At the Freakonomics Blog, Steven Levitt explains how the publishing industry is putting out more bullshit than ever these days.
As we adjust to new economic realities, Michael Lewis is emerging as the financial meltdown’s most important voice. His Portfolio piece “The End” told us how we got here but it also illuminated his own failure, in the 1980s, to get the point across with his book Liar’s Poker. Meant to be a cautionary tale, it became instead an inspiration.But Lewis appears unwilling to let “The End” be his final, confessional comment on the matter. This weekend, as a new year and new administration are gearing up, Lewis has delivered another far more aggressive piece, this time in the New York Times (Part 1, Part 2). In it, he calls out, more strenuously than before, the fraud, incompetence, and willful ignorance behind the financial crisis and makes it clear that this fall’s efforts to resolve it were flawed at best. He also makes several direct, clear-eyed proposals to set things back on the right course. One hopes Obama is watching. One also notices that Lewis, in these pieces, is no longer acting as a journalist or even a columnist. He has thrust himself into the center of this issue, as if looking to finish what he tried to accomplish more than 20 years ago.But Lewis has grown up too. Liar’s Poker didn’t wake up the world to Wall Street’s ills because its tone was too glib and too incredulous. We were meant to marvel at the goings on at Solomon Brothers just as the young Lewis had. That tone is gone now, and Lewis has returned to the task with a fierce seriousness. Whether or not you agree with everything that Lewis is writing in these pieces, his tone, backed up by his more than 30 years of writing about Wall Street, will give even the most optimistic observers pause.Interestingly, Lewis’ co-author for the two New York Times pieces is David Einhorn, a hedge fund manager who doesn’t exactly have a pristine reputation. Einhorn heads up Greenlight Capital, which racked up average annualized returns of 25.5% from May 1996 through mid-2008, according to New York Times, though his funds, like many on Wall Street, have struggled since. He’s also a serious poker player. In 2006, he placed 18th in the World Series of Poker’s main event, winning more than $650 thousand that he donated to charity.Einhorn made headlines this year for his very vocal bearish stance on now defunct investment bank Lehman Brothers. Einhorn eventually went public with discrepancies that he and his analysts had found in Lehman’s numbers. Believed to be short (i.e. placing bets that the stock would go down) Lehman and other financial names, Einhorn was excoriated in a war of words on Wall Street as regulators targeted short selling among financial stocks. Lewis and Einhorn make it clear where they stand on that issue, calling short sellers, “the only market players who have a financial incentive to expose fraud and abuse.”After much confusion as the crisis played out in 2008, it may be that we are seeing whistle-blowers like Lewis and Einhorn emerge from the mess to take control of the discussion. In time we will see if they have the ear anyone in power.
One of the guests on Fresh Air today was former cop named Edward Conlon, a Harvard grad and fourth generation NYPD officer who used to pen an anonymous column in the New Yorker. Now he has a new book called Blue Blood in which he recounts his life as a beat cop. It looks to be a literary take on macabre subject matter. Speaking of which, Ian McEwan, most recently the author of Atonement, a book adored by both readers and critics, has revealed some details about his forthcoming book. According to this Reuters story, it appears as though McEwan will return to the more visceral subject matter of his earlier novels with a book that centers on the life of a brain surgeon. He will finish it “within months.” This new McEwan book will almost certainly be reviewed by the New York Times Book Review, where, after much skeptical anticipation, Sam Tanenhaus has been appointed as editor. As beatrice.com pointed out yesterday, some in the literary world are skipping the grace period and sticking with the skepticism, cf. David Kipen’s San Francisco Chronicle piece. This changing of the guard, you may remember, was a topic a few months back here at The Millions.
This week is turning out to be a mini-family reunion for me. My parents and two of my brothers are in town as are some aunts and uncles and cousins. Yesterday evening at a family barbecue near Venice Beach I fell into a conversation with my aunt and uncle about the reading habits of my young cousin, Tim, who is 10. He’s a very precocious reader and has finished off nearly all of the highly recommended children’s series that are out there right now: Harry Potter, Lemony Snicket, and Brian Jacques’ Redwall Series (I recommended Phillip Pullman’s His Dark Materials Trilogy since he hasn’t gotten to that yet.) The thing is, there’s a limited amount of high quality young adult fiction out there, so what do you do if your kid has read it all? Since I started working at the bookstore I have occasionally been posed this question by parents. It’s actually a crucial moment in the life of a young a reader, the point where they could very easily lose some interest reading because they have read all the kids’ books and aren’t allowed to read adult books. What folks sometimes forget is that there are quite a few books that, though they are shelved in the adult fiction section, are perfect books to help segue strong, young readers into the wider world that lies beyond the young adult section. Some people call these books classics, but they are perfect for challenging kids and keeping them interested in reading: The Adventures of Huckleberry Finn, The Time Machine, 20,000 Leagues Under the Sea, and Journey to the Center of the Earth, to name just a few. I would also recommend that these children read the books in their original forms, not the abridged versions. I remember reading abridged versions of various classics when I was younger, and I think lots of other folks do as well, but looking back it just doesn’t seem necessary. In fact, as an eleven or twelve year old, I learned a lot of complex things about the world around me from the books I read, and these important details, the harsh language in Huck Finn, for example, seem to be just the things that are excised in order to create the kid friendly versions. We challenge kids in many aspects of their lives, why not challenge them to explore the big questions that arise from reading the classics. I hope that the children’s book industry continues to move in this direction, and a lot of the intelligent and challenging kids’ books that are out there indicate that it will. On the other hand, my friend Edan pointed out to me the other day the upcoming release of a “Student Edition” of Yann Martel’s international bestseller Life of Pi, from which, one can assume, the editors have removed anything that might distress, and therefore challenge, a young reader. Here’s hoping that this doesn’t kick off a new trend.
My friend Nancy sent this story my way the other day. Apparently, back in 1998 a woman posted on her weblog an interesting discovery. She realized after reading the Robert Graves historical novel I, Claudius and the Richard Condon cult classic The Manchurian Candidate back to back that Condon borrowed passages from Graves’ book. There has been a little bit of hype surrounding The Manchurian Candidate lately due to an impending remake of the movie and a new edition of the book with a forward by Louis Menand, so perhaps that is what caused this revalation to come to light so long after its original discovery. Menand himself notes the bizarre patchwork of styles in Condon’s work and now experts are positing that Condon may have borrowed from a number of different books when writing his novel. What strikes me when reading this is that neither the author of the article nor the experts consulted seem to think this charge is particularly damning. I think maybe this stems from the fact that Condon has never been considered much more than a pulp writer anyway. Here’s the full article if you want to read more.More Than Just BaseballWhere have I been? It seems that during the nearly twenty years that have passed since he penned one of the best books ever written about baseball, Nine Innings, sportswriter Daniel Okrent went on to become an editor of Life Magazine and then an editor of Time Magazine. Now he has a new book out that is in keeping with his more recent journalistic pursuits. Great Fortune: The Epic of Rockefeller Center chronicles the interesting story of a landmark of entertainment in New York City. Here’s what the New York Times has to say about the book, and here’s an excerpt.
Millions contributor Emily’s award-winning review of The Suspicions of Mr. Whicher: A Shocking Murder and the Undoing of a Great Victorian Detective by Kate Summerscale has been posted by VQR. Check it out.
Philip Caputo’s new book Acts of Faith is being favorably compared to The Quiet American. Caputo, a Pulitzer Prize-winning journalist, has traveled extensively in Africa, and this new novel is set in Sudan. According to PW, Caputo “presents a sharply observed, sweeping portrait, capturing the incestuous world of the aid groups, Sudan’s multiethnic mix and the decayed milieu of Kenyan society.” Though the novel has a timely, flashy, “ripped from the headlines” sound to it, Kakutani called it “devastating” before comparing it to the work of Robert Stone, V.S. Naipaul and Joan Didion. Scott noted Kakutani’s “heady praise” a couple of weeks ago. And here’s an excerpt from the book (which weighs in at 688 pages, by the way. Whoa!)Charles Chadwick wrote recently about being a first time novelist at the age of 72 (scroll down): “A first novel of 300,000 words by a 72-year-old sounds like someone trying to be funny. Acceptance by Faber and then by Harper Collins in the US – the recognition that all along one had been some good at it – took a lot of getting used to. Still does.” The book, It’s All Right Now, which also weighs in at 688 pages, oddly enough (not exactly light Summer reading, these books), was panned by Nick Greenslade in The Guardian. Greenslade suggests that its publishers were more enamored by the idea of a 72-year-old debut novelist than by the book itself. I’m curious to see what US reviewers say because the book doesn’t sound all that bad to me.As I recall, Jonathan Coe’s 2002 novel, The Rotters’ Club, was well-received by my coworkers and customers at the bookstore. A sequel, The Closed Circle, comes out soon. Here’s a positive review from The Independent and an excerpt. These are good times for Coe. His recently released biography of British writer B.S. Johnson, Like a Fiery Elephant has been shortlisted for the $56,000 Samuel Johnson Prize.