Missing the New Yorker

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.

From Michael Chabon’s site, an update on his forthcoming novel, The Yiddish Policemen’s Union, and a preview of The Best American Short Stories 2005, which Chabon is editing. The inclusion of “at least four” genre stories, including ones by Dennis Lehane and Tom Bissell, will surely rankle literary purists.Letters to Frank Conroy from his studentsThe AP’s books guy, Hillel Italie, profiles FSG and highlights their penchant for publishing award-winning books.

It’s a good time for books right now. In my year and half at the book store, I haven’t quite figured out the nuances of the publishing calendar, but it seems like spring is always the best time of year for new books. I suppose the publishers anticipate that people will have plenty of time to read during the summer. There were several interesting new releases this week: Dry is Augusten Burroughs’ follow up to last year’s Running with Scissors a memoir about his growing up in the care of a profoundly disturbed shrink. It is hilarious until you remind yourself that it’s a true story. Not sure if Dry will live up to Running with Scissors but it’s certainly worth reading if you enjoyed that book. Several great books about baseball have come out this spring (including Game Time a collection of essays by one of my favorite baseball writers Roger Angell). This week’s baseball book is Moneyball by Michael Lewis which strives to explain how the Oakland A’s and their general manager, Billy Beane, have managed to become successful while sporting one of the lowest payrolls in the Major Leagues. This has easily been the most interesting story in baseball over the last couple of years so it’s not at all surprising to see a book that focuses on it. The big novel release of the last week or so was Oryx and Crake by Margaret Atwood author of, most notably The Handmaid’s Tale, Cat’s Eye, The Blind Assassin. I have never read Atwood, but several of my trusted fellow readers are most devoted to her work.Heard on the RadioNPR often broadcasts gushing reviews of the world’s blandest music. In fact, their review of the last Red Hot Chili Peppers album was unequaled in both the reviewer’s unabashed worship of the band and the grinding dullness of the music that accompanied it. Which is saying a lot, since typically I don’t really have a huge problem with the Chili Peppers. On the hand, NPR regularly devotes air time to some very worthy books, and last week was no exception. Morning Edition devoted a long segment to interviewing Adrian Nicole LeBlanc author of Random Family. To write this remarkable book, LeBlanc spent more than ten years spending time with a family in a decaying neighborhood in the Bronx in order to chronicle their lives. She was able to draw a masterful picture of one troubled family among many. In her interview, it was especially interesting to hear how the assignment to write a single article for Rolling Stone blossomed into a ten year odyssey in the writing of her book. I also caught a tidbit of an interview with Mary Roach the author of Stiff: The Curious Lives of Human Cadavers, which chronicles, in a light hearted way, the numerous ways in which society has been advanced by putting the dead to work. There are the obvious medical examples, but some rather strange examples, as well. Apparently, the first crash test dummies were actually dead bodies, strapped into cars and rammed into walls. Pretty bizarre. I also caught an interview with a couple of the guys (I’m not sure which ones) who put together the book Temples of Sound. This is a fun little illustrated encyclopedia of the most storied recording studios of our musical century. Fantastic pictures accompany text filled with the magic-moment-of-creation stories that all music fans love to read about. Temples of Sound, by the way, is put out by Chronicle Books, which accounts for its great look. When perusing the shelves look out for books put out by Chronicle; they are always interesting or funny and they are beautiful visually.Yes, but is it Art?The art book that caught my eye this past week is a monograph on the artist Gordon Matta-Clark who is most famous for slicing the facades off of derelict buildings. In keeping with the style that made Matta-Clark famous, Phaidon, the publisher of many popular art books, put out a book from which a section of the spine has been cut away to reveal the bare structural binding of the book. It is a wonderful tribute to an artist who died very young as well as a triumph of creative book design.What I’m Reading NowIn Nine Innings Daniel Okrent writes about a single baseball game. In the early ’80s he followed the Milwaukee Brewers for well over a year in order that he would know this team more intimately then even their most rabid fan. Then he picked a single baseball game and used the knowledge he had gathered to write about it. The book is both a microscopic look at the elementary unit of America’s pastime and a study of the many individuals involved with the game as a backdrop. A grand book, especially for a baseball fan.

Looking at what people are reading while they ride to work on the train is an odd hobby, but I’ve been doing it for several months now and I can’t seem to stop myself. In fact, it’s become all the more fascinating now that I’ve noticed some patterns emerging. Here’s what I observed during my travels between the North Side and the Loop on Friday:Reading for school: This is the broad category that includes everyone from high schoolers reading Shakespeare to the upper echelons of post-graduate academia. Since school’s out, you mostly just see the post-grad end of the spectrum at this time of year. Friday’s sighting: Race, Real Estate, and Uneven Development: The Kansas City Experience, 1900-2000 by Kevin Fox GothamConsumers of popular non-fiction: This may be the largest group of readers on the train. Perhaps fiction is too light (or too heavy) for the commute, and these nine-to-fivers require something concrete, yet engaging, to bookend their working day. Friday’s sighting: Nickel and Dimed by Barbara Ehrenreich; Under the Banner of Heaven by Jon Krakauer; Arc of Justice by Kevin BoyleReading for fun: These people, on the other hand, require a diversion on their way to and from work, something boldly written and fast-paced to inject a little excitement into the weekday. Spotted on Friday: The Broker by John Grisham; Harry Potter #4 and #6 (Potter – and not just #6 – is nothing short of ubiquitous on the train these days)The readers: These are the people I envy. I like to imagine that they’re not on their way to or from work but that they ride the rails, like modern day hobos, all day long, enjoying the gently swaying carriage with their noses buried in books. Spotted on Friday: Sons and Lovers by D.H. Lawrence.