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Tue September 30, 2008
Farmers and Ranchers could be hurt by the credit crisis
By Elsa Partan
Laramie, Wy – A Wyoming economist says that the national credit crisis could quickly hurt Wyoming's farming and ranching industry.
University of Wyoming Finance Professor Walter Werner explains that agriculture is the area where this state might first feel a crunch in credit.
Werner: If a rancher needs a loan, if he's going to buy yearlings, or he's going to anything like that it's going to be tougher and tougher to come by if we don't do something really almost immediately.
Werner says some kind of federal rescue plan is needed to avoid that situation. The head of the Wyoming Stockgrowers Association says ranchers have not experienced a lack of credit yet. But he says many ask for loans after January first for operating expenses during the course of the year. He says that's when they will find out whether there are new limits on the credit markets.