Thanks guys. I sort of suspected that this was the case, but I was hoping that "The Bernank" was rising above political convenience with his "it is a myth that we're printing money to fund QE2" (paraphrased) statement on 60 Minutes. My second and third mistakes were thinking that the show's audience was a little more sophisticated, and that if it was a droll "depending on what the meaning of the word 'is' is" assertion, that the press might have called him on it.
Jud- it is a rather common, natural occurence that when the shit hits the fan, it will eventually run out of the foul stuff and start blowing cleaner air. During Medieval times, bleeding very sick patients was common, no doubt because the best medical minds of that time knew no better and some patients survived despite the abuse. Might the current improvements you perceive have more to do with this than the Fed's printing more money out of thin air?
This thread and others of its type have helped me crystallize something that I learned through the school of hard knocks. Investing in a declining industry such as golf is for the brave of heart. I now understand why management companies are happy to earn a fee, but shy away from long term leases or outright purchase of a course even in an upscale market at 30-40% or replacement cost. As much as we laud and appreciate the work of golf course architects on this site, we may come to accord the same respect to the surperintendent, general manager, and cost accountant in the future.