Economic collapse hits close to home

[nichomachus]

There is a major hotel project going on locally. A multi-year mega renovation of a Ritz Carlton resort in one of the wealthiest communities in the US (for 6 months out of the year) -- Rancho Mirage, CA. (Think the Annenbergs, Gerry Ford, Frank Sinatra -- you get the picture.)

This massive renovation project has been going on for well over a year now and still had a ways to go -- tons of money being spent.

Well, turns out it was all being financed by Lehman Bros. Today, all the construction workers at the site were told to go home. "We don't have any money," they were told, "and we don't know when we'll get any. Don't call us, we'll call you."

[MarkInCA]

1. Nahhhh, couldn't have happened...

The economy is fundamentally sound!

[Dreamer Tatum]

2. It'll be sold, and either finished or demolished

Though probably not very soon.

[MissMarple]

3. Ah huh, and sold for a loss.n/t

[hogwyld]

4. Maybe Rancho Mirage

can finish it since it's a wealthy community.

[nadinbrzezinski]

5. And so it begins,

this will spread like this before you know it, by christmas this will be a very different country