Financial 411: Cultural Institutions in a Struggling Economy

The American Folk Art Museum in Manhattan can't pay its debts, and is struggling to survive. It's one of many cultural institutions facing challenges in a tough economy when it comes to getting access to credit.

The museum opened just a few doors down from the Museum of Modern Art in 2001, and because of revenue troubles, it's in the middle of trying to renegotiate $32 million in bonds that were used to finance the building.

The New York Times reported this story in detail on Monday. Reporter Katie Taylor joins WNYC's Amy Eddings to talk more about the American Folk Art Museum, and how other cultural organizations in New York are faring in the current economy.