Livestock Organizations Outraged Over Agriculture Secretary's Comments on Using USDA Loans for Ethanol Companies

It's almost unbelievable that Agriculture Secretary Ed Schafer said recently that he is considering using USDA loans to bailout the horribly run ethanol companies which are already pillaging taxpayer dollars in order to even launch or survive.

Now the reason they are whining for more money is they invested in corn futures. What are they doing investing in corn futures? They simply don't care.

In an extraordinarily stupid statement, Schafer said they "got away from their focus on producing ethanol and started speculating in the commodity markets. It's hurt them."

I can't think of anything more criminalizing than that statement. Now the Agriculture Secretary wants to do his part be bailing out the dubious corn-based ethanol industry? I don't think so.

The industry is worthless and a huge mistake. It's past time to abandon it, drop all subsidies, and let them all go out of business. It's already starting to happen, and it needs to be put to rest now.

To even consider helping these screwballs by offering them loans to cover their speculation in corn futures is outrageous at least, and potentially criminal.

U.S. Agriculture Secretary Ed Schafer Says No Change in Biofuels Policy

The criticism and impact of the biofuels policy in the U.S. and Europe is causing food riots and protests across the world, as the prices of food surge; mostly on the continuing price increases of corn.

For U.S. Agriculture Secretary Ed Schafer to say there will be no shift in the subsidy of corn in the U.S. and it will be business as usual with ethanol, is irresponsible at least, and, as some are calling it, "a crime against humanity."

In the U.S. alone, ethanol is expected to consume about 25 percent of the corn crop, which is estimated at 13.1 bushels this year.

Now the uncertainty of heavy rains in respect to planting season, leaves no room for error in the U.S. If anything comes along to disrupt the season, corn prices would go through the roof. They're already expected to continue rising throughout 2008.

Investors in Pilgrim's Pride Corp (NYSE:PPC) were ecstatic this week, as the company announced they were cutting production based on high feed costs for the second time in the last 30 days. The reduced supply will cause meat prices to go up, adding to the other effects of corn on the market.

It's possible that the entry of goverments into the biofuels business may be one of the most obivous and public mistakes they've made.

Not too long ago, after 30 million deaths in Africa, DDT was finally reintroduced into the continent to battle mosquitos, which spread malaria to the inhabitants. It was done very quietly, as not to reveal the outrageous results and consequences of another irresponsible government program.