They are not going to use COH if their operational expeditures aren't being covered. I doubt Disney has enough COH to cover ALL its operational expenses PLUS major capital improvements. COH is used by large companies to secure and pay short term loans...they use the loans for their expenditures. This is to insure they have COH.
The Imagineers' salary technically isn't "money upfront." That money would have been paid to them if they worked on a different project altogether (though I understand Disney does include that salary as part of a project's costs). That falls under the operational budget. The banks aren't lending money to each other, as a result those banks aren't lending money to clients...Disney included. This is the main reason we are in this financial meltdown. The banks don't trust each other so they aren't lending out their money. To ANYONE! I don't know why you are having a hard time grasping this fact. The bailout is intended to alleviate the banks' concerns so they will start lending again. The bailout was necessary in the eyes of the banks, because from my understanding they were going to freeze consumer credit next (i.e., not only would you not be able to get new credit cards, you wouldn't even be able to charge on the ones you have now).
Those were short-term crisis, and we are in a much more global economy now, which is being severely affected. Disney didn't survive the earlier meltdowns because of their capital improvements...they survived because the economy got better. And as others have pointed out, the company was on the verge of a hostile takeover because of those decisions. If people don't have money to travel, exactly how is a new attraction going to bring in new guests?
You seem more delusional than optimistic. The economic crisis is very real...just look at the stock market today. If you have a 401(k) just take a look at it...I'll bet it's been decimated. I'm fortunate that it hasn't affected me much...I'm young enough that I can rebuild my 401(k). But if it doesn't come under control, people aren't going to be sitting around here arguing about what Disney will build next...rather they'll be hoping they can keep their job.