For more information about the Logger's Expo please see our previous post.
Wednesday, May 21, 2008
2008 Northeastern Forest Products Equipment Expo
Ken Buzzell, Senior Vice President, presents Joel Currier of Danville Vermont with the Stihl chainsaw Joel won at the 2008 Loggers' Expo in Essex Junction, Vt.
For more information about the Logger's Expo please see our previous post.
For more information about the Logger's Expo please see our previous post.
Tuesday, May 20, 2008
NH 4-H Golf Tournament
The annual NH 4-H Foundation Golf Tournament was held on Friday, May 16 at Canterbury Woods Country Club in Durham, NH. The newly-renamed Tom Fairchild Golf Tournament, Friend of NH 4-H is open to all from beginning golfer to fine tuned player. The Foundation was hoping to raise $30,000 this year from the golf event. Yankee is a bronze sponsor of the annual event and sent a team of four golfers: Tom St. Pierre and Chuck Custeau, Loan Officers from the St. Albans office; Lisa Wener, Accounting Assistant from the Williston office; and Lisa Young, Records and Tax Specialist also from Williston. You may learn more about the golf tournament and auction by visiting the 4-H golf tournament Web site.
UPDATE: The Yankee golfers:
UPDATE: The plaque given to Yankee:
UPDATE: The Yankee golfers:
UPDATE: The plaque given to Yankee:
Emergency Agricultural Relief Act
On May 15th the Senate Appropriations Committee approved the Emergency Agricultural Relief Act (EARA). You may recall that Yankee Farm Credit has long supported the AgJOBS legislation. AgJOBS was included in comprehensive immigration reform legislation which was proposed last year but failed to pass the Senate. The EARA is basically "AgJOBS Lite." The main difference is that while AgJOBS provided a path to eventual citizenship, the EARA does not. The purpose of EARA is to provide temporary relief for a five year period, to give Congress time to work out more comprehensive immigration reform. Yankee Farm Credit supports the EARA.
The EARA may come up for a vote in the full Senate within the next few days. You can support the EARA by using the web site http://www.saveusfarms.org/ to send e-mail to your Senators.
UPDATE 5/21/08: The EARA was removed from the Senate Iraq War Supplemental funding bill at the request of Senator Robert Menendez (D-NJ). Sen. Menendez favors comprehensive immigration reform, and opposes targeted legislation such as the EARA.
The EARA may come up for a vote in the full Senate within the next few days. You can support the EARA by using the web site http://www.saveusfarms.org/ to send e-mail to your Senators.
UPDATE 5/21/08: The EARA was removed from the Senate Iraq War Supplemental funding bill at the request of Senator Robert Menendez (D-NJ). Sen. Menendez favors comprehensive immigration reform, and opposes targeted legislation such as the EARA.
Monday, May 19, 2008
CoBank Fly-In
On May 7th Yankee Chairperson Paul Doton and I participated in the annual CoBank Washington Fly-In.
We visited the following people:
At the time of our visit, no legislative issues affecting Farm Credit or our customers were "in play." (The Farm Bill was largely settled; a conference agreement was announced on May 8th.) Paul and I expressed our thanks for past support of Farm Credit and agriculture, and we reminded everyone that immigration issues are important to our members and are still unresolved by Congress. We also handed out copies of the recently published 2007 Northeast Dairy Farm Summary.
UPDATE: Received this photo from Congressman Welch's office:
UPDATE 6/25/09: I had Sen. Sununu's name wrong before. Fixed now.
We visited the following people:
- Congressman Peter Welch and his ag staffer, Claire Benjamin
- Brian Baenig in Senator Leahy's office
- Jeff Weaver and Janko Mitric in Senator Sanders' office
- Scott Eckel in Senator Sununu's office
- Vanessa Green in Senator Gregg's office (and we briefly met Sen. Gregg)
- Mike Holland in Congressman Hughes' office
At the time of our visit, no legislative issues affecting Farm Credit or our customers were "in play." (The Farm Bill was largely settled; a conference agreement was announced on May 8th.) Paul and I expressed our thanks for past support of Farm Credit and agriculture, and we reminded everyone that immigration issues are important to our members and are still unresolved by Congress. We also handed out copies of the recently published 2007 Northeast Dairy Farm Summary.
UPDATE: Received this photo from Congressman Welch's office:
UPDATE 6/25/09: I had Sen. Sununu's name wrong before. Fixed now.
Thursday, May 15, 2008
Earthquake in China
A terrible earthquake hit southwestern China on May 12. Over 20,000 are confirmed dead, and tens of thousands are missing. Our hearts go out to those afflicted by this tragedy. Our best wishes go to the Chinese people as they search for survivors, provide aid to the injured and homeless, and rebuild from this natural disaster.
If you wish to make a donation to help with recovery efforts, the American Red Cross can channel donations to the Red Cross Society of China. This article from the Wall Street Journal discusses how relief efforts work in China.
Several people have asked if I visited this part of China last fall. The answer is no. I visited northeast China, while the earthquake was in southwest China. The closest I got to the quake area was Jinan (capital of the Shandong province), about 850 miles away from the epicenter near Chengdu (capital of the Sichuan province). (distance calculator)
Click here for maps of where I visited in China (click on either map to enlarge).
UPDATE: Changed "central" to "southwestern." See comments. Over 32,000 confirmed dead (5/18).
If you wish to make a donation to help with recovery efforts, the American Red Cross can channel donations to the Red Cross Society of China. This article from the Wall Street Journal discusses how relief efforts work in China.
Several people have asked if I visited this part of China last fall. The answer is no. I visited northeast China, while the earthquake was in southwest China. The closest I got to the quake area was Jinan (capital of the Shandong province), about 850 miles away from the epicenter near Chengdu (capital of the Sichuan province). (distance calculator)
Click here for maps of where I visited in China (click on either map to enlarge).
UPDATE: Changed "central" to "southwestern." See comments. Over 32,000 confirmed dead (5/18).
Farm Bill
The Farm Bill has been passed by veto-proof majorities of both houses of Congress.
This web site is a good source of information about the Farm Bill, with both summary and detailed information. Concerning dairy farmers, the MILC Program has been extended and modified slightly. One significant modification is that the $16.94 amount used for payment calculations will now be adjusted for changes in feed costs. Details can be found in the Conference Report on p. 75.
The HORIZONS provisions that Farm Credit sought last year are not included in the Farm Bill.
UPDATE 6/04/08: The University of Wisconsin has a good summary of the dairy provisions in the Farm Bill (PDF, 17 pages).
This web site is a good source of information about the Farm Bill, with both summary and detailed information. Concerning dairy farmers, the MILC Program has been extended and modified slightly. One significant modification is that the $16.94 amount used for payment calculations will now be adjusted for changes in feed costs. Details can be found in the Conference Report on p. 75.
The HORIZONS provisions that Farm Credit sought last year are not included in the Farm Bill.
UPDATE 6/04/08: The University of Wisconsin has a good summary of the dairy provisions in the Farm Bill (PDF, 17 pages).
Wednesday, May 14, 2008
Northeast Kingdom Dairy Farmers Group
The Northeast Kingdom Dairy Farmers Group has published their May newsletter. Following is an excerpt from the newsletter: Come join the group on Thursday May 22nd from 10:00 AM - 12:00 PM at Jasper Hill Farm in Greensboro, VT for a tour and some discussion about making your own product. The Kehler family has been kind enough to let us visit their farm. Jasper Hill Farm is home to a herd of Ayshire cows that have become quite famous for their cheese! Come join us for a tour of the farm and some discussion about how the Kehler family found their niche.
Then stick with the group from 1:00 PM – 3:00 PM and travel to the Vermont Milk Company in Hardwick, VT. In 2006 the Vermont Milk Company opened its doors in Hardwick, VT. Today the company has a line of dairy products made fresh from Vermont milk. Their line includes cheddar cheese, cheese curds, and both hard and soft ice cream. Join the group for a tour and learn more about this home grown company.
Please bring your own lunch or be prepared to stop. There are a few options in Hardwick.
Please RSVP for the May meeting by May 21, 2008. Contact your local planning committee member or Kelly Langmaid at 802-334-8050 (work); 802-535-5506 (cell).
The Planning Committee
Marcy Guillette – Dairy Farmer
Colleen Leonard – UVM Extension
Meghan Dubois – Farm Service Agency
Jessie Davignon – Poulin Grain
Kelly Langmaid – Yankee Farm Credit
Then stick with the group from 1:00 PM – 3:00 PM and travel to the Vermont Milk Company in Hardwick, VT. In 2006 the Vermont Milk Company opened its doors in Hardwick, VT. Today the company has a line of dairy products made fresh from Vermont milk. Their line includes cheddar cheese, cheese curds, and both hard and soft ice cream. Join the group for a tour and learn more about this home grown company.
Please bring your own lunch or be prepared to stop. There are a few options in Hardwick.
Please RSVP for the May meeting by May 21, 2008. Contact your local planning committee member or Kelly Langmaid at 802-334-8050 (work); 802-535-5506 (cell).
The Planning Committee
Marcy Guillette – Dairy Farmer
Colleen Leonard – UVM Extension
Meghan Dubois – Farm Service Agency
Jessie Davignon – Poulin Grain
Kelly Langmaid – Yankee Farm Credit
2008 Northeastern Forest Products Equipment Expo
The 2008 Northeastern Forest Products Equipment Expo was held May 9 and 10, at the Champlain Valley Exposition Center in Essex Junction, Vt. The annual event was a huge success with heavy turnout of both exhibitors and attendees.
This well-run expo, sponsored by the Northeastern Loggers' Association (NELA), draws approximately 6,000 attendees from throughout the entire Northeast and Canada, from loggers and landowners to sawmill operators, all interested in an up-close look at the industry's latest big equipment and machinery or attending several informative seminars.
Yankee joined forces with other northeastern Farm Credit Associations to sponsor the annual Loggers' Expo banquet and Lake Champlain dinner cruise on Thursday evening as the show's kick-off. This is Farm Credit's fourth consecutive year sponsoring the banquet as our way to help support the vital forest products industry. Our staff also enjoyed spending time with customers and friends and watching several Vermont representatives take home prestigious NELA awards, including Ronald Lamell, Sr., of Lamell Lumber in Essex Junction, who earned the Outstanding Sawmill Operator award; Ed Larson, Vermont Forest Products Association from Montpelier, who won the Outstanding Leadership in Industry award; and Pete Wimmelman, of Wimmelman and Son Logging and Tree Service in Wilmington, who won recognition as the "Outstanding Logging Operator of the Year."
Several Yankee employees staffed our booth, including Middlebury's Ken Button; Mike Farmer, Chuck Custeau and Tom St. Pierre from our St. Albans office; Newport's Ken Buzzell and Loren Petzoldt; and Bill Heath and Jeff Temple from our White River Junction office.
Mike Farmer and his staff drew the lucky winner of our drawing for a STIHL® MS 361 chainsaw, which more than 750 attendees signed up for. The winner was Joel Currier, a sawmill operator from of Danville, Vt. Ken Buzzell, of the Newport office, covers that territory and will deliver the prize to Joel.
Next year the show will return to Bass Park in Bangor, Maine, May 1 and 2, 2009.
This well-run expo, sponsored by the Northeastern Loggers' Association (NELA), draws approximately 6,000 attendees from throughout the entire Northeast and Canada, from loggers and landowners to sawmill operators, all interested in an up-close look at the industry's latest big equipment and machinery or attending several informative seminars.
Yankee joined forces with other northeastern Farm Credit Associations to sponsor the annual Loggers' Expo banquet and Lake Champlain dinner cruise on Thursday evening as the show's kick-off. This is Farm Credit's fourth consecutive year sponsoring the banquet as our way to help support the vital forest products industry. Our staff also enjoyed spending time with customers and friends and watching several Vermont representatives take home prestigious NELA awards, including Ronald Lamell, Sr., of Lamell Lumber in Essex Junction, who earned the Outstanding Sawmill Operator award; Ed Larson, Vermont Forest Products Association from Montpelier, who won the Outstanding Leadership in Industry award; and Pete Wimmelman, of Wimmelman and Son Logging and Tree Service in Wilmington, who won recognition as the "Outstanding Logging Operator of the Year."
Several Yankee employees staffed our booth, including Middlebury's Ken Button; Mike Farmer, Chuck Custeau and Tom St. Pierre from our St. Albans office; Newport's Ken Buzzell and Loren Petzoldt; and Bill Heath and Jeff Temple from our White River Junction office.
Mike Farmer and his staff drew the lucky winner of our drawing for a STIHL® MS 361 chainsaw, which more than 750 attendees signed up for. The winner was Joel Currier, a sawmill operator from of Danville, Vt. Ken Buzzell, of the Newport office, covers that territory and will deliver the prize to Joel.
Next year the show will return to Bass Park in Bangor, Maine, May 1 and 2, 2009.
Tuesday, May 13, 2008
Farm Credit Fellows
The following Farm Credit Fellows will be spending a week in one of Yankee's offices:
Andrew Birch, UVM student, in Middlebury 8/18 - 8/22
Coral Kent-Dennis, UVM student, in Newport 8/18 - 8/22
Asa Manning, UVM student, in White River Jct. 8/18 - 8/22
Andrew Wood, UVM student, in St. Albans 7/28 - 8/1
Daniel Lyons, University of Maine student, in St. Albans 8/25 - 8/29
Kelly Langmaid, loan officer from the Newport office, is responsible for scheduling and follow-up for all Farm Credit Fellows. There are 25 Farm Credit Fellows this year, and each one does a one-week internship in an office of one of the four northeast Farm Credit associations. Kelly matches up the Fellows and their host offices, and she follows up with a survey after the internships. For more information about the Farm Credit Fellows program please e-mail Kelly. This earlier post also has additional information about the program.
Andrew Birch, UVM student, in Middlebury 8/18 - 8/22
Coral Kent-Dennis, UVM student, in Newport 8/18 - 8/22
Asa Manning, UVM student, in White River Jct. 8/18 - 8/22
Andrew Wood, UVM student, in St. Albans 7/28 - 8/1
Daniel Lyons, University of Maine student, in St. Albans 8/25 - 8/29
Kelly Langmaid, loan officer from the Newport office, is responsible for scheduling and follow-up for all Farm Credit Fellows. There are 25 Farm Credit Fellows this year, and each one does a one-week internship in an office of one of the four northeast Farm Credit associations. Kelly matches up the Fellows and their host offices, and she follows up with a survey after the internships. For more information about the Farm Credit Fellows program please e-mail Kelly. This earlier post also has additional information about the program.
Sunday, May 11, 2008
The Forgotten Potash Economy
The first agricultural product in Yankee's territory that was sold for money was probably potash. I mentioned this briefly in my column for the Summer 2007 issue of Financial Partner magazine.
In that column, I called potash "America's first industrial chemical," because it was used in making so many products, including soap, glass, dyes and gunpowder. I admit that I did not coin that phrase. I borrowed that phrase from an online article by Dr. Henry M. Paynter titled "The First Patent."
Dr. Paynter was an emeritus professor of mechanical engineering at MIT who retired to Pittsford, Vermont, in 1985 and died at his home there in 2002. (obituary)
In his retirement, Dr. Paynter became interested in the history of the first patent issued by the U.S. Patent Office in 1790 to Samuel Hopkins for an improved process for making potash. For many years it was thought that the Samuel Hopkins who received the first patent was a farmer by that name who lived in Pittsford, Vermont. Indeed, I think there is still a historical marker in Pittsford to that effect. (Photo here; scroll down.) Alas, it was recently discovered that the real Samuel Hopkins of Patent No. 1 fame lived in Philadelphia, not Pittsford, Vermont.
In any event, the potash industry had a significant influence on the economy of the American colonies and the young United States until around the time of the Civil War. It is a chapter of our history now largely forgotten. Dr. Paynter's article "The First Patent" is an excellent account of the major influence that potash once had, and I highly recommend reading it.
One can still see cast iron potash kettles around the countryside. Below are two that are still in my family. They were used for watering livestock when I was growing up on the farm.
The agricultural economy in Yankee's territory has had three major eras: the potash era, the sheep era, and the present dairy era. Other agricultural products have also been important, more or less so at various times, including: wheat, beef, potatoes, apples, timber, maple syrup and the Morgan horse. What does the future hold? Will the agricultural economy of the future include carbon credits? Nanotechnology? No one knows. Hang on for the ride, it is certain to be an exciting adventure!
In that column, I called potash "America's first industrial chemical," because it was used in making so many products, including soap, glass, dyes and gunpowder. I admit that I did not coin that phrase. I borrowed that phrase from an online article by Dr. Henry M. Paynter titled "The First Patent."
Dr. Paynter was an emeritus professor of mechanical engineering at MIT who retired to Pittsford, Vermont, in 1985 and died at his home there in 2002. (obituary)
In his retirement, Dr. Paynter became interested in the history of the first patent issued by the U.S. Patent Office in 1790 to Samuel Hopkins for an improved process for making potash. For many years it was thought that the Samuel Hopkins who received the first patent was a farmer by that name who lived in Pittsford, Vermont. Indeed, I think there is still a historical marker in Pittsford to that effect. (Photo here; scroll down.) Alas, it was recently discovered that the real Samuel Hopkins of Patent No. 1 fame lived in Philadelphia, not Pittsford, Vermont.
In any event, the potash industry had a significant influence on the economy of the American colonies and the young United States until around the time of the Civil War. It is a chapter of our history now largely forgotten. Dr. Paynter's article "The First Patent" is an excellent account of the major influence that potash once had, and I highly recommend reading it.
One can still see cast iron potash kettles around the countryside. Below are two that are still in my family. They were used for watering livestock when I was growing up on the farm.
The agricultural economy in Yankee's territory has had three major eras: the potash era, the sheep era, and the present dairy era. Other agricultural products have also been important, more or less so at various times, including: wheat, beef, potatoes, apples, timber, maple syrup and the Morgan horse. What does the future hold? Will the agricultural economy of the future include carbon credits? Nanotechnology? No one knows. Hang on for the ride, it is certain to be an exciting adventure!
Thursday, May 8, 2008
Introducing Rob Guay
I am pleased to announce that Robert (Rob) Guay of Mooers, NY has joined Yankee Farm Credit as an Appraisal Analyst in our Chazy, NY office. Rob began working part-time on May 8th and will be full-time by the end of June. He reports to Chief Appraiser Geoff Yates.
Rob grew up on his parents' farm in Mooers and graduated from Ithaca College in 2004 with a degree in politics. (His senior thesis was on international agricultural trade policies.) Since college, Rob has owned and managed a small landscaping business. He also recently completed a temporary assignment with the Clinton County Soil and Water Conservation District as an environmental health aide, interviewing farmers about environmental management practices, and writing reports.
Welcome, Rob!
Rob grew up on his parents' farm in Mooers and graduated from Ithaca College in 2004 with a degree in politics. (His senior thesis was on international agricultural trade policies.) Since college, Rob has owned and managed a small landscaping business. He also recently completed a temporary assignment with the Clinton County Soil and Water Conservation District as an environmental health aide, interviewing farmers about environmental management practices, and writing reports.
Welcome, Rob!
Tuesday, May 6, 2008
Understanding the Credit Crisis
Two takes on the causes of the current credit crisis:
David Leonhardt had a column in the New York Times on 3/19/08 titled "Can't Grasp the Credit Crisis? Join the Club." It is good reading. The main message is that leverage can magnify risk in one small corner of the financial markets (e.g., subprime mortgages) into risk for major financial institutions (e.g., Bear Stearns).
Ben Stein had a column in the New York Times on 4/27/08 titled "Wall Street, Run Amok." (Ben Stein gave a lecture at UVM on 4/22/08.) Mr. Stein summarized a talk given by David Einhorn on 4/08/08 titled "Private Profits and Socialized Risk." Mr. Einhorn is the manager of Greenlight Capital, a hedge fund. Mr. Einhorn blamed the current credit crisis on: undue reliance on mathematical models; the rating agencies; and especially rules issued by the Securities and Exchange Commission in 2004 that allowed broker-dealers, such as Bear Stearns, to take on more risk. Both the Stein overview and the Einhorn detailed discussion are good reading.
Thank you to Ken Buzzell and Rocki-Lee DeWitt for bringing these columns to my attention.
David Leonhardt had a column in the New York Times on 3/19/08 titled "Can't Grasp the Credit Crisis? Join the Club." It is good reading. The main message is that leverage can magnify risk in one small corner of the financial markets (e.g., subprime mortgages) into risk for major financial institutions (e.g., Bear Stearns).
Ben Stein had a column in the New York Times on 4/27/08 titled "Wall Street, Run Amok." (Ben Stein gave a lecture at UVM on 4/22/08.) Mr. Stein summarized a talk given by David Einhorn on 4/08/08 titled "Private Profits and Socialized Risk." Mr. Einhorn is the manager of Greenlight Capital, a hedge fund. Mr. Einhorn blamed the current credit crisis on: undue reliance on mathematical models; the rating agencies; and especially rules issued by the Securities and Exchange Commission in 2004 that allowed broker-dealers, such as Bear Stearns, to take on more risk. Both the Stein overview and the Einhorn detailed discussion are good reading.
Thank you to Ken Buzzell and Rocki-Lee DeWitt for bringing these columns to my attention.
Monday, May 5, 2008
Farewell to Chris Sickles
We wish a fond farewell to Chris Sickles, senior credit analyst, from the Middlebury office. Chris has been with Yankee since 1990.
Chris - thanks for all your terrific customer service over the years. Best of luck in your new pursuits, we'll miss you!
Chris - thanks for all your terrific customer service over the years. Best of luck in your new pursuits, we'll miss you!
Thursday, May 1, 2008
Biker Lee Kayhart
Yankee Farm Credit member Lee Kayhart recently rediscovered the joys of bicycling. (Link may go bad after a month.) Lee recently returned from Arizona to Vermont. He brought his new bicycle with him, and rides it every day.
Lee, you are an inspiration to us all!
Lee, you are an inspiration to us all!
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