Wall Street Sodbusters

Jim Hightower

Jim Hightower Author, Commentator, America’s Number One Populist

I love the names: Bobcat Farm, Golden Eagle Ranch, Long Prairie, Ten Mile Farm. They conjure up Americana, the old homestead, and our rich rural culture.

Less bucolic, however, is the fact that all those farms are part of a massive Wall Street investment scheme called Farmland Partners Inc. It’s run by a couple of slicks trained in mergers and acquisitions as executives at the investment powerhouse Merrill Lynch.

Rather than sodbusters, Farmland Partners are taxbusters. They’re using a legalistic plow called the Real Estate Investment Trust, or REIT, to get enormous tax breaks to subsidize their scheme.

With this special subsidy, the partners have attracted hundreds of millions of dollars from investors to buy up farms and ranches. They now own 295 farm properties covering 144,000 acres in 16 states.

Of course, the Wall Street plowboys don’t soil their own soft hands by actually farming. No, no — the syndicate hires tenant farmers to do the sweaty work of plowing, planting, and nurturing the crops.

This tenant system produces a double-line cash flow for the faraway owners. Farmland Partners charges the tenants rent for tilling the corporate soil, then they harvest a sweet share of any profits from the sale of crops the tenants produce.

Meanwhile, the young farmers America desperately needs — those who actually want to, you know, farm — are having a hard time finding affordable land to get started. This new generation of farmers can easily be out-bid for good land by Wall Street speculators who have the cash flow from tenants and the subsidy from taxpayers to underwrite their financial contrivance.

To prevent the money schemers from literally walling off young farmers, and to fight this insidious Wall Street takeover of agriculture, connect with www.YoungFarmers.org.

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Reposted from Our Future.

National radio commentator, writer, public speaker, and author of the book, Swim Against The Current: Even A Dead Fish Can Go With The Flow, Jim Hightower has spent three decades battling the Powers That Be on behalf of the Powers That Ought To Be – consumers, working families, environmentalists, small businesses, and just-plain-folks. Twice elected Texas Agriculture Commissioner, Hightower believes that the true political spectrum is not right to left but top to bottom, and he has become a leading national voice for the 80 percent of the public who no longer find themselves within shouting distance of the Washington and Wall Street powers at the top. He publishes a populist political newsletter, “The Hightower Lowdown.” He is a New York Times best-selling author, and has written seven books including, Thieves In High Places: They’ve Stolen Our Country And It’s Time To Take It Back; If the Gods Had Meant Us To Vote They Would Have Given Us Candidates; and There’s Nothing In the Middle Of the Road But Yellow Stripes and Dead Armadillos. His newspaper column is distributed nationally by Creators Syndicate.

Posted In: Allied Approaches, From Jim Hightower

Union Matters

Get to Know AFL-CIO's Affiliates: National Association of Letter Carriers

From the AFL-CIO

Next up in our series that takes a deeper look at each of our affiliates is the National Association of Letter Carriers.

Name of Union: National Association of Letter Carriers (NALC)

Mission: To unite fraternally all city letter carriers employed by the U.S. Postal Service for their mutual benefit; to obtain and secure rights as employees of the USPS and to strive at all times to promote the safety and the welfare of every member; to strive for the constant improvement of the Postal Service; and for other purposes. NALC is a single-craft union and is the sole collective-bargaining agent for city letter carriers.

Current Leadership of Union: Fredric V. Rolando serves as president of NALC, after being sworn in as the union's 18th president in 2009. Rolando began his career as a letter carrier in 1978 in South Miami before moving to Sarasota in 1984. He was elected president of Branch 2148 in 1988 and served in that role until 1999. In the ensuing years, he worked in various roles for NALC before winning his election as a national officer in 2002, when he was elected director of city delivery. In 2006, he won election as executive vice president. Rolando was re-elected as NALC president in 2010, 2014 and 2018.

Brian Renfroe serves as executive vice president, Lew Drass as vice president, Nicole Rhine as secretary-treasurer, Paul Barner as assistant secretary-treasurer, Christopher Jackson as director of city delivery, Manuel L. Peralta Jr. as director of safety and health, Dan Toth as director of retired members, Stephanie Stewart as director of the Health Benefit Plan and James W. “Jim” Yates as director of life insurance.

Number of Members: 291,000 active and retired letter carriers.

Members Work As: City letter carriers.

Industries Represented: The United States Postal Service.

History: In 1794, the first letter carriers were appointed by Congress as the implementation of the new U.S. Constitution was being put into effect. By the time of the Civil War, free delivery of city mail was established and letter carriers successfully concluded a campaign for the eight-hour workday in 1888. The next year, letter carriers came together in Milwaukee and the National Association of Letter Carriers was formed.

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There is Dignity in All Work

There is Dignity in All Work