Wednesday, October 22, 2008

More bailouts on the way

Struggling ethanol plants could get a boost from the U.S. Department of Agriculture according to Agriculture Secretary Ed Schafer. He indicated that plants that have suffered sizable losses in corn futures could get relief in the form of the organization’s Rural Development Administration.

“Some plants are under pressure because they’ve been speculating on corn,” said Schafer after last week’s World Food Prize symposium in Des Moines, Iowa.

The secretary said the department wouldn’t buy or sell grain or cover trading losses, according to Des Moines Register. He says the money could come from the USDA’s Rural Development Administration which can provide up to $25 million in assistance to keep rural businesses operating.

1 comment:

CharityAngel said...

Bail outs, speculation... market manipulation. This makes a girl sick from head spinning....

They are clearly not thinking at all.