To gild refined gold, to paint the lily, To throw a perfume on the violet, ….
This post started while researching swimming pools, one thing led to another and I was at San Simeon. This pool room must have been a magical place to experience. Upon further investigation I was reminded of the Stock Market Crash of 1929....
The Hearst news empire reached a circulation and revenue peak about 1928, but the economic collapse of the Great Depression (triggered by the Wall Street Crash of 1929) and the vast over-extension of his empire cost him control of his holdings. It is unlikely that the newspapers ever paid their own way; mining, ranching and forestry provided whatever dividends the Hearst Corporation paid out. When the collapse came, all Hearst properties were hit hard, but none more so than the papers; adding to the burden were the Chief's now-conservative politics, increasingly at odds with those of his readers. the. Unable to service its existing debts, Hearst Corporation faced a court-mandated reorganization in 1937.
From this point, Hearst was just another employee, subject to the directives of an outside manager. Newspapers and other properties were liquidated, the film company ( guess who starred in movies there ? )shut down; there was even a well-publicized sale of art and antiquities.
The Hearst Corporation continues to this day as a large, privately held media conglomerate based in New York City.
I mean since the whole theory is "it is a trickle down economy", if it stinks at the bottom, won't that TRICKLE RIGHT BACK UP ?