting in 2005-2006, as housing prices declined and adjustable rate mortgages reset higher.
- Risky lending practices, including low initial terms and declining lending standards, encouraged many borrowers to take on difficult mortgages.
- Securitization of subprime mortgages and derivatives helped spread the risks of default globally, exposing weaknesses in the financial system.
The Global Crisis and Microfinance: A Rural Bank’s PerspectiveMABSIV
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2. 2
Overview
Share my thoughts regarding the current situation in Financial
Services, also specific to the swine industry
This is a volatile, fluid situation, getting more negative
Good chance that I will be wrong
Discuss Ag Lenders
Background
Lender’s perspective on Agriculture Lending
Before we get into that I would like to put into my perspective
some issues and impacts the global economy has:
Here are some quotes and predictions from the last year
3. 3
Worse Quotes of 2008
“I think this is a case where Freddie Mac and Fannie Mae are
fundamentally sound. They’re not in danger of going under I
think they are in good shape going forward.”
Barney Frank (D-Mass) House Financial Services Committee Chairman
May 9, 2008
Two months later, the government forced the mortgage giants into
conservatorship and pledged to invest up to $100 billion in each.
4. 4
Worse Quotes of 2008
“The market is in the process of correcting itself.”
George W. Bush in a March 14, 2008 speech
For the rest of the year, the market kept correcting, and correcting, and
correcting.
5. 5
Worse Quotes of 2008
Existing-Home Sales to Trend Up in 2008 – Headlines of a
National Association of Realtors press release 12/09/2007
On 12/23/2008, the group said November sales were running at an
annual rate of 4.5 million – down 11% from a year earlier – in the worst
housing slump since the depression
6. 6
Worse Quotes of 2008
“I think you’ll see (oil prices at) $150 a barrel by the end of the
year”
T. Boone Pickens, June 20, 2008
Oil was then around $135 a barrel. By late December, it was below $40.
7. 7
Worse Quotes of 2008
“In today’s regulatory environment, it’s virtually impossible to
violate rules.” - Bernard Madoff, money manager 10/20/2007
About a year later, Madoff – who once headed the Nasdaq Stock Market
– told investigators he had cost his investors $50 billion in an alleged
Ponzi scheme.
8. 8
Worse Quotes of 2008
“Never let a serious crisis go to waste. What I mean by that is
it’s an opportunity to do things you couldn’t do before.”
White House Chief of Staff – Rahm Emanuel November, 2008
10. 10
Worse Quotes of 2008:
An email from a customer in late 2008:
Dear Mr. Bang;
If I receive a returned check marked “insufficient funds” is that
referring to my business or your bank?
Thank you;
11. 11
Recession
Historically, recessions occur when business over-leverages
during good times and pulls back on employment and
investment when conditions turn.
This time, over leveraged consumers caused the recession.
Households are struggling with first mortgages, home equity
lines of credit, student loans, credit card debt, vehicle loans and
leases and other consumer loans.
The root of the problem is the housing boom & subsequent bust
14. 14
The Housing Issue
Mark Zondi – Chief Economist with Moody’s Economist
12 Million homeowners have mortgage debt greater than their home
value at the end of 2008
15 million “sketchy” mortgage loans made between 2005 and 2007
• Of these, 40% or 6 million loans will go through foreclosure process
Home values are still falling
Mortgage Crisis Waves
• 1. Flippers – 2006
• 2. Subprime with ARM’s repricing in 2007
• 3. Negative Equity and Income Disruptions
15. 15
The Housing Issue
Causes
Everybody was doing it
Leverage
Inconsistent and inadequate regulation and oversight
• Mortgage-backed securities
Divided so many times that securities were AAA rated.
Lender > Investment Bank > Rating Agency > Investor
Forecast of never ending price escalation (self delusion)
• Anyone with a ruler could predict that real estate values were going
to continue to go up
Availability of Credit
• Foreign capital
• Accommodative Monetary Policy
16. 16
Housing Crisis Causes
Investment Banks went public, adding leverage
Solomon Brothers
Merrill Lynch
Bear Stearns
Morgan Stanley
Lehman Brothers
Goldman Sachs
Once upon a time there were brothers named
Solomon and brothers named Lehman
19. 19
Impact of Economic Recession
Consumers are deleveraging
Lower purchases – increase savings
1st time in 50+ years household debt declined in Q3 2008
Combination of bank conservatism and declining credit worthiness
Defaults increasing
Non-bank providers (e.g. mortgage companies) exit as market refuses to
fund
Corporations reduce borrowing
Choice
Capital Markets less accessible
Combination of bank conservatism and declining credit worthiness
21. 21
Impact of the Economic Recession
Think about this!
The nation’s largest credit card issuer (MBNA)
The nation’s largest home mortgage company (Countrywide)
The nation’s largest investment house (Merrill Lynch)
Were all recently acquired by a large US Bank
22. 22
Focus on Agriculture
Beef Feedlot
Cattle Fax indicates that feedlot losses were record large in 2008, near
$150 per head, with current losses near $250 per head, assuming no risk
management
Dairy Producer
$10.78 class III Milk in January, USDA forecasts $9.70 to $10.40 for
2009 vs. $14.65 average in 2008. (Predicts lowest prices since 1978)
Broiler Industry
Cleveland Research indicates broiler processors made a profit in three
weeks during 2008. The industry is bloodied, but reduction in inventory
has produced some margins in early 2009.
Swine Industry
Significant losses in 2008 amounting to $21.51 per head (Lawrence –
ISU)
Using the same data, in the three years (2006-2007-2008) producers lost
money - $0.77 per head
26. 26
Who Lends to U.S. Production Agriculture?
Direct Lenders
Farm Credit System
• 99 Farm Credit Associations in the U.S.
• 5 Farm Credit Banks
Commerical Banks
• National Banks
• Regional Banks
• Community Banks
Non-Banking Entities
• Suppliers
• Insurance Companies
Secondary market for agriculture mortgage loans
Farmer Mac
28. 28
Commercial Banks
Top 5 U.S. Agricultural Commercial Banks
Wells Fargo
Bank of America
Bank of the West
US Bank, NA
Rabobank
Many others
Largely funded by:
Deposits
Fed fund borrowings
Bank to bank loans
29. 29
Farmer Mac
Federal Agricultural Mortgage Corporation
Farmer Mac is a stockholder-owned instrumentality of the U.S. chartered
by Congress to establish a secondary market for:
• Agricultural real estate
• Rural housing mortgage loans
• Rural utilities loans
Total assets (loans) of about $3.0 billion
Farmer Mac I – Secondary lending to agricultural loans originated by:
• Commercial Banks
• Farm Credit System institutions
• Credit Unions
• Insurance Companies
• Mortgage Bankers
30. 30
Farmer Mac Programs
Farmer Mac I – Secondary lending to agricultural loans
originated by:
Commercial Banks
Farm Credit System institutions
Credit Unions
Insurance Companies
Mortgage Bankers
Farmer Mac II – Secondary lending on the USDA guaranteed
portion of loans
FSA – Farm Ownership and Farm Operating guarantees
Rural Development’s Business and Industry guarantees
31. 31
Farmer Mac Underwriting
Loan to Value
New Facilities <75%
Existing Facilities <65%
Maximum Exposure - $15 million
Total Debt Coverage - >1.10
Current Ratio - >1.00
Leverage <60%
Term: 10 or 12 years
Amortization: 10 or 12 years
Other
Must be contracted with a processor for the term of the loan
Must be non-cancelable and assignable to FAMC
All FAMC underwriting standards must be met
Operation must conform to all environmental rules and regs
32. 32
Ag Lender Issues
Impact of “deleveraging” US balance sheets will impact all
Consumer spending declining sharply
• Inability to service current debt load
• Reduction of net worth (home value / investments)
• Fear of future
Business spending has dramatically fallen in an attempt to deleverage
their balance sheet
Bank balance sheets
• Tier One Capital (Tangible Equity / Risk-based assets)
• Lender’s are attempting to guard and build capital
33. 33
Ag Lending
It is a new world
Syndicated loan market
• Dramatically reduced in the 4th Quarter of 2008
Participation in “club deals” has been made significantly more challenging
• Reflects the changing strategy in the lending world
• Capital preservation to make sure you can take care of clients
Customer lending
• Fewer or no exceptions to loan policies
• Change from growth model to risk management model
Challenges in getting a lender to take on a new customer when
most are trying to figure out how to take care of their current
customers needs.
34. 34
Typical Swine Financing
Biggest changes:
Larger deals over > $30 million aggregate are harder to get done
• Participating lenders are harder to find
Exception to lending policies are going to be rarer
• Working capital
• Owner Equity
• Debt Service Coverage Ratio
• Personal liability
Interest Rates
• Prime rate adjusted loans are probably history (for a while)
• Spread to Libor is up about 100 to 150 basis points over a year ago
35. 35
Pork Industry
Strengths / Opportunities
Efficient low-cost pig production relative to the rest of the world
Efficient low-cost pork processing relative to the rest of the world
Reduced trade barriers, growing exports
Strong U.S. per capita demand through recession, historically
Weaknesses / Threats
Reduced disposable consumer dollars
Difficulty in controlling pork supply
Ethanol production’s demand for grain
Environmental / Political pressure on the industry
Threat of foreign animal disease that may interrupt exports
36. 36
Defensive Strategies
Continually update your budget / projections
Analyze liquidity and equity after projected losses
Review loan covenants and communicate with your lender
Take action early – soon – now!
Watch for opportunities to lock in profits
Reduce risk exposure if you cannot afford the exposure
May be behind us, locking in a loss is always difficult
Analyze Debt Structure
Leverage or re-leverage fixed assets
Structure for “worst case” as it may be difficult once there
Sell underutilized assets
Or reduce contract payments
37. 37
Watch for indicators
Demand, domestic and imports
Sow liquidation in North America
Canada 1/01/09
• Breeding Herd down 107,000 sows (7.1%)
• Market Inventory down 1,302,000 head (10.6%)
United States 12/01/08
• Breeding Herd down 152,000 sows (2.4%)
• Market Inventory down 1,317,000 head (2.1%)
North America
• Breeding Herd down 259,000 sows (3.3%)
• Market Inventory down 2,619,000 head (3.5%)
Packer / Processor profitability
Slaughter capacity changes
Cold storage reports
Imports of Canadian Pigs
Feeder imports are 516,115 through 2/07/09, down 31% from 2008
Market hogs and sows are 141,036 through 2/07/09, down 66% from 2008