Visit this link (and scroll down) for an excerpt of the new Philip Roth novel, The Plot Against America. In other news, Pulitzer Prize winner Edward P. Jones is one of 23 people to be given a MacArthur Foundation Genius Award. That’s “annual checks for $100,000 for the next five years, to be used however they want,” for those of you keeping score at home. This year’s other literary geniuses are short story writer Aleksandar Hemon (The Question of Bruno, Nowhere Man) and poet C.D. Wright (Deepstep Come Shining, Steal Away). Here are profiles of Chicago’s two geniuses.
Another weekend, another festival in Toronto.Millions readers in Toronto take note: Undaunted after a summer of festivals piled on top of festivals (Film, Fringe, Pride, Caribana, Jazz, NXNE, Luminato, and others that I’m sure I’m forgetting), Toronto grabs a few winks, splashes on some water, and bounces back with a few more festivals for the literary and art crowd.First of all, I would be remiss if I didn’t throw out a shameless plug for one of my favourite events in Toronto: Nuit Blanche. Beginning at 7pm Saturday September 29th, downtown Toronto turns into an art lover’s paradise with an all-night, all-free, art extravaganza. Meet friends at the nearest outdoor art installation as the clock strikes midnight, stroll through tiny galleries at three in the morning, or just marvel until the sun comes up at the latest crazy thing to burst from an artist’s imagination.Then grab a nap and head over to Queen’s Park for the Word on the Street festival. Sunday, September 30: Word on the Street is back, nestled in leafy Queen’s Park, with readings and workshops spotlighting the best and most anticipated in Canadian literature.Finally, beginning Wednesday, October 17, and continuing until Saturday, October 27th, Toronto’s Harbourfront hosts the International Festival of Authors with ten days of readings and round tables by a few dozen of the best and biggest authors in the world. This year, you can hear the likes of Margaret Atwood, Ian Rankin, M.G. Vassanji, Michael Ondaatje, Tracy Chevalier, Jasper Fforde, Will Self, and J. K. Rowling. I went to a few readings and round-tables last year, and was lucky enough to hear Deborah Eisenberg, Edward P. Jones, Alberto Manguel and Ralph Steadman. I even met Wallace Shawn!
Anybody who read William Langewiesche’s book The Outlaw Sea or is simply interested in the modern day high seas should take a look at Brendan Corr’s photo essay from Foreign Policy magazine. It chronicles ship breaking in Bangladesh, the process by which the world’s tankers and freighters, ready to be retired but unwanted by any developed nation, are dismantled by hand for scrap metal. It’s remarkable and post-apocolyptic and when I heard it in Langewiesche’s book (I listened to it on audio) I couldn’t quite visualize it because it seemed so outlandish, but these pictures tell the story.
Every so often in a reader’s life, he stumbles upon two books that complement each other like red meat and red wine. Such a happy accident befell me last month, when I happened to read Michael Lewis’ Liar’s Poker hard on the heels of Thomas Frank’s One Market Under God.The Frank book, an evisceration of the free-market discourse and management culture of the 90s, was a fine read on its own: funny, incisive, and angry. And yet, in its argumentation, it at first struck me as inferior to Frank’s more recent What’s the Matter With Kansas? Like Lewis Lapham, who published excerpts from both books in Harper’s, Frank has a tendency to preach to the choir. This often doesn’t bother me; I sit right in the middle of that choir. When Frank demonstrates the tension between a free market and economic democracy, I say “Amen.” When he decries the commodification of the counterculture, I shout “Hallelujah.”When Frank gets down to naming names, however, I get uneasy. One Market Under God does not hesitate to lay the sorry state of the world at the feet of specific, individual evildoers, and I, raised to try to see the best in people, prefer to blame systemic ills. And so I’m not sure if Frank’s depiction of scheming, iniquitous fat cats is a workable belief or a bit of populist wishful thinking.Or I wasn’t sure, until I picked up Liar’s Poker. Here Michael Lewis, himself a former stockbroker, takes us inside Salomon Brothers, the investment bank where he worked in the rip-roaring 80s. Lewis establishes his centrist credentials early and often, and generally eschews editorializing. It is especially appalling, then, (if weirdly engrossing) to discover that Salomon Brothers is full of…scheming, iniquitous fat cats!Liar’s Poker is like a nonfiction version of Oliver Stone’s Wall Street (IMDb). The visionary salesmen and traders of Solomon Brothers screw the little guy at every turn, and we get to see every dirty detail. They rip off investors, lie to the public, devalue successful companies, inflate worthless ones, lay off employees, throw phones at underlings, grope secretaries, consume conspicuously, and generally turn themselves into caricatures of the worst kind of capitalist exploitation. The free-market they promote is, in fact, far from free.In an ideal marketplace, knowledge is symmetrical. The vulgar version: buyer and seller are in possession of the same set of facts, and prices reach equilibrium according to the law of supply and demand. This is why there are laws against rolling back odometers, and against making false claims in advertisements. But investment banks, as Lewis portrays them, rely on the market’s inefficiency at distributing information – its tendency to allow those most heavily invested in a market to control the flow of knowledge within and about that market – to buy below fair-market value, and to sell well above it.Of course, we are assured, such excesses have since been curbed by regulation. (This is part of the 90s market populism analyzed in One Market Under God, wherein Wall Street is brought to heel by Main Street.) Insider trading laws are now stringent, we are told; firewalls have arisen between the trading floors where commodities are sold and the equity departments where they are underwritten. But Wall Street is still raking it in, while Main Street drifts and eddies on stagnant wages.Perhaps the current investment bank bonanza is merely the financial industry’s reward for its own newfound virtuousness. Still, the next time you hear an I-banker lamenting the regulatory climate, or claiming that Sarbanes-Oxley is driving all the moneymen to London, ask him what kind of bonus he got last year, and whether he’s still living in New York. Then tell him you’ve got a bridge you’re looking to sell…See also: Max’s review of Liar’s Poker
Sure, today Apple unvailed the “iPod phone” and the superslim iPod Nano, but the real news is that for the first time, via iTunes, the entire Harry Potter series will be available on digital audio (that’s $249 for the whole set). This is more interesting to me for what it represents. As iPods and other high-capacity digital audio players have become ubiquitous and as digital audio delivery (via podcasts and/or services like audible.com) has become more user friendly, the stage has been set for a revolution in reading. Though digital audio books will never overtake paper ones, they will only grow in popularity and sometime soon we may see a mini-revolution in the way people consume literature.