Commodities: Livestock Organizations Outraged

Livestock Organizations outraged over loan support by USDA for ethanol industry

With the corn-based, subsidized ethanol industry in America becoming more of a debacle and outrage daily, the recent comments by Agriculture Secretary Ed Schafer shows he must consider the ethanol industry a religion, as it could only be blind faith that could even consider it legitimate, not reality.

Schafer commented on using USDA rural development loan guarantees to artifically support rescue ethanol plants that can't make it. Essentially it would be a bailout of the unwanted industry.

According to the livestock organizations, the reason the ethanol industry is in trouble is their irresponsible speculation in corn futures.

"We in animal agriculture are particularly concerned that you would consider adding one more level of support for the corn-based ethanol industry," eight livestock organization leaders wrote to the secretary.

In one of the understatements of the millenium, Schafer said concerning ethanol plants that they "got away from their focus on producing ethanol and started speculating in the commodity markets. It's hurt them." Duh. Where'd they get this clown?

The livestock organizations correctly pointed out, "It seems to be the opposite of free enterprise to insure companies – and only some companies – against the possibility that their speculative commodity bets might go wrong."

Not only is supporting an already irrelevant industry completely against free enterprise, but then rewarding these government-founded companies with poor behavior is even worse.

We should have a full-blown federal investigation on the misappropriation of funds and misuse of government subsidies. Like some of the crooked and poor managers of financial institutions, these people need to be held accountable and brought to justice.

Taxpayers and all Americans need to rise up and say no to another government-sponsored idiocracy concerning the ethanol industry.

Look at what ethanol is doing to snowmobiles, chainsaws, and other power equipment!