Category: literature

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Dyn-o-mite!

Horace Engdahl, permanent secretary of the Swedish Academy and the lead judge for the Nobel Prize for literature, believes American writers are small-minded boobs:

“The U.S. is too isolated, too insular. They don’t translate enough and don’t really participate in the big dialogue of literature,” Engdahl said. “That ignorance is restraining.”

Or waitasecond: he is a small-minded boob. My bad.

“You would think that the permanent secretary of an academy that pretends to wisdom but has historically overlooked Proust, Joyce, and Nabokov, to name just a few non-Nobelists, would spare us the categorical lectures,” said David Remnick, editor of The New Yorker.

“And if he looked harder at the American scene that he dwells on, he would see the vitality in the generation of Roth, Updike, and DeLillo, as well as in many younger writers, some of them sons and daughters of immigrants writing in their adopted English. None of these poor souls, old or young, seem ravaged by the horrors of Coca-Cola.”

Not that I give much of a crap about contemporary literature, American or furrin.

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Under the Sun

Barring a major investor jumping in during a time of financial panic, it looks like the Official Newspaper of Gil Roth will be shutting down in a week. How’s today’s Arts+ section looking?

  1. Victor Davis Hanson reviews Martin Creveld’s The Culture of War: “he presents himself as a Thucydidean”!
  2. Steven Nadler reviews Joel Kramer’s biography on the Great RaMBaM: “From Moses to Moses, there was no one like Moses”!
  3. Eric Ormsby reviews Fernandoz Baez’ history of the destruction of books: “Unlike Borges, who delighted in inventing titles which don’t exist (but should), Mr. Báez describes books and whole libraries that fell prey not only to fire and flood but to sheer human malevolence”. . .
  4. And speaking of Borges, Alberto Manguel reviews William Goldbloom Bloch’s The Unimaginable Mathematics of Borges’ Library of Babel: “Mr. Bloch notes in his preface that the ideal reader of his book is Umberto Eco”!?
  5. Paula Deitz writes up the Venice Biennale of Architecture: “Two different exhibitions featured walls of refrigerators as stand-ins for enclosed spaces”?!
  6. In a rare disappointment for me, it turned out that Valerie Gladstone’s Bacon and Rothko in London does not actually involve pork products: “‘What I find amazing,’ Mr. Gale said, ‘is that even after all the preparation for this exhibition, looking at Bacon’s paintings still makes my spine tingle. I never stop being overwhelmed.'”

And a bonus! This weekend, the New York Times wrote about the Sun’s plight! While it can’t be bothered to mention the Sun’s top-notch arts coverage until a passing ref. 6 paragraphs from the end — presumably because it puts the Times’ coverage to shame — it does manage to include a quote from a writer at The Nation who called the Sun “a paper that functions as a journalistic SWAT team against individuals and institutions seen as hostile to Israel and Jews”! Awesome! Now I can miss it even more. . .

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Market timing

Two anecdotes that help me make sense (of humor) out of the Lehman Bros. bankruptcy, the Merrill Lynch buyout, the Fannie/Freddie seizure, Bear Stearns debacle and all else:

1.

Around 1991, I walked into a local-ish comic store, as is my wont. As I was checking out, I noticed that the store had the first issue of Justice League International for sale at $20. It had come out in 1987 and I had a copy at home. A semi-impoverished college student, I figured I could use a few bucks, and asked if they were buying copies of that comic.

The clerk said, “No, man. We’ve got a whole box of that issue back in the storeroom.”

“Then why are you selling it for $20?” I asked.

“Because that’s what [The Guide] says it’s worth,” he told me.

Ah: [The Guide]. I don’t recall which price guide was in vogue back then, but I think that was the beginning of the era when comic magazines were publishing revised price guides on a monthly basis.

“But [The Guide] doesn’t make money selling copies of JLI #1,” I replied. “It makes money selling copies of [The Guide]. You oughtta put ‘HALF-OFF!’ signs up and I bet you could move the whole box pretty quickly.”

“But [The Guide] says they’re worth $20!”

“It’s only worth what you can get for it,” I said. Never let it be said I didn’t learn anything from my dad.

Mark to market. That’s why Lehman Bros. went into bankruptcy while Merrill Lynch managed to get itself bought.

2.

My next-door neighbor took his stockbroker exam in October 1987. This was three days before the Black Monday collapse, in which the Dow tanked 22%. He went on to work as a substitute teacher in our high school for the next several years.

In that spirit, congratulations to Slate, which launched its new business/finance site, The Big Money, yesterday.

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What It Is: 9/15/08

What I’m reading: The Long Goodbye, which I haven’t read since 1992. I gotta read more of Chandler’s stuff. For some reason, 9 of his novels are available for the Kindle. So . . . any suggestions? (Also, The Last Musketeer, by Jason, and still with Montaigne’s essays. . .)

What I’m listening to: Beck’s Modern Guilt. And REM’s “Ignoreland,” which shuffled up recently on my iPod and will probably be in heavy rotation through the election.

What I’m watching: Your mom. There. I’ve said it. (Amy had a pretty busy week, so we didn’t get around to finishing up the last season of The Wire. Two episodes left!)

What I’m drinking: Red Stripe! Hooray beer!

What Rufus is up to: Accidentally showing up at a greyhound meet & greet! The admin of the Greyhound Friends NJ list dropped our e-mail by accident, so we didn’t know that our local pet store was hosting an event on Saturday. Coincidentally, we took Rufus up there to buy his pet food (we could’ve done it without him, but he loves going to the store), and discovered 4 or 5 greyhounds & owners in the parking-lot. Rufus, of course, was very happy to make some new friends.

Where I’m going: To the GFNJ Annual Fall Picnic/Greyhound Planet Day on Sunday in Bridgewater, NJ! My pal/co-worker Jason & his wife are picking up their grey at the picnic, so we’ll find out if their girl gets along with Rufus before we set up a playdate.

What I’m happy about: Having a quiet weekend, between pretty busy weeks.

What I’m sad about: David Foster Wallace’s suicide, even though I hadn’t read a book of his in around 10 years. (I suppose this title is a bit ironic now.) Here’s a terrific appreciation of/meditation on DFW by David Gates. Gates & I talked about Wallace in our first conversation, c. 1996, when I called him through the Newsweek switchboard because I was bored at my office and thought maybe he’d be around and willing to shoot the breeze. He was. (UPDATE: Gates suggests I/we read Laura Miller’s DFW piece on Salon.) (UPDATE 2: Michael Bierut has a good post on DFW viewed through a design/marketing lens.)

What I’m pondering: How SiteMeter made so many poor decisions when it “upgraded” this weekend.

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Chronicle of a Death Footnoted

Condolences to the family of David Foster Wallace, after DFW hanged himself on Friday.

My brother-in-law’s sister killed herself last week, so I’ve spent a bunch of time in the last few days thinking about the frame of mind someone has to be in to commit that act and leave family/friends to pick up the pieces.

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Long-Term, my ass

I recently read When Genius Failed, Roger Lowenstein’s chronicle of the rise (1994) and collapse (1998) of Long-Term Capital Management, a hedge fund staffed by Harvard and MIT Ph.D.s. The LTCM team developed “risk management” models that would allow them fund to “vaccuum up nickels” in massive (leveraged) quantities. The formula worked for a while, until it didn’t, at which point people started to realize that LTCM was leveraged out the wazoo, and that the value of its derivatives bets was literally incalculable.

Once the bottom fell out, the Fed had to coordinate a bailout of LTCM by the world’s leading banks. Many of these banks were treated as doormats by LTCM during its meteoric rise. Trust me; it’s a really entertaining story that Mr. Lowenstein tells. As David Pflug, Chase’s head of global credit, put it, “You can overintellectualize those Greek letters [in LTCM’s formulae]. One Greek word that ought to be in there is hubris.”

Two major issues — beyond the failures of “risk management” — struck me while I read the book. For one thing, LTCM’s collapse was precipitated by a series of regional financial crises in 1997-98. The final straw came when Russia defaulted on its foreign bonds in order to pay workers at home. This means, “Russia welched on its worldwide obligations because it barely had money to keep its government afloat.” And this occurred only ten years ago. So if oil futures didn’t rise 1000% in the past few years, how brazen would Russia be right now? (and if they drop significantly, where will Russia end up?)

The third issue was that the behavior of LTCM and the major banks sounded remarkably familiar to our current mortgage-driven crisis (right down to Lehmann Bros. suffering rumors about its underfunding and impending collapse). The exotic derivatives, the incalculable, illiquid assets, the “too big to fail” mentality: this could be 1998 writ large! Had these financial genii — and many of the major players involved in the recent Bear Stearns collapse also figure into When Genius Fails — managed to ignore every lesson from LTCM’s failure?

Near the end of the book, Mr. Lowenstein wrote:

Permitting such losses to occur is what deters most people and institutions from taking imprudent risks. Now especially, after a decade of prosperity and buoyant financial markets, a reminder that foolishness carries a price would be no bad thing. Will investors in the next problem-child-to-be, having been lulled by the soft landing engineered for Long-Term, be counting on the Fed, too? On balance, the Fed’s decision to get involved — though understandable given the panicky condition of September 1998 — regrettably squandered a choice opportunity to send the markets a needed dose of discipline.

That’s why I was really gratified to open today’s NYTimes and discover that Mr. Lowenstein has a great essay on exactly that topic, “Long-Term Capital: It’s a Short-Term Memory”! He does a good job of explaining the issues without getting overly technical (one of the complaints others have had about his book).

Give it a read; I bet you’ll dig it. (And get irate, when you start reading about the Fannie Mae / Freddie Mac seizure. . .)