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Subscribe to RSSUpdated 11:43 am ET President Barack Obama’s fiscal cliff negotiator, Treasury Secretary Tim Geithner, predicted on NBC’s Meet the Press Sunday that congressional Republicans will accept Obama’s plan to raise income tax rates and limit deductions on people making $200,000 and over. “I think we’re going to get there,” he told NBC’s David Gregory.
He said if Republican leaders have their own alternative ways to reduce federal deficits, they need to offer Obama their proposals.
Treasury Secretary Timothy Geithner made the Sunday morning talk show rounds, saying "the only thing that stands in the way of a deal right now is if a group of Republican members decide they're going to block a deal." NBC's Mike Viqueira reports.
“We need to know what they’re prepared to do on (tax) rates and revenues and we need to know what they’re prepared to do on the spending side,” he said.
So far, Geithner said, they have not said “who should pay higher taxes.”
In contrast, Geithner said, Obama has been specific, for example, about how he’d shift more of the burden of paying for Medicare to affluent retirees: his fiscal year 2013 budget proposal would increase premiums and co-payments for higher-income Medicare beneficiaries, starting in 2017.
“If the Republicans don’t like those ideas and they want to do it differently (or) they want to go beyond that, then they have to tell us what makes sense for them and then we can take a look at it,” he said.
Geithner is leading the bargaining with GOP leaders on how to avoid the “fiscal cliff” –Washington jargon for the combination of tax increases and spending reductions which are scheduled to occur under current law at the end of the year and which the Congressional Budget Office has said would tip the economy into a recession.
Treasury Secretary Tim Geithner and Sens. Bob Corker and Claire McCaskill detail the ins and outs of the efforts to reach a deal to avert the fiscal cliff.
With 29 days left to reach an agreement on avoiding the fiscal cliff, neither GOP leaders nor the president seem to be taking steps toward an accord.
Two senators who were re-elected last month, Sen. Claire McCaskill, D- Mo., and Sen. Bob Corker, R- Tenn., also appeared on Meet the Press to comment on the fiscal cliff negotiations.
Corker said he supported “closing loopholes” which he called "a pro-growth way of getting more revenues from wealthy Americans." He predicted that ultimately “cooler heads will prevail” and the two sides will agree on a deal.
Corker said that in the fiscal cliff bargaining Obama had not yet proposed additional curbs on Medicare and other entitlement spending and he predicted “you’re not going to have a deal until that happens.”
McCaskill said if current tax rates expire at year end, then “we would come back in January first thing and pass a tax cut” along the lines of Obama’s proposal. “Are the Republicans going to vote ‘no’ on that?” she asked incredulously.
On Medicare, McCaskill said she would support “more aggressive means testing from higher co-pays from those people who can afford it.” In his Fiscal Year 2013 budget blueprint Obama proposed higher premiums and co-payments for higher-income Medicare recipients, cutting $28 billion in federal spending over ten years.
Americans for Tax Reform founder Grover Norquist discusses remarks made by Treasury Secretary Tim Geithner on Meet the Press.
But liberal Democrats have opposed that idea, saying it could erode support for Medicare among upper-income people, leading them to opt out of the program. “This will end Medicare as we know it,” said Rep. Allyson Schwartz, D- Pa., last spring when Republicans adopted Obama’s higher premium and co-pays idea as part of the negotiations over how to offset the cost of cutting the Social Security payroll tax.
Obama’s initial fiscal cliff bargaining position has been that income tax rates and tax preferences enacted since 2001 should remain in effect for single earners making less than $200,000 a year and for married couples filing joint return who make less than $250,000.
In a statement Sunday, House Democratic Leader Nancy Pelosi urged House Speaker John Boehner to bring to the floor a bill already passed by the Senate to continue current income tax rates for people making less than $200,000.
She said if Boehner "refuses to schedule this widely-supported bill for a vote, Democrats will introduce a discharge petition to automatically bring to the floor the Senate-passed middle class tax cuts." A discharge petition is procedure by which a bill may be forced out of a committee and onto the House floor for a vote. The Democrats would need to get 218 members of the House to sign a discharge petition in order for this procedure to succeed.
Republican leaders oppose any tax increase, although they would agree to a redesign of the income tax system that could raise more revenues for the federal government by ending or curtailing some deductions and other tax breaks.
The GOP leaders also want some plan for reductions in spending on Medicare and other entitlements.
The fiscal cliff refers to:
- The expiration at year end of tax reductions enacted in 2001, 2003, 2009, and 2010.
- A 27 percent cut in Medicare’s payment rates for doctors’ services.
- A ten percent cut in defense spending and an 8 percent cut in nondefense spending -- cuts mandated by the Budget Control Act which Obama signed into law in 2010 as a part of a deal with Republicans to get them to agree to raise the federal government’s borrowing limit.
- The end of emergency unemployment benefits.
- The end of a temporary reduction of 2 percentage points in the Social Security payroll tax which was in effect this year and in 2011.
In addition the Affordable Care Act will impose, starting in January, a new 3.8 percent Medicare payroll tax on income above $200,000 and will expand the tax to cover investment income as well as wage and salary income.
About two-thirds of the fiscal cliff comes from the impending tax increases scheduled to take effect at the beginning of 2013 under current law.
According to the nonpartisan Tax Policy Center, "Taxes would rise by more than $500 billion in 2013—an average of almost $3,500 per household—as almost every tax cut enacted since 2001 would expire."
A report issued in October by the Center found that almost 90 percent of Americans would see their taxes rise unless Congress and the president agree to change current law. "For most households, the two biggest increases would be the expiration of the temporary cut in Social Security taxes and the expiration of the 2001/2003 tax cuts," the report said.
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tell me tea party...waiting
lets give the rich bastards a tax break forever...that's what they want...so who is going to pay off the debt...and pay for future bills???when pass...when you give greedy bastard's a tax break forever..who will pay for the tab
NEWS FLASH
OBAMA ADMINISTRATION SHOWING MORE SIGNS OF BEING CORRUPT. HE IS IN BED WITH RICH SUPPORTERS
Costco co founder and CEO, Jim Senegal, a large supporter of Obama even speaking at the Democrat national convention get a special tax break. They were awarded a special dividend to avoid the Mr. Obama’s dividend tax increase
COPY AND PASTE BELOW IN BROWSER (Moderator does not allow links)
online.wsj.com/article/SB10001424127887324705104578147513153831692.html
reuters.com/article/2012/11/28/us-costco-dividend-idUSBRE8AR0Q220121128
news.yahoo.com/costco-pay-7-special-dividend-december-18-145925944--sector.html
foxbusiness.com/on-air/willis-report/blog/2012/11/30/tax-fairness-obama%E2%80%99s-friends-what-about-rest-us
When I read your I just knew it came from Fox. Totally twisted information and just plain not true.
they can't even shut and sell the post office, an obvious place to cut spending. No Hope for this country.
yep the tea party wants that private...been cutting it for years..that's why the post office is broke
they want the post office in wall street...huh..thought i did not know huh...they want to nail it to the coffin huh
The post office is broke because it is the only institution in America that has to fund its operations 75 years in advance.
Hey Elvis just like there doing with Social Security the Republicans want to tie that into the Stock Market what a disaster!
yep private..is why they are crying.. it is broke....they want it..Wall street greedy bastards..in our Congress
a house full of them
hey tea party workers on the vine...not the rich ones...tell me this..I will be waiting???
lets give the rich bastards a tax break forever...that's what they want...so who is going to pay off the debt...and pay for future bills???when pass...when you give greedy bastard's a tax break forever..who will pay for the tab
NEWS FLASH
OBAMA ADMINISTRATION IN BED WITH BIG BUSINESS AND THE RICH
HOW AARP PROFITED 2.8 BILLION FROM SUPPORTIG OBAMACARE AND RECEIVED A WAIVER TO NOT PARTICIPATE
COPY AND PASTE BELOW IN BROWSER (Moderator does not allow links)
forbes.com/sites/aroy/2012/09/22/the-aarps-2-8-billion-reasons-for-supporting-obamacares-cuts-to-medicare/
nationalreview.com/corner/328338/aarp-made-28-billion-obamacare-avik-roy
dailycaller.com/2011/05/19/aarp-latest-to-receive-obamacare-break/
townhall.com/tipsheet/guybenson/2011/05/20/unreal_aarp_to_receive_obamacare_waiver
Geitner can start by paying his taxes first.
when we say no more tax breaks..that means no more tax breaks dumb azz..Democrat republican...need it on your forehead to understand dumb azz
so called rich what does that mean...is there such a name of so called poor????
Poor Elvis, when you run out of other peoples money who are you going to cry to for handouts.
Would somebody please tell me what the difference is between Military spending and Defense spending????
no difference
It's all a game, just like Hostess going out of business. Theirr bancrupty is a simple union busting plan. Go out of business, buy back the assets, less the liabilities, for penny's on the dollar, then rehire at lower salaries. It's the only way they can do it, anc come out smelling like a rose, while blaming it all on the worker.
The largest achievements of huge success, are most often built from buckets of perspiration, and many sleepless nights, of others.
yes it is
Things have changed since 1956 when Dwight Eisenhower, after four years of taxing America’s wealthy at 92% rates, said: “We are proud of and shall continue our far-reaching and sound advances in matters of basic human needs—expansion of social security—broadened coverage in unemployment insurance —improved housing—and better health protection for all our people. We are determined that our government remain warmly responsive to the urgent social and economic problems of our people.”
Far from “strangling” the economy with “crushing” taxes on “job creators”, Eisenhower was able to observe: “In four years we have achieved the highest economic level with the most widely shared benefits that the world has ever seen. We of the Republican Party have fostered this prosperity and are dedicated to its expansion and to the preservation of the climate in which it has thrived.”
When it was all said and done, America got a new Interstate Highway System, stayed in the Space Race, and fought the Cold War against Communism with those taxes – AND NOT ONE SINGLE PERSON COMPARED EISENHOWER TO MARX, LENIN OR HITLER.
If millions of Americans are out of work, and millions more are just scraping by, a business owner may notice he has no customers, and all of his employees are standing around. So, if he gets a tax break, what is he supposed to do with it? Hire more people to stand around? Order more inventory to sit on shelves collecting dust? Open a second location? No. What he needs is customers, which means a middle class with money in their pockets. When they start coming in, then he can hire more people, order more inventory, and open a second location. Supply-side, top-down, trickle-down economics has been widely discredited.
Smart, hard-working Americans are part of what makes any business successful, not just Harvard-educated executives who run for President after they outsource our jobs to foreign countries because we are selfish enough to want a decent living wage. Eisenhower valued everyday Americans, as did George Romney, and its high time Republicans take their party back from those who feel otherwise.
Furthermore, Clinton balanced the budget with 39.6% taxes on the wealthy, but Eisenhower was the last Republican to balance the budget - but with 90%-plus rates! So, is it really fair to expect Obama to do the same with less revenue? Sure, some Republicans like to call Obama the "Magic Negro," but since our 44th President cannot actually perform "black magic," maybe we should give him some REAL revenue to work with.
Amen to that.
Fiscal cliff my ass. More like a fiscal staircase.
I look forward the fiscal cliff. This creepy country needs to implode and be rethought form scratch.
Welcome to the rock and a hard place. All these billions that the government is spending creates goods and services. Which means jobs. If you cut spending you eliminate jobs. That means a shrunk economy. Increased unemployment. Less consumer spending, especially if you have also raised taxes. A new recession is started and guess what? Problem not solved.
The only plan that logically makes sense is freeze spending at the current levels and increase revenues. Then move to a model that most states operate from. If you have a dollar in the bank you may spend a dollar. If not you don't, you don't get to.
The other thing that ticks me off is the debate between tax increases or the elimination of deductions and or loopholes. If your tax rate is increased 2%, how is that different than if you lose deductions or loopholes worth 2%? I wonder why the media is not continuously asking this question. I believe those things are not being defined because, one, that is what is going to happen, and two, it will fall mainly on the middle class. Because of the nature of deductions and loopholes it will not be as obvious what just happened and once you figure it out it will be too late. This is to quote another cliche The wool being pulled over our eyes. The government and the media are accomplices in this one. I see editors all over the place killing stories being brought to them asking the question. How is it different?
One thing I suspect for sure is that all 300+ million Americans share is, don't raise taxes on me and don't cut government funding to things I consider important. Impasse is born.
We all know any loopholes that will be closed are going to fall on the middle class. Thats a given.
The government does not create jobs or goods or services. Gov. is a ball and chain that bleeds the public dry and its employees are the laziest people on earth. Shut it down. Now.
Phil, I thought I would write a long response to your comment. Then I realized it would be a waste of my time. So I will just say, your an idiot.
kent you do work for the government, you lazy thing.
How does the government not create jobs or goods and services? Who puts in the orders for our military equipment? Who builds roads and bridges? The government does create jobs, and when private industry is not creating jobs, the government steps in to narrow the void and attempt to prime the pump. The stimulus money given to states would have created jobs if most of them had not used it to whittle down their debt.
The fiscal cliff doesn't sound that bad to me. Its what both parties agreed to, so lets go there and see how things turn out. Who knows, it may not be all that bad.
Won't be bad at all, unless you lose your job, then it will suc.
Thats a big unless. I like Pelosi's idea of waiting until Jan 1 and then forcing the issue. It sounds like the republican party has more to lose if we do't manage to settle this in a couple of weeks.
Cut backs in defense will probably lead to additional unemployment, although it's possible we could get through that. The big killer is the increase in taxes on the middle class, at this point, with an already weak recovery. Most economists are saying that it is that factor, which would ensure going back into another recession.
A bill to retain the Bush tax cuts for the middle class has already passed the Senate. One alternative would be for the House to pass that and not even address the President's latest proposal. If that bill were to pass, it is improbable that the President would veto it.
Timmy and his idiot demorats keep harping on raising taxes on the rich! Who are the rich? If it is those making 250K a year or those making over 500K or 750K a year? Get your head out of it! The small businesses who hire people and help the economy can make over 250K a year but still be below 500 or 750K a year. So why don't you idiots who are getting paid so much money do your lousy job and make the rate 750K and above to be taxed?
The republicans can then shut up and make a deal to raise the taxes on those making over 750K a year and also the democrats can shut up and start with some spending cuts! Give me the job they are supposed to be doing and fire all of these idiots who always want to play politics on the backs of the people.
Also where are the jobs the idiot-in-chief promised?? More people on welfare and food stamps and this moron keeps saying he is looking out for the common person? They all need to be tossed out on the street or impeached! The American people are tired of all of their BS!!!
You see it is ignorance to what is happening that allows the "government" not solve the problem. Go away and when you really understand how the economy and the government works, come back and speak.
Rick, your guy lost. You have to get over it and move on.
"Corker said that in the fiscal cliff bargaining Obama had not yet proposed additional cubs on Medicare and other entitlement spending"
- This is a real bear.
Oh, wait, you meant "curbs."
Willie
All that does is rob Medicare to pay for Obama care. Where are the savings?
Look at it this way.
I need to save money. So I give my wife $100 to save. She spends that $100 because she found a 50% off sale. Now she spent that $100. Did I save any money??
Sounds to me like you saved 100, or at least your wife did :)
Why all the hate on rich people? Why do the rich have to bail out this country when Dems can't control their spending?
hey tea party workers on the vine...not the rich ones...tell me this..I will be waiting???
lets give the rich bastards a tax break forever...that's what they want...so who is going to pay off the debt...and pay for future bills???when pass...when you give greedy bastard's a tax break forever..who will pay for the tab
oh will this is from a so called poor serson..Tick tock..tick tock??
Much of the spending is for defence and Republicans favor more corporate welfare in that area. Every one in Congress rails against "waste" but when it's time to define it they say it's spending that doesn't benefit their district.
You think this country's Defense is a waste?
yes
you're an idiot. It keeps you from speaking Chinese
oh thanks..and your smart to someone in the world but who??
I know with no defense, there is no USA
much of defence spending is pure waste. congress is forcing the defence dept to make more tanks and ships than they asked for because the tanks and planes are in their districts. we have thousands of military facilities open because they employ people in congressional districts.
Not all the money that is spent on defense is a waste. Just about 60% of it.
And you know this by Obama telling you so
No US soldier has lifted a finger to protect my freedom since the civil war. In spite of what their meat headed drill instructors tell them.
Right Phil,
Willie I hate to tell you and arg726 that the Republicans are the ones that got us in this mess
so it time to pay the piper pay for Bush's two unfunded wars taxes cuts for the Rich and spending billions on banks and should we forget Lehman Bro's Enron, World Com shall I keep going!
Yep 40 empty chairs I hate to tell you the Dems are just as much to blame as Repubs
Just like my Display name says 40 years of Republicans is why were here! Not the Democrats
No deal is better than a bad deal. I agree with McCaskill. There is no way republicans will appose the Obama tax cuts on the first $250,000 on everyone's income. It will then be time to tackle the capital gains problem we have. Capital gains and dividends need to taxed at the same rate as wages. Income is income no matter where it comes from.
hey tea party workers on the vine...not the rich ones...tell me this..I will be waiting???
lets give the rich bastards a tax break forever...that's what they want...so who is going to pay off the debt...and pay for future bills???when pass...when you give greedy bastard's a tax break forever..who will pay for the tab
still dont know huh....funny..hey will..when we give the rich a tax break forever...when we make another ship..who will spend my money to make that ???me???
I think its funny elvis keeps cutting and pasting but you wont answer his question!
NEWS FLASH
OBAMA ADMINISTRATION IN BED WITH BIG BUSINESS AND THE RICH
HOW AARP PROFITED 2.8 BILLION FROM SUPPORTIG OBAMACARE AND RECEIVED A WAIVER TO NOT PARTICIPATE
COPY AND PASTE BELOW IN BROWSER (Moderator does not allow links)
forbes.com/sites/aroy/2012/09/22/the-aarps-2-8-billion-reasons-for-supporting-obamacares-cuts-to-medicare/
nationalreview.com/corner/328338/aarp-made-28-billion-obamacare-avik-roy
dailycaller.com/2011/05/19/aarp-latest-to-receive-obamacare-break/
townhall.com/tipsheet/guybenson/2011/05/20/unreal_aarp_to_receive_obamacare_waiver
Everyone realizes the US will go into recession if an agreement is not reached on the fiscal cliff. If spending cuts and tax increases are not dealt with and it's a cosmetic solution the bond market vigilantes will be out in force and interest rates will back up and the equities will tank. It's as simple as that!
If that means that CDs will start paying a higher return, I guess there wil be some benefit after all.
The interest on the government debt will rise and the deficits will get bigger. Prices will also spike as corporate borrowing costs increase.
No. Interest rates will only rise if no spending cuts are made along with tax incresaes. Obama care cuts health care costs.
OVER THE CLIFF..... FORWARD...........
Things all you need to know
Withdraw All Money From Your Bank.
Cash In 401K
Sell All Stock
Stop Working
Sign up for Free Obama @!$%#......
Yahoo...... No More Work........ Party For All...
Obama Will Bail Us All Out.......
Yahoo Big Government..............
.Results Will Be A Run On Banks....lol lol
Crash Stock Market............lol lol
Un-employment will Rise to 20 Plus
China will want their Money Back.....
I would Like to see how Obama would deal with that...
So Timothy wants to cut medicaid spending and give more stimulus.....exactly what the people didn't vote for, we are a confused country living a psuedo fascist/socialist ideas....
let me help you
hey tea party workers on the vine...not the rich ones...tell me this..I will be waiting???
lets give the rich bastards a tax break forever...that's what they want...so who is going to pay off the debt...and pay for future bills???when pass...when you give greedy bastard's a tax break forever..who will pay for the tab
cheaters:Your bagger babble is no longer relevant.
Sorry, GOP, but we're going to have to roll back the Bush tax cuts and start taxing the rich at a reasonable rate in order to increase revenue. To reduce spending, here's three proposals: (1) No more "credit card" wars in the Middle East; if it's necessary to go to war, pass a "war tax," or else don't go to war;(2) conduct an immediate audit of DOD spending to eliminate waste; and 3) restrict Medicare costs by eliminating "heroic" medical procedures designed to keep dying people alive; limit recipients to paliative care only in such cases; persons who want the full nine yards in medical coverage would have to purchase insurance from a commercial carrier.
It is not Obamacare that creates the death panels it is the reduction in medicare, apparently.
I like the idea of a war tax and audits on the DOD. I know the audits they have had in the past left of lot of money unaccountable for.
NEWS FLASH
OBAMA ADMINISTRATION IN BED WITH BIG BUSINESS AND THE RICH
HOW AARP PROFITED 2.8 BILLION FROM SUPPORTIG OBAMACARE AND RECEIVED A WAIVER TO NOT PARTICIPATE
COPY AND PASTE BELOW IN BROWSER (Moderator does not allow links)
forbes.com/sites/aroy/2012/09/22/the-aarps-2-8-billion-reasons-for-supporting-obamacares-cuts-to-medicare/
nationalreview.com/corner/328338/aarp-made-28-billion-obamacare-avik-roy
dailycaller.com/2011/05/19/aarp-latest-to-receive-obamacare-break/
townhall.com/tipsheet/guybenson/2011/05/20/unreal_aarp_to_receive_obamacare_waiver
NEWS FLASH
OBAMA ADMINISTRATION SHOWING MORE SIGNS OF BEING CORRUPT. HE IS IN BED WITH THE RICH
Costco co founder and CEO, Jim Senegal, a large supporter of Obama even speaking at the Democrat national convention get a special tax break. They were awarded a special dividend to avoid the Mr. Obama’s dividend tax increase
COPY AND PASTE BELOW IN BROWSER (Moderator does not allow links)
online.wsj.com/article/SB10001424127887324705104578147513153831692.html
reuters.com/article/2012/11/28/us-costco-dividend-idUSBRE8AR0Q220121128
news.yahoo.com/costco-pay-7-special-dividend-december-18-145925944--sector.html
foxbusiness.com/on-air/willis-report/blog/2012/11/30/tax-fairness-obama%E2%80%99s-friends-what-about-rest-us
This guy needs to have a real job for a while. Hard to go out on the blowhard mis truth trail when you have lived the truth.
Huh??
Quit the screwing around and earn your pay check in Congress and in the White House. Raise the taxes on all of those making over 750K. Get rid of the current lousy income tax structure and make it simple flat tax or whatever which would be better than what we have now! Cut corporate taxes significantly! Stop sending out money to the idiots in Egypt, Pakistan and other loser countries who hate us! Stop the nation building and let the other countries start contributing to the peace in the world.
Cut the fraud, waste, abuse and the corruption in Congress and in Wall Street. Maybe we should make serving in politics a voluntary function and without pay and benefits! How many do you think would serve?? Get rid of the United Nations because it is useless. Firts priority is to move it out of the United States now!!
All atheists, secular morons and progressive idiots need to be sent to Yemen. The ACLU, the unions, and far left liberal nuts should sent packing as well.
idiots who want to get rid of Christmas and call it a Holiday instead should be ran out of the country within three days.
Get rid of the socialist idiots and lets get the free enterprise going again. Capitalism works and for those who oppose it, move to Yemen!!
Another compassionate conservative heard from.
Why should Boehner do anything but laught at the partisan attempt by Obama to offer nothing
but increased spending and not a solution to the fiscal cliff.
Why should Obama offer anything more? He offered $4T in cuts last year and had his head handed to him by the GOP. The Boner knows if he gives in he loses his speakership. If he lets it go off the cliff, Obama gets his tax rate hike and the Boner can say he 'tried'.
The republicans must be kicking themselves right about now for not taking the president up on that offer. What was it, a 75% cut, 25% increase scenario? Who turns that down if they are bargaining in good faith? The president is using the right strategy to get to where he really wants to be.
Much ado from the GOP about what they "want", and that the proposal from Obama is not good enough. Well, where is the GOP proposal? "Putting revenue on the table" and "closing loopholes" is about as specific as Romney was on his tax plans during the campaign.
What are Obama's proposals for cutting spending?
One of the consequences of the Democratic goal to put the limit on tax free estate taxes to $1,000,000 and then tax up to 55% is family farms will not be able to be passed on, but sold to satisfy the tax obligations. The farm issue was one of the main reasons for increasing the limit to $5,000,000 years ago. It reflected the fact that the families were not making a lot of money, but because real estate values increased their land became worth a lot of money. I am against the Democrat's proposal because it will eliminate a lot of family farms and farming is already in crisis with too few young people choosing this career path. The Democratic proposal is definitely unfair and affects more than the rich.
Then where is the GOP counteroffer?
The Republicans have always advocated to maintain the $5,000,000 limit as far as I have heard and have not proposed reducing it in any budget negotiation. Regardless why are the Democrats proposing something that will do so much harm??? Why didn't they leave it alone???? In my opinion it is not up to the Republicans to make Democrats be responsible it is Democrats that should look at what is best as well.
Most farms operating at that level are not family farms, they are farming corporations. It sounds like a bunch of greedy people knew how to take advantage of that and buy the little guy out.