Blew the piece by not including Ethanol Corruption impacts on Farm Land values
"However, at a 6% rate, farmland looked more than 50% overvalued."
Exactly what detonated Barmy Franks and the Progressive caucus Government mandated sub-prime mortgage market. Then the Fed could not act to lower interest rates as linking corn to oil via ethanol corruption caused a spike in inflation. Then Pelosi closed down our government so as to take no action to open up the peoples lands to oil drilling.
It is disappointing that the editors at WSJ could let this to print while not even mentioning ethanol corruption and that the artificial demand destroying 40% of the corn crop has on prices and therefore land values.
China stop the food to ethanol corruption and puts a national priority on natural gas to displace imported oil not reduce coal consumption.
Liam is a good journalist. So maybe the editors took it out.