Gabriel Garcia Marquez’s novella Memories of My Melancholy Whores has been available in the Spanish-speaking world for about nine months, but it won’t available here until Oct. 25. The Book Standard already has a review up (which I believe is the Kirkus review), and it’s quite negative: “There is no indication – unless it is the word ‘melancholy’ in the title – that Garcia Marquez means his tale to be the parody of macho idiocy it appears to be. His hero ends revitalized and radiantly optimistic, while readers are left wondering, ‘Can he be serious?'”
Along with the New Yorker, the only magazine that I read regularly is Colors. Since it comes out every two months or so, spotting a new one on the newsstand is a real treat. Each issue is devoted to a specific theme, from the very broad like Water, to the very narrow; at one point an entire issue was devoted to a South American wood chopper named Rolando Trujillo. The new issue that I read today is all about the city of Birmingham, Engand. In typical Colors fashion, this issue combines the testimony of individuals with statistics and striking photography to give a surprisingly insightful picture of its subject. Colors is one of the few examples of putting the magazine medium to good use.Heard on the RadioThere was a quick review of The Kalahari Typing School for Men by Alexander McCall Smith on All Things Considered this afternoon. I've heard from several people that his series of books (this new one is the fourth) is worth reading. They are detective novels. The hero is a woman named Precious Ramotswe. The setting is Botswana. I'm told that this exotic locale sets these already charming stories apart. And since I have always loved stories set in faraway places, I hope to get around to this set sooner rather than later.
Looking for a Ship by John McPhee pulled me straight out of the vertigo that was The Corrections. After I read the review on The Millions, read how journalists interviewed in The New New Journalism discussed McPhee, and found a cheap used copy on Amazon, Looking for a Ship made it to the top of my reading list. I started the book on my way down to a wedding in Virginia and finished it on the way back. Looking for a Ship struck me as a very nostalgic piece, with romantic characters, and a simple, fluid style. For all Maqroll fans out there, Looking for a Ship is a good insight to the way of the sea, as well as the tradition that is the U.S. Merchant Marines. John McPhee discusses the decline of the U.S. Merchant Marine, the shifty economics of commercial shipping, and the hazards and wonders of Latin American ports with a journalist's matter-of-fact clarity and through the delicate eyes of an aging crew. The personal stories are heartwarming and interesting: sometimes they reflect on a sailor's love for the sea, at other times on his contempt and wish to be land-bound; they scrape off all romantic ideas of working on a ship and demonstrate the hard tasks - 145 degree engine rooms, being the lookout from 4AM to 8AM, working 16 to 20 hour days, union laws restricting time of employment and the difficulty of finding a ship once allowed to work again, and pirates to state a few; and still it provides hope for the aspiring sailors with stories of finding the route using the constellations when the ship's power fails - hence annulling the compass and the radar - or of one of the captains not trusting the tug boats, hence docking the ship himself at the risk of great cost and insurance liability if something were to go wrong. Looking for a Ship is one of the books I wished did not end.In the meantime, I also picked up the Collected Short Stories of Roald Dahl which includes stories from Kiss, Kiss, Over to You, Switch Bitch, Someone Like You, and Eight Further Tales of the Unexpected. It was quite entertaining reading the discussions about Harry Potter and the possibility of J.K. Rowling writing adult stories on The Millions the other day. Though I am a Harry Potter fan and will make no excuses about it I have no ideas of how Rowling would do with adult novels, but Roald Dahl surely succeeded in both genres. I remember reading Charlie and the Chocolate Factory when I was quite young, but of course, the name of the author never struck with me. So, after reading a couple of stories at random from the Collected Stories, I read Dahl's biography to my amazement and shock. I have yet to finish the collection, yet I already have my favorites: "The Visitor" and "Bitch" (the Uncle Oswald Stories, oh how I wish all 24 Volumes of Oswald were published), "Madame Rosette," "Death of an Old Man," "Vengeance is Mine Inc.," and "Ah, Sweet Mystery of Life." I feel that my selections are bound to change as I read on, but for the time being I would strongly suggest keeping a copy by your bed and reading a story each night, starting with the above.See also: Part 1, 2, 3, 4
● ● ●
Last week, Max directed our attention to a major new piece of reporting on the financial crisis: a Portfolio article by Millions favorite Michael Lewis. The author of Liar's Poker, among other books, Lewis is a gifted explainer of an industry badly in need of explanations. In the Portfolio piece, for example, he immerses us in the world of short-sellers who saw the subprime meltdown coming. However, the key paragraph - wherein trader Steve Eisman has an epiphany about how investment banks are leveraging subprime bonds - resorts to a sports metaphor, and thus fails to demystify an elusive instrument at the center of the financial crisis: the credit default swap (CDS)."When a fantasy player drafts Peyton Manning, he doesn't create a second Peyton Manning to inflate the league's stats," Lewis writes.But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. 'They weren't satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn't afford,' Eisman says. 'They were creating them out of whole cloth. One hundred times over! That's why the losses are so much greater than the loans.'I've heard financial insiders inveigh against peons who "don't know a credit-default swap from a turnip," but how are we to wise up, if explanations only come in the form of metaphors (athletic or agricultural)? Grabbing a fig leaf from the N+1 playbook, as it were, I decided to ask a friend in finance to explain the Peyton Manning analogy, as simply as possible. Here's what he had to say (wait for "the rub"):Assume the following: Eisman buys a crappy mortgage security (say, a $1,000 bond from a mortgage given to a strawberry picker who makes $14,000 dollars per year). Say the mortgage rate the strawberry picker pays is 15%. This means he's agreed to pay $150 a year to Eisman. But Eisman is worried that the strawberry picker will default because the guy's house value has collapsed and his income is drying up. Thus, Eisman wants to buy insurance on the $1,000 he's loaned. The way he does this is via a credit default swap.A CDS is essentially an insurance policy on a loan, and here's how it works. Eisman finds a counterparty willing to sell him insurance on his loan (a big investment bank like Lehman Brothers). Eisman agrees to pay the bank a fixed rate every year for protection of the mortgage security he owns (the crappier the loan, the higher the rate). Let's say for the $1,000 loan to the strawberry picker, his rate will be 10%. The bank pays him nothing on a regular basis, BUT, if the borrower defaults, they pay him the full $1,000.So: if times are good and everyone makes payments on time, the payments are structured as follows: The strawberry picker pays $150 per year to Eisman; Eisman pays $100 per year to Lehman (which then uses some of the cash to provision for losses, and uses the rest to make more loans). The strawberry picker gets to keep his house, Eisman keeps $50 per year (loan payment from strawberry picker minus the insurance premium he pays to Lehman), and Lehman gets $100.Got the structure? Now here's the rub.Imagine Eisman never actually had exposure to the loan in the first place. Being the brilliant skeptic he is, Eisman would never lend $1,000 to a strawberry picker with little income. He thinks that strawberry man is doomed to default on that loan, and he actually wants to bet AGAINST him. So instead of giving the loan and buying insurance, he just buys the insurance (hence the often used and rarely understood term "side bet"). To do this, Eisman still has to pay the "premium" for the insurance he's bought, and since it's a risky loan, the rate is high (e.g. $100 per year in the example above). [Though he stands to win $1,000 if the loan defaults.] In effect, Eisman is paying a "subprime-like" interest rate to Lehman every year! That's what Lewis was getting at.I would have used a different metaphor. I would have said it's like a New Yorker buying a bunch of home insurance policies in New Orleans because you are expecting that there will be a massive hurricane coming to wreck them. Now lets say that the insurance company took the money you were giving it, didn't provision for the coming doom, and instead, used that money to lend to more people building and buying houses in New Orleans.That's leverage upon leverage upon leverage. And that's the mess that is unraveling before us.
I get a fair amount of catalogs from publishers these days, and since they're always chock full of new and interesting books that I'm guessing people will want to know about, I'm thinking about instituting a semi-regular feature called Covering the Catalogs wherein I pick out a handful of items that I deem interesting from the most recent catalog to cross my desk. And since I received the newest Grove Press/Atlantic Monthly Press/Black Cat/Canongate catalog yesterday, this one'll be the first.Recently, Maud was expressing her discomfort with the impending media coverage of the upcoming Samuel Beckett centenary: "I await commemorative events like this centenary with excitement that tends to mutate, as the press coverage appears, into dread, then lamentation, and finally, resigned disgust." The "news" that arises from the anniversary of the birth of a dead writer isn't always scintillating, but, on the upside, such occasions give publishers - wanting to cash in on said press coverage - an opportunity to reissue and repackage the work of the great writer. As such, Grove is putting out two different items to mark Beckett's centenary. The first is a bilingual edition of Waiting for Godot. The play was originally written in French by Beckett, and he translated it into English himself. This edition provides both texts, side-by-side. Grove is also putting out a four volume set of Beckett's collected works with introductions by well-known writers. The first volume of novels is introduced by Colm Toibin and the second volume of novels is introduced by Salman Rushdie. The volume of collected dramatic works is introduced by Edward Albee, and the volume of collected poems, short fiction and criticism is introduced by J.M. Coetzee.Coming in April from the author of Black Hawk Down, Mark Bowden is Guests of the Ayatollah. Bowden is well-known for his immersive coverage of armed conflict, and in this book he is setting out to provide an account of, as the book's subtitle calls it, "the first battle in America's war with militant Islam," the Iran hostage crisis.Coming in July from Atlantic Monthly Press is Tom Drury's first new novel in six years, The Driftless Area. Drury was among the "Best of Young American Novelists" named by Granta, and his stories regularly appear in the New Yorker, including "Path Lights" from last fall in which a bottle falls from the sky.I plan on continuing to cherry pick items that interest me from other catalogs as I receive them, so stay tuned. If you are a publisher and would like to send me your catalog, please email me.
My last post touched on the Pynchon wiki, and a quick visit over there reveals an unexpected problem the wiki's participants are dealing with:Just got some, um, interesting news that the paperbacks of Against the Day will be paginated differently from the hardbacks. And, adding insult to injury, the UK paperback won't be paginated the same as the American paperback. We have to be somewhat amazed at the publishers' total lack of understanding regarding how Pynchon readers approach Pynchon's novels, and quite disappointed in the lack of any attempt by the author to respect the interest of his readers.A page has been set up to discuss the best way to deal with the issue. (Incidentally, isn't it quite common for paperback editions to be paginated differently than their hardcover counterparts? I'm surprised that the Pynchon fans, in their attention to various minutiae, didn't already have a contingency plan in place.)
● ● ●