Department Of Agriculture To Bailout Big Ethanol?
The North Dakota Policy Council has news about the Department of Agriculture getting ready to bail out failing ethanol plants.
The U.S. Department of Agriculture may use its rural development money to assist ethanol plants that have suffered losses in the volatile corn futures markets, Agriculture Secretary Ed Schafer said Friday in Des Moines.
“Some plants are under pressure because they’ve been speculating on corn,” Schafer told reporters after speaking at the World Food Prize symposium breakfast.
Wait a minute. These ethanol got burned in the futures market? But…didn’t Byron Dorgan and the Democrats tell us that speculating is the devil? And now we’re bailing these companies out after they lost their shirts speculating?
I’m sure Dorgan and his fellow Democrats will be condemning this move any moment now.
