3 Here goes the museum of the American Heritage

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.

Posted by email from detropblogg’s posterous


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s