LiveWire

Actual name of FCS is Farm Credit System. Created in 1916 to provide loans for farmers, it has changed in recent years. New farmers typically need $250k for starting. Half of recent loans are for over $1 million and often to non-farmers. Where'd this money come from? Treasury Dept. gave FCS a $10 Billion line of credit in 2013. U.S. taxpayers are on hook if FCS goes bust like Fannie and Freddie. Also, the law says that FCS loans are to be at market rates, no discount. Well, it's discounting putting private banks at a disadvantage to make loans. My take, the failures of Fannie & Freddie caused closer look at them, so the administration found a different existing loan maker and have changed it to reward crony players. If U.S. debt ends up taking a hit, so what, it'll be the next admin.