The most important indicator about the state of the
economy that I’ve seen recently is this morning’s piece
on Sunday morning on America’s Historic Houses –
where many of them have so much debt that they are
going to have to close. There are 12 000 of them so
there’s too much to be save by angels:
4 milion on Mark Twain’s house
a million and a half here and a million there.
How did this happen? It would seem that the managers
of these places believed in the enhanced value of their
real estate – and felt the pressure on managers to
maximize the value of their property, and so borrowed
on their equity. Like so many home-owners.
If one wants to talk about the financial world and
“main street” how’s this for a clear case — the American
Heritage going down the drain.