There was lots of discussion late last week about Ed Wyatt’s NY Times article talking about publishers “offering books by lesser-known authors only as ‘paperback originals,’ forgoing the higher profits afforded by publishing a book in hardcover for a chance at attracting more buyers and a more sustained shelf life.” I’m all for this development as are many other folks. Sarah at GalleyCat commented, as did Miss Snark, who led me to Levi Asher making some very good points at LitKicks. I’m not a big fan of hardcovers, either. Personally, I prefer pocket paperbacks when I can get them.
It began at the start of the year with Huck Finn, and Gulliver put in an appearance this week. Along the way, Gatsby and Don Quixote stood on the pedestal and took a bow, their tales championed, their authors heralded.The Globe and Mail, that venerable institution which, not incidentally, happens to pay my salary, has summoned a panel of experts (not, repeat, NOT including yours truly) to choose 50 books – the finest fifty in literary history – drawn from fiction and non-fiction, and including tomes both classic and modern.But this isn’t just your garden variety list. No sir. For each book chosen, an essay is written by a noteworthy scribe (Alberto Manguel makes a case for Dante’s Divine Comedy; Michael Ignatieff for Machiavelli’s The Prince).Each week, one essay is published. There is no order to the publication of the fifty.We’ll check back at the end of the year when the project comes to a close, but in the meantime, here’s the latest essay, Victoria Glendinning’s case for Swift’s Gulliver’s Travels. From there, scroll down and look on the left for individual links to each of the other essays published so far.
Three and a half years ago in some brief comments on Michael Lewis’ seminal memoir of Wall Street in the 1980s, Liar’s Poker, I noted,While the period that Lewis chronicles is interesting in its own right, its impact is somewhat diminished by the many corporate scandals and Wall Street improprieties that have occurred since the book was first published. Against this backdrop, Liar’s Poker is no longer an exceptional story that defined an era, it is merely another moment in the cycle of Wall Street corruption and ensuing retribution that continues today.In a remarkable piece for Portfolio magazine this week, Lewis revisits Liar’s Poker amid the wreckage of Wall Street and readily admits that the book now seems “quaint,” tragically so:I thought I was writing a period piece about the 1980s in America. Not for a moment did I suspect that the financial 1980s would last two full decades longer or that the difference in degree between Wall Street and ordinary life would swell into a difference in kind. I expected readers of the future to be outraged that back in 1986, the C.E.O. of Salomon Brothers, John Gutfreund, was paid $3.1 million; I expected them to gape in horror when I reported that one of our traders, Howie Rubin, had moved to Merrill Lynch, where he lost $250 million; I assumed they’d be shocked to learn that a Wall Street C.E.O. had only the vaguest idea of the risks his traders were running. What I didn’t expect was that any future reader would look on my experience and say, “How quaint.”And:In the two decades since then, I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting of the internet bubble, the crisis following the collapse of Long-Term Capital Management: Over and over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of no obvious social utility. The rebellion by American youth against the money culture never happened. Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces?In the long piece, Lewis posits, convincingly, that the obit for Wall Street that he wrote more than twenty years prematurely is finally relevant, though rendered absurd by the cataclysmic collapse.The essay is a must read. In it he profiles a few who will, when the dust eventually settles, be known as – not the heroes; there are no heroes – the ones who saw it coming. And at the end he sits down with the legendary Gutfreund, whose career Liar’s Poker ruined, for the first time since Lewis left Solomon Brothers back in the 1980s.Kottke also highlighted the Lewis article today and he points out that this essay is likely material (along with several others Kottke points to) for a forthcoming book that Lewis intends to write about the death of Wall Street as we knew it. There’s little doubt that this new book will be the obit that Liar’s Poker was meant to be.
August 6th marked the 64th anniversary of the bombing of Hiroshima and today marks the anniversary of the bombing of Nagasaki. As part of its op-ed page this weekend, the Los Angeles Times offered several firsthand accounts of the bombings by survivors, taken from a documentary made by the Hiroshima Peace Cultural Center. You can find the complete, translated transcripts of these testimonies at this link.Here is an excerpt from the testimony of Akihiro Takahashi who was 14 at the time of the Hiroshima bombing:That was the moment when the blast came. And then the tremendous noise came and we were left in the dark. I couldn’t see anything at the moment of explosion just like in this picture. We had been blown by the blast. Of course, I couldn’t realize this until the darkness disappeared. I was actually blown about 10 m. My friends were all marked down on the ground by the blast just like this. Everything collapsed for as far as I could see. I felt the city of Hiroshima had disappeared all of a sudden. Then I looked at myself and found my clothes had turned into rags due to the heat. I was probably burned at the back of the head, on my back, on both arms and both legs. My skin was peeling and hanging like this. Automatically I began to walk heading west because that was the direction of my home. After a while, I noticed somebody calling my name. I looked around and found a friend of mine who lived in my town and was studying at the same school. His name was Yamamoto. He was badly burnt just like myself. We walked toward the river. And on the way we saw many victims. I saw a man whose skin was completely peeled off the upper half of his body and a woman whose eye balls were sticking out. Her whole baby was bleeding. A mother and her baby were lying with a skin completely peeled off. We desperately made a way crawling. And finally we reached the river bank. At the same moment, a fire broke out. We made a narrow escape from the fire. If we had been slower by even one second, we would have been killed by the fire.
Yesterday my friend Yakut emailed me the article “Federer as Religious Experience” by David Foster Wallace, which appeared in the New York Times’ Play Magazine on August 20, 2006 (available here). Wallace penned an immaculate piece on Roger Federer, who also happens to be my favorite tennis player these days. As per his custom, Wallace resorts to 17 footnotes, provides detailed accounts of what he terms “Federer Moments” from the Nadal v. Federer Wimbledon Final of 2006, comments – in a tongue-in-cheek fashion, of course – on the Wimbledon Lawn Tennis Museum and the tournament’s rules. It is a great ode to Federer, and contains a healthy rebuke of Nadal – who happens to be my least favorite pro these days. If you’re a tennis – and DFW – fan, enjoyed his essays in Consider the Lobster, and do not have the guts to restart Infinite Jest just yet, but would like to continue reading some brilliant prose, you should definitely check it out.
I got the most recent National Geographic in the mail yesterday. The issue is devoted entirely to one subject, Africa, and, according to the AP, is notable for being the first one-topic issue in the magazine’s history and only the second (since they started using cover photographs) to not have a photo on the cover. National Geographic always provides broad, colorful stories, but never before have they delved so deeply on a single subject, and having read through this issue, I think they ought to do it more often. Some notable names make appearances in the Africa issue. Jared Diamond (Guns, Germs, and Steel, Collapse) pens the issue’s introduction with a discussion of why Africa has fallen behind the rest of the world but is not doomed to this fate in the future. Joel Achenbach, Washington Post reporter – and blogger – looks at some of the current shortcomings of paleoanthropology. And Alexandra Fuller (Don’t Let’s Go to the Dogs Tonight) returns to Zambia, the country of her youth, in a piece that is more personal and less straightforward than a typical National Geographic article.
HarperCollins is trying a new model with an imprint that cuts out author advances in favor of a larger proportion of royalties and eliminates remainders (also known as returns) entirely. The industry has been debating the pros and cons of the move since the Friday announcement. As has been only sparsely discussed in the media, HarperCollins isn’t the first to try this business model. Millions contributor Ben profiled MacMillan New Writing last year:No agents are involved, the publishing house accepts direct submissions, and writers get no advance, but earn 20% royalties.Sounds good, no? But it’s not all upside. Not only are the writers’ contracts non-negotiable, but Macmillan receives all subsidiary rights to the book and a first look at the author’s second book. Critics have reacted strongly, calling the imprint “literary slave drivers” and “vanity publishers,” and indulging in apocalyptic predictions of the end of publishing as we know it.And for a little more color on “remainders,” a much despised element of the book industry, check out a post of mine from several years ago explaining the curious life cycle of the remaindered book.