Rob, those are all good questions, and I think that the answers are all of the above, depending on where the question is asked, geographically.
But, I think the times will cause the general trend to be a contraction, back to fewer start-up golf development projects, and falling back on operating those courses that can somehow stay viable through conservation measures in these coming difficult times.
I think it will be a while before we see an era of golf course operations expansion. But, let's hope it is a shorter cycle than it now appears, and that whatever lessons are applicable to surviving these times will be learned and retained for a long while.