Yesterday I drove by my old golf club, the Turf Valley Country Club in Howard County, Maryland, for the first time in a couple of years. There used to be two beautiful 18-hole golf courses there. They’re both closed down and the entire expanse is engulfed in waist-high weeds. It’s a pitiful sight to a lifelong golfer like myself. And it’s all the fault of the Greenspan Fed.
In the middle of the Greenspan housing boom the owners of Turf Valley succumbed to the temptation of selling hundreds of $700,000 + houses in what, during one year of the boom, was the most affluent county in the entire U.S. So they got out of the golf business and planned to build all those McMansion$. Then came the Greenspan Depression. There doesn’t appear to be a single house built on the property.
