Liberty and Freedom

Disaster relief for Michigan growers?

Please explain how HB 5717 is not a bailout. First of all it will cost Michigan Taxpayers at least 15 million dollars (about 7 1/2% of the total of the lost crops) in origination fees and reward those who did not purchase available crop insurance with a super low interest loan (1%). Also a 24 month grace period until any payments are due? My most important question is who will reimburse the banks to loan the money at 1% and what would be their incentive to do so? Last; who will eat the defaults when they come in two years? Thank you.

According to rep Al Pscholka, it's not a bail out?

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Replies to This Discussion

Permalink Reply by Ray Kirkus on June 8, 2012 at 10:53am

Please respond Pscholka's bragging about this wonderful legislation and claiming it's not a bail out as Upton and others seek more federal money for this.. Wait! These are conservatives we are talking about here right? The same one's that talk about responsibility for ones actions/ inactions? Yeah right!