Gentlemen,
The laws of unregulated economics are inviolate over the long haul. The market will self-correct and some courses will either have to renegotiate their loans, sell out to a new owner or throw the keys back to the bank. It is as simple as that.
Adam - who is an unbelievably savvy investor - hit it spot on perfect. All these idiotic golf courses (read: Jack and Rees) that depend on the aerial game - and whose green complex configurations are not elastic enough to remain playable with less water and maintenance - are going to have to be changed. The future might be very bright indeed for the Neal Meagher, Forse, DeVries and Eckenrodes of the world. A cottage industry will inevitably spring up biased towards smart, quick redesign experts who can affordably rearrange golf courses burdened by the indulgent excesses of owners and architects with bulbous egos. We know the type, "Open Doctors" who forgot that somebody has to actually play their golf courses - not just look at them with awe and fear on the other side of the ropes.
Things will sort themselves out and hopefully when the nation recovers from this hideous funk, everyone in golf will be forced back to Earth with rational green fees, club dues and affordable equipment. I'm not sure how a golf boom in China will effect the industry; will they become new customers or competitors? In any event, the game will survive and probably emerge with a far stronger underpinning than the floating Hindenburg all these high priced disasters were based upon.