| 00:00:01 |
Unidentified Speaker, -
LAND PRICES OVER THE LAST TEN YEARS ARE CAUSING SOME REGULATORS TO WORRY A NEW REAL ESTATE BUBBLE COULD BE FORMING. THE FDIC LOOKED AT THE ISSUE LAST...
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| 00:00:26 |
Unidentified Speaker, -
EVERYONE. IF WE CAN GET EVERYONE TO TAKE THEIR SHEETS PLEASE. WE'LL GET STARTED. GOOD MORNING, EVERYONE. WELCOME TO THE FDIC'S WILLIAM SEEDMAN CENTER...
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| 00:03:03 |
Unidentified Speaker, -
ONE. >> PRESIDENTS CARTER AND
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| 00:03:05 |
Unidentified Speaker, -
REGULAR FROM 1978 THROUGH 1985. AS HE WILL DESCRIBE TO YOU, THIS WAS A TUMULTUOUS PERIOD DURING THE HISTORY OF THE BANKING INDUSTRY. NOT ONLY THE FARM...
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| 00:04:54 |
Unidentified Speaker, -
THIS MORNING. THIS WHOLE COMPLEX BRINGS BACK FOND MEMORIES. WE DECIDED TO BUY THE LAND HERE AND BUILD THESE BUILDINGS WHEN I WAS CHAIRMAN. I THOUGHT...
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| 00:13:33 |
Unidentified Speaker, -
NO. WITH UNEMPLOYMENT REACHING 11%. DAMPENING DEMAND FOR DOMESTIC ENERGY AND OTHER PRODUCTS. THE DOLLAR ROSE SHARPLY, MAKING FARM EXPORTS LESS COMPETITIVE...
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| 00:18:57 |
Unidentified Speaker, -
AUDIENCE. MICROPHONES ARE STANDING BY. PLEASE STAND AND IDENTIFY YOURSELF IF YOU'D LIKE TO POSE SOME QUESTIONS TO MR. ISAAC. JUST ONE. >> THE FIRST...
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| 00:19:08 |
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IS ALWAYS THE HARDEST. >> BILL, I WILL
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| 00:19:14 |
Unidentified Speaker, -
ASK YOU A QUESTION. COMING OUT OF THE RESPONSE TO THE FARM BANK PROBLEMS OF THE 1980s, WHAT DO YOU THINK ARE THE MOST IMPORTANT RISK MANAGEMENT IMPROVEMENTS...
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| 00:19:35 |
Unidentified Speaker, -
FOR SURE IS THAT BANKS, AS I SAID, I HOPE ALL BANKS ARE BASING THEIR ANALYSIS ON CASH FLOWS, NOT ON COLLATERAL VALUES. COLLATERAL VALUES ARE RELEVANT...
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| 00:21:38 |
Unidentified Speaker, -
QUESTIONS. WITH THAT, PLEASE JOIN ME IN THANKING BILL ISAAC FOR HIS REMARKS THIS MORNING. I APPRECIATE MR. ISAAC FOR TAKING TIME OUT OF HIS BUSY SCHEDULE...
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| 00:24:31 |
Unidentified Speaker, -
FOR YOUR GREAT WORK, ALL THE GREAT WORK YOU DO AT THE FDIC AND IN PARTICULAR IN ORGANIZING THIS VERY IMPORTANT CONFERENCE THIS MORNING. AND YES, GENERALLY...
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| 00:36:54 |
Unidentified Speaker, -
FDIC CONFERENCE ON FARMLAND PRICES COMING UP HERE ON C-SPAN3. UP NEXT, ECONOMISTS ON WHAT IT MEANS FOR FARMERS, CONSUMERS AND THE OVERALL ECONOMY. ...
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| 00:37:35 |
Unidentified Speaker, -
YOU IN ATTENDANCE TODAY AND WATCHING OVER THE INTERNET, WE TEND TO MOVE THROUGH OUR ENTIRE AGENDA WITHOUT TAKING ANY ORGANIZED BREAKS WHICH WILL TAKE...
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| 00:39:22 |
Unidentified Speaker, -
THAT INTRODUCTION. I'M VERY PLEASED TO BE MODERATING THIS MORNING. AS YOU SEE ON THE SCREEN, IT'S ENTITLED "HOW CONCERNED SHOULD WE BE ABOUT FARMLAND...
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| 00:41:38 |
Unidentified Speaker, -
MUCH. THAT ATE UP ABOUT FIVE MINUTES OF TIME. I APOLOGIZE FOR A LONG BIO. THANKS. FIRST OF ALL, IT'S A PLEASURE TO BE HERE. THIS IS A GREAT CONFERENCE,...
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| 00:53:45 |
Unidentified Speaker, -
RIGHT. OUR NEXT PANELIST IS AN ASSOCIATE PROFESSOR AND DIRECTOR OF THE CENTER FOR COMMERCIAL AGRICULTURE AT PURDUE UNIVERSITY. HE ALSO SERVES AS DIRECTOR...
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| 00:54:36 |
Unidentified Speaker, -
JOHN. IT'S A PLEASURE TO BE HERE TODAY. IT'S ACTUALLY A NICE TIME TO TALK ABOUT FARMLAND VALUES WHEN THEY'RE GOING UP AND WE HAVE VERY STRONG INCOME...
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| 01:07:42 |
Unidentified Speaker, -
RIGHT. THANK YOU, DR. GLOY. OUR NEXT PARTIALIST IS SHAWNA WARNER. CHESS AG FULL HARVEST PARTNERS MANAGES THE AGRICULTURE OPPORTUNITIES SWEETA FUNDS...
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| 01:08:31 |
Unidentified Speaker, -
THANKS SO MUCH. AND THANKS SO MUCH FOR DOING THIS. I THINK IT'S WONDERFUL AND INCREDIBLY INTERESTING. I THOUGHT THAT I WOULD START FOR A FEW MINUTES...
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| 01:21:29 |
Unidentified Speaker, -
YOU IF YOU'RE SICK. >> NOT THE RIGHT
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| 01:21:35 |
Unidentified Speaker, -
KIND. >>
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| 01:21:36 |
Unidentified Speaker, -
RIGHT. RIGHT NOW, IT DOESN'T LOOK LIKE THERE'S ANY PROBLEMS. THERE'S A LOT OF VOLATILITY, THERE'S A LOT OF UNREST IN THE WORLD. I THINK THAT FARM LAND...
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| 01:22:03 |
Unidentified Speaker, -
RIGHT. THANK YOU, MISS WARNER. THE FINAL SPEAKER ON THE PANEL, DR. BRIAN BRIGGEMAN. HE JOINED THE OMAHA BRANCH OF FEDERAL RESERVE BANK OF KANSAS CITY...
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| 01:23:02 |
Unidentified Speaker, -
THE OPPORTUNITY TO BE HERE AND TALK ABOUT FARMLAND VALUES. IN PARTICULAR, I WANT TO FOCUS IN ON EXPLORING THE RELATIONSHIP BETWEEN INTEREST RATES AND...
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| 01:35:17 |
Unidentified Speaker, -
YOU, DR. BRIGGEMAN. AND THANK YOU TO ALL OF THE PANELISTS FOR THEIR INSIGHTFUL REMARKS. WE HAVE TIME FOR QUESTIONS FROM THE AUDIENCE. IF YOU HAVE...
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| 01:36:17 |
Unidentified Speaker, -
INTEREST RATE QUESTION, FIRST OFF. IF YOU LOOK DOWN THE ROAD FOR TWO YEARS, I THINK BRENT'S INTEREST RATE RISK MATRIX OUTLINES A LOT OF THE RISKS...
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| 01:37:22 |
Unidentified Speaker, -
SURE. SHONDA, WHAT DO YOU THINK, WHAT PROBABILITY OF DIFFERENT SCENES PLAYING OUT IN TWO YEARS. >> WELL, SO YOU KNOW, I GUESS
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| 01:37:30 |
Unidentified Speaker, -
MY JOB IS TO SORT OF PUT MY MONEY OR MY CLIENT'S MONEY, MY MONEY AND MY CLIENT'S MONEY WHERE MY MOUTH IS, SO I THINK YOU KNOW, IF YOU WERE GOING...
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| 01:38:19 |
Unidentified Speaker, -
RIGHT. WHAT DO YOU THINK, BRENT? >> ALL
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| 01:38:22 |
Unidentified Speaker, -
RIGHT. PROFESSORS ARE USUALLY WAFFLERS, BUT PROBABLY AM, TOO. BUT I THINK ON THE LAND DEAL, CROP LAND VERY LIKELY TO BE HIGHER THAN IT IS CERTAINLY...
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| 01:39:00 |
Unidentified Speaker, -
YOU THINK? >> I THINK I'M BUSY IN
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| 01:39:02 |
Unidentified Speaker, -
TWO YEARS, I WON'T BE ABLE TO MAKE IT. YEAH, NO, CERTAINLY IF YOU LOOK AT OUR BASELINE, WE EXPECT PRICES TO COME DOWN A LITTLE BIT. BUT I THINK THAT,...
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| 01:39:56 |
Unidentified Speaker, -
OKAY. AND I THINK WE HAVE A QUESTION DOWN HERE. >> HARRY GLENIS AT THE
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| 01:40:03 |
Unidentified Speaker, -
OCC. WOULD YOU SPEAK A BIT TO WHAT I'VE HEARD DESCRIBED AS VERTICAL INTEGRATION, OR DISAGGREGATING OF THE FARM PRODUCTION PROCESS AND TO KIND OF...
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| 01:40:41 |
Unidentified Speaker, -
WHO'S THAT FOR? >> WHO WANTS TO TAKE A
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| 01:40:44 |
Unidentified Speaker, -
SHOT AT THIS? >> WELL, IN TERMS
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| 01:40:46 |
Unidentified Speaker, -
OF INTEGRATION, YOU SEE INTEGRATION, PARTICULARLY ON THE LIVESTOCK SIDE, NO QUESTION. WE'VE SEEN A LOT IN HOGS, A LOT OF CONTRACTING ISSUES EMERGING...
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| 01:41:14 |
Unidentified Speaker, -
ECONOMY. >>
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| 01:41:15 |
Unidentified Speaker, -
OPTIMAL FARMS. >>
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| 01:41:16 |
Unidentified Speaker, -
OPTIMAL FARMS. I AM NOT GETTING INTO THAT. WE'VE SEEN, NO QUESTION, WE'VE SEEN HUGE CHANGES IN AVERAGE SIZE FARMS IN THE LAST SEVERAL YEARS. THOSE NUMBERS...
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| 01:41:56 |
Unidentified Speaker, -
COMMENT. I THINK JOE IS ON THE VERTICAL INTEGRATION AND LIVESTOCK AND IN PERMANENT PLANNING TO A LARGE EXTENT EXTENT, NOT AS MUCH IN ROW CROPS. ON...
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| 01:42:52 |
Unidentified Speaker, -
ACTUALLY. I MEAN, YOU KNOW, WE JUST -- THERE'S A VERY LARGE -- SOME OF THESE BIG FARMS BY THE WAY, YOU MIGHT CALL THEM INSTITUTIONS, THEY ARE VERY...
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| 01:43:58 |
Unidentified Speaker, -
INTEGRATION, YOU SEE MORE OF IT ON THE CROP SIDE WITHIN SPECIALTY CROPS WITH VEGETABLE GROWERS BEING ABLE TO SELL DIRECTLY THROUGH FARMERS MARKETS OR...
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| 01:45:01 |
Unidentified Speaker, -
HERE. THEN WE'LL GET BACK HERE. >> DAN O'NEAL
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| 01:45:08 |
Unidentified Speaker, -
WITH MET LIFE AG INVESTMENTS. HOW BIG A FACTOR DO YOU THINK THE REGULATORY ENVIRONMENT IS IN ALL THIS? ONE THING I WORRY ABOUT IS WE'RE SEEING OUR BORROWERS...
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| 01:46:06 |
Unidentified Speaker, -
A STAB AT THAT. I THINK YES, THE RESPONSE, IF THERE IS A HICCUP, IS VERY IMPORTANT, AND THE CREDIT PROVIDERS CAN EXACERBATE PROBLEMS. A BUNCH OF PROPERTIES...
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| 01:47:29 |
Unidentified Speaker, -
TODAY, I WOULD WRITE UP SOME LITTLEAL GOE RHYTHM THAT SAYS AS YOU SEE USDA RETURNS WHICH COME OUT EVERY AUGUST FOR THE PRECEDING YEAR, AS YOU SEE USDA...
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| 01:48:10 |
Unidentified Speaker, -
IS SOMETHING THAT IS TALKED ABOUT WITHIN THE BANK AS WELL AS WITH DISTRICT BANKERS, DISCUSSION OF WELL, WHAT'S THE DEBT, WHERE IS IT GOING, WHAT'S THE...
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| 01:48:49 |
Unidentified Speaker, -
BAIR LAID OUT SOME THOUGHTS, BUT WE ARE NOT LOOKING TO OVERREACT. WE ARE HAVING THIS SYMPOSIUM TO GET THE FACTS AND OPINIONS. WE ISSUED A LETTER AND...
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| 01:49:32 |
Unidentified Speaker, -
I HAVE TWO QUESTIONS. EVERYONE ON THE PANEL SPOKE ABOUT RATE RISK WHICH IS CLEARLY QUITE HIGH. BRIAN, YOU SPOKE ABOUT WHAT WOULD HAPPEN IF RATES RISE....
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| 01:50:21 |
Unidentified Speaker, -
DO YOU THINK? >> LET ME TAKE A SHOT AT
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| 01:50:24 |
Unidentified Speaker, -
THE SECOND PART OF THAT. PEOPLE WHO CAN ANSWER THE FIRST PART FAR BETTER THAN I. BUT YEAH. ETHANOL, YOU KNOW, WE ARE -- A COUPLE OF CONSTRAINTS ON...
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| 01:52:58 |
Unidentified Speaker, -
THINK WE HAVE TIME FOR ONE MORE QUESTION, IF WE HAVE ONE MORE OUT THERE. >> YEAH,
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| 01:53:09 |
Unidentified Speaker, -
HI. JARRETT SEEBURG WITH WASHINGTON RESEARCH GROUP. THERE'S ALWAYS TALK OF THE HOLY GRAIL OUT THERE IS SWITCH GRASS AS A SOURCE FOR CREATING ETHANOL....
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| 01:53:40 |
Unidentified Speaker, -
LOT OF PEOPLE WOULD BE GROWING SWITCH GRASS AND THAT TAKES FARMLAND, A, AND B, YOU KNOW, IF THAT WERE TO HAPPEN OR IF IT WERE MUSTARD GRASS OR WHATEVER...
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| 01:54:17 |
Unidentified Speaker, -
ECHO THAT. I THINK THAT MAYBE FIVE YEARS IS -- I THINK EVEN LONGER OUT. AND PROBABLY WOULD BE STIMULATIVE ULTIMATELY TO FARMLAND BUYERS, BECAUSE YOU...
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| 01:54:52 |
Unidentified Speaker, -
IT DOESN'T -- IT IS NOT GOING TO SUBSTITUTE FOR CORN BASED ETHANOL, IT WILL BE ADDITIVE UNDER THE RENEWABLE FUEL STANDARD. THERE'S ESSENTIALLY UP TO...
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| 01:55:41 |
Unidentified Speaker, -
OUR TIME IS UP. PANELISTS, I THANK YOU VERY MUCH. APPRECIATE IT. [ APPLAUSE ] >>> ANOTHER
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| 01:56:04 |
Unidentified Speaker, -
CONFERENCE ON FDIC FARM LAND IS NEXT. AND THEN WE TALK ABOUT THE TEN RUSSIAN SUPERVISE ARRESTED IN THE U.S. LAST YEAR. IN THE FINAL PART OF THE FDIC...
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| 01:56:23 |
Unidentified Speaker, -
SOUTH TO KANSAS AND MINNESOTA SOUTH TO MISSOURI. NOW, WE HAVE A LITTLE MORE THAN 1800 INSTITUTIONS IN THOSE SEVEN STATES, AND ROUGHLY HALF THOSE ARE...
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| 01:59:22 |
Unidentified Speaker, -
SURE. THANK YOU, RICH. IT IS A PLEASURE TO BE HERE TODAY. I APPRECIATE CHAIRMAN BAIR'S INTEREST IN THIS TOPIC. I THINK IT IS IMPORTANT THAT WE WEIGH...
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| 02:10:25 |
Unidentified Speaker, -
VERY MUCH, MATT. KEN? >> THANKS,
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| 02:10:27 |
Unidentified Speaker, -
MATT, THANK YOU, RICH, AND THANKS TO THE FDIC FOR THE OPPORTUNITY TO BE PART OF A SYMPOSIUM WHERE WE'RE TALKING ABOUT THIS IMPORTANT TOPIC WE ALL LIVE...
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| 02:18:48 |
Unidentified Speaker, -
KEN. JIM? >>
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| 02:18:50 |
Unidentified Speaker, -
YES. THANKS, RICH, AND I GET THE PLEASURE OF BEING THE LAST PRESENTER TODAY. AS SUCH, I WAS THINKING ABOUT EVERYTHING THAT HAD BEEN SAID THIS MORNING,...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.