I caught a few minutes of Fresh Air on NPR while I was out running a quick errand today. Terri Gross was interviewing David Denby, the New Yorker film critic who has a new book out. The book is called American Sucker and it is a memoir of the boom years. In 2000 Denby and his wife split, and he decided that he wanted to keep the Upper West Side apartment that had been their home for many years. In order to do this, Denby hatched a plan to buy out his wife’s share of the apartment. Lacking the funds to make the apartment his and cast adrift by the collapse of his marriage, Denby threw himself wholeheartedly into the mania of the stock market boom with the hopes that he, like so many others seemed to be doing, could hit it big. It would be the solution to all of his problems. A sort of addiction to his quest set in and American Sucker was the result. Today, Terri Gross, in her way, was trying to get him to relate his experience to some classic gambling films, Denby being a film critic and all. Denby, however, begged off and mentioned two interesting books that he feels are most analogous to the way he felt during his ordeal. Dostoevsky’s The Gambler and a somewhat forgotten Victorian classic by Anthony Trollope, The Way We Live Now, to Denby’s mind, best portray a sense of monetary desperation in the midst of a boom. I’m hoping that over the next few years there will be more books that look at the boom of the late nineties through a literary lens. It was a strange and fascinating time. Denby’s colleague at the New Yorker, James Surowiecki has penned a less personal book about business and money called The Wisdom of Crowds which is slated to come out at the end of May. A quick look reveals that Surowiecki has put together a readable tome meant to illustrate a principle that many economists hold dear: the idea that decisions can be made, problems can be solved, and the future can be predicted by the market. Imagine the Nasdaq but replace companies with possible outcomes. At the end of the day the outcome that is trading at the highest level is probably the correct answer to whatever problem was trying to be solved. Using markets you can, as Surowiecki terms it, unlock the “wisdom of crowds.” Last summer there was much public outcry when it was announced that one of our government agencies was considering setting a market that was meant to predict future terrorist attacks. The idea of people profiting off of this sort of speculation was abhorrent to many people and the plans were shelved, but, in The Wisdom of Crowds, Surowiecki will likely argue that the plan would have worked.
Books of the Boom
Looking for a Book?
Are you in the mood to read a page-turner? If you’re not afraid to read something in the mystery section at your local bookstore, try Paranoia by Joseph Finder. I keep hearing people talking about it, and it’s getting good reviews. Check out this one at Slate.com (the reviewer gets to it after he reviews John Le Carre’s latest, Absolute Friends).
A Free Book for a Volunteer
Today, while I was driving, I caught a review of Triangle: The Fire That Changed America by David Von Drehle on Fresh Air. It was a very favorable review (in fact the book has been getting great reviews in most places). I would love to read the book and comment on it here, but I can’t forsee myself getting to it any time soon. And therefore, I won’t get to talk about it here. The stack of books is just too high. Yet I happen to have an advance copy of Triangle, and I hate to see it gather dust. So here is my idea: whoever among you would like to read this book and put together a little review or comment or whatever on it for this site, email me and I will send you the book. Then I was thinking, I am lucky enough to have access to advance copies of books from time to time, and wouldn’t it be great if I could pass them along to people so they can write a little something which I can then post on The Millions. It sounds like good fun to me. So… if you would like to review Triangle for The Millions email me and I will send you the book. (By the way Triangle is about the Triangle Shirtwaist fire, an unconscionable tragedy that proved to be a watershed event in improving working conditions [and especially working conditions for women] in America.) As I get other new books, I will offer them up for review as well. Also, if you happen to have access to review copies of books, and would like to help stock my guest review program, well, that would be really sweet.
Welcome to the Working Week 4: Andrew
[Editor’s note: This week we’ve invited Megan Hustad, author of How to Be Useful: A Beginner’s Guide to Not Hating Work, to dissect our contributors’ first-job follies.]Andrew writes:It began, as brilliant decisions generally do, in a bar. A Saturday evening, over drinks with two friends, a few months into my first real job (for the benevolent media magnates that still pay my salary). Why not, one of us spat out, drive to New York City? Uh, right now? Yeah, right now! One of us had a car. We’d need music for the 10-hour (each way), international journey. And, oh yeah, passports. Off we went.Sunday early morning we arrived in Manhattan, walked around in a daze until very late Sunday night, then drove back to Toronto, arriving minutes before my Monday shift.That I hadn’t slept since Friday night could easily be offset with a quick shower and several swigs of Jolt Cola which my colleague poured into me. And, oh, I would wear a suit, something neither I nor anyone else would conceive of wearing in the newsroom, unless heading out for an interview. But the improbable vision of young Andrew in a suit at work would distract my senior editors, I hoped, from the snoring.As it turned out, the caffeine jolt and the adrenalin rush of the whole experience kept me awake, and in retrospect, I doubt that I would have done anything differently.But I’m guessing it wouldn’t win me any awards for professionalism.Megan Hustad responds:The suit was a good call. I got promoted once because I was between apartments, living out of a duffel bag, and the suit I wore twice a week for a month because it hid stains and didn’t wrinkle prompted my boss to imagine I was going on a lot of interviews. This has historically been the best argument for wearing a suit, after all – it communicates you’re going places, and little else. Suits obscure all appetites other than ambition. Horatio Alger and other early American capitalists were nuts about suits.In any event: Children, if you took a long, hot shower and still smell of beer, consider a suit. Don’t do as I once did and show up in an orange (orange that highlighted my bloodshot eyes!), moth-eaten wool turtleneck. Uselessness rating: 1For more information, please see these related posts:Welcome to the Working Week: Megan Hustad Analyzes Our On-the-Job FoiblesWelcome to the Working Week 1: MaxWelcome to the Working Week 2: EmreWelcome to the Working Week 3: Garth
America’s Expensive Novel Habit
In the New Yorker, Ian Frazier shares some stories about how the modern novel is threatening to bring down the American economy.Right now, it’s costing me forty-five dollars to fill up my 4Runner, which is about two novels. Tough decisions are going to have to be made. I’m used to having a newly released hardcover on the dash of my vehicle, another in the back seat for the kids. At home, we’ve got a novel in each bedroom, two in the family room, one in the laundry room for my wife when she’s down there, and a novella in the john. We go through a couple of dozen novels in a year without even noticing. I hate to say it, but this can’t go on.
Used books by the numbers
A few months ago the New York Times had an article about a study that challenged the conventional wisdom that used books cannibalize new book sales (see my post about it here). Now the Book Industry Study Group has released a report that delivers some numbers on used books sales, which are famously difficult to collect. A post at the bookfinder.com journal breaks down the data, but one key point is that the majority of used book dollars go to textbooks; understandable considering what college students are expected to shell out. Another key point is this: “General used book sales account for 3% of the value of all general book sales.” That number seems awfully non-threatening to me, but as this AP story makes clear, the book industry is not worried about the total number, they are worried about the growth of general (non-textbook) online used book sales (25% between 2003 and 2004); they are worried about promotional copies getting sold on eBay or Amazon; And they are worried that the consumer book market will start to look like the market for textbooks, where prices spiral ever upward and (where applicable) new editions are released with alarming frequency in order to combat losses from used book sales. Is this the book industry’s fault for making books too expensive and not finding better ways to embrace the new economy or are Amazon and eBay destroying the book industry as we know it (and would that be a good thing?)