There are all kinds of mixed farms, but I'm saying if you separate the residual claimants to land, labour, and capital, the labour resource doesn't get anything in the end. In the beef sector, the feedlots and the backgrounders will eventually adjust, and there will be a beef industry. It will be a reduced beef industry, no doubt, but the cow-calf producers will be the ones at the end of the chain who will suffer most of the losses. Similarly, the pig producers who have the sow and weanling operations will suffer most of the losses.
On February 14th, 2008. See this statement in context.