In today’s Public Editor column in the New York Times, Daniel Okrent takes the opportunity to mercilessly bash the Tony Awards as well as the Times’ lavish coverage of them. The only productions eligible for Tony’s are ones that take place “on” Broadway as opposed to “Off,” despite the fact that “the various Off or Off Off Broadway houses … launched all but one winner of the Pulitzer Prize for drama in the last decade (the exception originated in a nonprofit theater in Florida).” Meanwhile back at the Times, Okrent claims that there will soon be better coverage of theatre: “the Times is on the brink of a long-planned, apparently expensive and unquestionably overdue renovation of its cultural report, scheduled to premiere in the fall.”
Broadway Bashing
Litblogs Unite
Tired of fighting the good fight alone, pitted against the world, and one another, several of your favorite litblogs are joining forces. The Litblog Co-op…
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A Small Gallery of Literary Giants
When I was growing up in Detroit in the 1950s and ’60s, I had a buddy named Tim Johnstone who introduced me to the joys of drawing and, more broadly, to the pleasures of letting my imagination off the leash. The Johnstones were an odd family. For one thing, they owned a foreign sports car, a curvaceous XK-120 Jaguar from Great Britain, which was regarded as an act of unpatriotic heresy in the Big Three church of Detroit. Not content to have a prosaic pet, Tim mailed away for a baby ferret, which he proceeded to toilet-train.
Tim’s father was an engineer who traveled the world supervising the construction of factories he had designed. Whenever his enormous blueprints had served their purpose, Mr. Johnstone gave them to Tim, who spread them on the rec room floor, blank side up, and invited me to help him fill them with elaborate panoramas that sometimes took us weeks to complete. We always settled on a theme — the Wild West, the Civil War, the deep sea, the Middle Ages, dinosaurs, outer space (this was those jittery years after Sputnik) — and then we spent hundreds of hours sprawled on our stomachs, pencils moving non-stop, our imaginations carrying us backward or forward in time, deep beneath the sea or out into the cosmos. t was bliss.
The itch to draw, born on the Johnstones’ rec room floor half a century ago, has never left me. One reason I was barely an above-average student was that I spent most of my time in school drawing pictures of my teachers and classmates instead of taking notes. Over time my focus narrowed to drawing one thing: the human head, in all its infinite variety. As I pursued my life-long dream of becoming a writer, the focus narrowed further. I started drawing the heads of writers. Then the focus narrowed yet again. Since I’m convinced that people tend to be more interesting once they’re dead, obituaries have always been my favorite part of the newspaper. So whenever a noteworthy writer died, I started drawing the picture that accompanied the obit, eventually adding drawings of noteworthy long-dead writers. Here, then, is a gallery of a few of those literary giants, along with brief explanations of what was going through my head as my pen (or, in a few cases, my pencil) was fashioning their heads.
Sherwood Anderson (1876-1941) — Operating under the assumption that any writer who influenced Hemingway, Faulkner, and Steinbeck has got to be worth reading, I dove into Sherwood Anderson’s most famous book, Winesburg, Ohio, some thirty years ago. It bored me silly, and I came away scratching my head over what the fuss was all about. I tried again a few years ago and found the book even more boring on a second reading. So when I set out to draw Anderson, I wanted to capture a sharpie who has just pulled a fast one and is laughing at us dupes out the side of his mouth.
Flannery O’Connor (1925-1964) — Here are three simple sentences from Flannery O’Connor’s essay, “The Nature and Aim of Fiction,” that changed my life: “The fact is that anybody who has survived childhood has enough information about life to last him the rest of his days. If you can’t make something out of a little experience, you probably won’t be able to make it out of a lot. The writer’s business is to contemplate experience, not to be merged in it.” These words taught me the invaluable lesson that my youthful hunger for experience was beside the point if I wanted to become a writer. I was already a fan of Flannery’s fiction, but her non-fiction made me realize she saw things the existence of which I had not even begun to imagine. So I wanted her eyes to look like they could see straight through anyone who pauses to look at this drawing.
Robert Lowell (1917-1977) — A brilliant poet, Robert Lowell was also a tortured man who tortured others, especially the ones he loved. When 852 pages worth of his letters were published in 2005, I drew his head from a photograph that accompanied the review in The New York Times. I tried to convey that this was a man whose spirit was being pushed earthward by a pulverizing weight, a man who was no stranger to the dark precincts of madness.
Philip K. Dick (1928-1982)– The only way Philip K. Dick could have written so many books — and so many fine weird ones — was with the help of chemistry. I imagine him slamming a typewriter all through the California night, jacked to the gills on speed, weed, booze, caffeine, maybe a hit of acid to take the edge off. Out poured a river of words that often had a manic, paranoid, bi-polar flavor. Or maybe the word I’m looking for is gnostic. Dick was a visionary chronicler of life’s moral chiaroscuro, its black evils and moments of shining virtue, which made him an ideal subject for a black-and-white ink drawing that features a blinding source of light and its inevitable counterpart, dark, dark shadows.
Irving “Swifty” Lazar (1907-1993) — Though not a writer, Swifty Lazar was the agent of Hemingway, Faulkner, Truman Capote, Vladimir Nabokov and Tennessee Williams, along with half of the Hollywood galaxy. I’ve always thought of him as the colossus of the 15 percent crowd, gazing down at us mere mortals through ashtray glasses that magnified his big barracuda eyes. (He also had sharp little barracuda teeth.) Cross this man at your peril.
William S. Burroughs (1914-1997) — As radical — and funny– as his writing could be, I’m never able to think of William S. Burroughs without remembering that he shot his common-law wife in the head during a drunken game of William Tell in 1951. Burroughs admitted that the (accidental?) killing haunted him for the remaining 46 years of his long and prolific life, and as a result I’ve always imagined him as a man split in two by the trauma, then put back together all wrong.
Naomi Schor (1943-2001) — Those lips! That hair! What’s not to love about the literary critic Naomi Schor? But it was the contents of her obituary that clinched it for me: “Dr. Schor once said she had love affairs with intellectual ‘ism’s,’ including fetishism, realism, idealism, universalism and feminism, her favorite.” It gets better. She also “explored the notion of male lesbianism, suggesting ways that Flaubert and other male authors seemed to speak from a lesbian perspective.” Wow — Flaubert was a male lesbian! This revelation convinced me I needed to read more literary criticism, but fortunately I came to my senses and drew this picture instead.
Shelby Foote (1916-2005) — Shelby Foote’s magisterial three-volume narrative history of the Civil War has been called America’s Iliad, and I’ve got to believe that devoting your life to such a project exacts a price. I think of Foote more as a monument than a mere man, so when I drew him I tried to make him look like he was carved out of stone. And I wanted him to be doing what he did for so many years while composing his masterpiece — staring into the blackest, bloodiest abyss this nation has, so far, managed to conjure.
Image Credit: Bill Morris/[email protected]
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On Recommending Books
In the Contra Costa Times, librarian Julie Winkelstein pens a thoughtful little column about the challenges of recommending books and receiving recommendations from others.I also realized that although I have come to accept that my recommendations aren’t always taken, I still find it difficult when I don’t like a suggested book. It makes me feel guilty, somehow, as if I didn’t try hard enough. And it is not easy for me to simply say it wasn’t right for me.As one who is thought of as a book expert – thanks to this blog and my former job as a bookseller – I’m often asked to provide recommendations, and it’s pretty rare that they hit the mark. After all, it can be hard to pin down someone’s taste in books.
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What people are reading: The Harry Potter edition
I only took the train one way today – Mrs. Millions was kind enough to pick me up this afternoon – but I still spotted at least three people reading Harry Potter and the Half-Blood Prince in various stages of completion while riding the El this morning including one young man who was vigorously finishing the final pages. I wasn’t surprised to see Harry Potter on the train this morning, nor will I be surprised to see it a lot in the coming weeks considering the astonishing sales numbers the book generated this weekend. According to Scholastic Books, Potter sold 6.9 million copies over the weekend – that’s 250,000 copies an hour, more copies than 99.9% of books will sell in a lifetime. Barnes and Noble reported selling about 105 copies a second. You can get all the numbers here. Here’s my favorite stat, though. From the Guardian: “Retailers said that Harry Potter and the Half-Blood Prince had sold more copies in a day than The Da Vinci Code sold in one year.”All of this reminded me of my days selling Harry Potter books when I worked at a bookstore. As I recall, the day Part 5 came out, we sold more copies of that book than all the other books we sold that day combined, and this was at an independent bookstore on the Sunset Strip in West Hollywood, not exactly the kind of place that caters to kids. People can banter back and forth about whether or not Harry Potter books are any good – or whether or not adults should read them – but I know that they were good for our bookstore. For an independent, a big seller like Harry Potter can subsidize that less profitable business of trying to supply good literature to a dwindling group of interested readers.
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Turnips, Quarterbacks, and Strawberry Pickers: Credit Default Swaps Made Simple
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.
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A Buzz Word: Early Adopter
The effects of Amazon.com on the book industry, the debate as to whether it is good or bad for the cause of reading and literature, remains heated, and I find myself rooting both for and against Amazon. One thing that I AM decided on, though, is that Amazon watching is fun. Whether they are announcing a new innovation with a front page letter from CEO Jeff Bezos, like the recent introduction of the “Search within a book” feature, or just slipping new technologies quietly into their listings, there always seems to be something new popping up there, and each new feature seems like it generates another round of debate about this behemoth of a website. The feature I discovered yesterday isn’t likely to ignite too many debates, but I found it interesting nonetheless. Part of what is fascinating about Amazon is the way they turn the inner workings of their operation into content for the website. Features like Purchase Circles, “Customers who bought this item… also bought these books…”, and “Customers who bought books by this author… also bought books by these authors…, take information that typical companies guard closely and turn it into entertainment for readers and fodder for search engines. The new feature that I noticed the other day is called “Early Adopters.” According to Amazon, “These are the newest and coolest products our customers are buying. The following lists, updated daily, are based entirely on purchase patterns.” The term “early adopter” has more or less entered the popular vocabulary in recent years. Books like Malcolm Gladwell’s The Tipping Point have popularized the notion that there is a certain type of person that is predisposed to seeking out, learning about, and owning the newest technologies. This idea is based on the broader theories of an economist named Everett Rogers whose book Diffusion of Innovations (1965) explained that individuals could be divided into five categories based on their openness to innovations. 2.5% of the population are Innovators; these are the extremely adventurous, willing to take risks on unproven technologies. These folks pay top dollar to be some of the first people in the world to own flat screen televisions and Segways. 13.5% of the population are Early Adopters; these are the folks who have the insight to seek out the best of new technologies and with their buying power and word of mouth, they can turn an obscure new product into a household item. Early adopters are considered among the most important consumers in the marketplace, and when a new product is introduced marketers spend millions directing ads at this population, knowing that they can make or break their new product, a fact clearly not lost on Amazon in the naming of their new feature. The rest of the population is less exciting. The Early Majority (34%) is slightly more adventurous than average, the Late Majority (34%), slightly less. Then there are the Laggards (16%) with their rotary phones and wooden tennis rackets. Clearly, marketers have no patience for folks with more “classic” tastes, and the marketers at Amazon are likely no exception, hence their choice of buzz words. What’s interesting about the Amazon “Early Adopters” area is that, along with more typical applications like Electronics and Cameras, they apply the term to music and books, where new products are more likely to be derivative than innovative. Regardless of their intent, the algorithm used to generate the list for books needs some work, since the list is clearly made up of books that are being purchased in bulk by students, churches, and self-published authors, not books that are being purchased by folks with literary tastes on the cutting edge.