Since 1990, financial conditions have improved enormously in the US' agricultural sector. However, some financial warning signs are starting to flash in rural America to which bankers and farmers need to pay heed. The findings of a 1990 report, The Farm Credit System: Reckless Lender to Rural America, is summarized, and how farming's finances have improved since then is reviewed. The short-term outlook for the ag sector is discussed and the potential causes of another ag crisis is identified. Farmers, bankers, their trade associations, and others need to closely monitor financial conditions in the farm sector to prevent or reverse future public polity missteps that could cause a repeat of the 1970s and 1980s.