New York’s NPR affiliate, WNYC, has posted downloadable audio of last weekend’s 75th Birthday celebration for Philip Roth. Featured speakers include Jonathan Lethem, Charles D’Ambrosio, and Hermione Lee. Alvin Pepler, unfortunately, had a prior engagement…
A lengthy article in the Financial Times takes on America’s squeamishness with that most perplexing of punctuations, the semi-colon. Personally, I’m a big semi-colon fan (if one can be said to be a fan of a particular piece of punctuation), but Michael Kinsley, for example, is more cautious:”I use semicolons and I never really enforced a hard-and-fast rule,” Kinsley responded recently by e-mail from the West Coast, where he has been running The Los Angeles Times’ opinion pages for the past year.”But if abuse is going to be common,” he continued, “it’s simpler and safer to have a flat-out rule. It’s like drug regulation. Drugs are banned sometimes because a minority of users will have negative side effects, or because taking them correctly is complicated, although many people could get it right and would find them helpful. Actually, I’m opposed to that kind of thinking re drugs, but I am OK with it regarding punctuation. Punctuation can’t save your life.”
Millions readers who follow European soccer, the progress of democratic socialism, or international tax policies may be interested in Jonathan Last’s article in the Weekly Standard this week about how Gordon Brown’s recent tax hike – from 40% to 50% on the top tax bracket – is decimating the English Premier League. (And yes, I mean that Weekly Standard – the one edited by Bill Kristol, the one so many love to hate.)According to Last and others (like Arsenal manager Arsene Wenger), the Premier League’s inability to keep or attract players like Cristiano Ronaldo (who left Manchester United this transfer season for Real Madrid for a record 80 million pounds), the Brazilian striker Kaka (who spurned a 100 million pound offer from Manchester City to go to Real Madrid for less), Karim Benzima, Franck Ribery, Samuel Eto’o, David Villa, and Jermaine Pennant can all be traced to England’s new 50% income tax and the falling value of the pound. That and Spain’s 2005 “Beckham Law” that allows high-earning “foreign executives” a special tax rate of only 24% rather than 43%, its usual top-bracket rate. The Spanish law is so named because David Beckham was the first foreign national to be given this status – and because the law was backdated to 2003, the year he joined Real Madrid from Manchester United.
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.
This is why I love the New Yorker. Right when I’m about to go on vacation, they put out the debut fiction issue, perfect for the beach. In fact, I still vividly recall reading an excerpt from Jonathan Safran Foer’s Everything is Illuminated in a debut fiction issue while at the beach a few summers ago. This year’s stories look interesting. There’s “An Ex-Mas Feast” (read it here) by Uwem Alpan, “a Jesuit Priest from Nigeria.” There’s “The Laser Age” by Justin Tussing, an Iowa Writer’s Workshop grad, whose first novel, The Best People in the World, comes out nest year. And there’s “Haunting Olivia” by Karen Russell (read it here.)I don’t know why, but I always feel faint stirrings of jealousy when the debut fiction issue comes out. I’m not exactly an aspiring novelist, but I think it riles people up to see unknowns on such a big stage, the biggest in short fiction. I just have to remind myself that there are much more deserving things to decry in the literary world than the debut fiction issue. That way I can enjoy the stories with my emotions unclouded.Update: I read the stories and here’s what I thought.
The current issue of New York Magazine offers a typically glib handicapping of this summer’s debut novels and hot young fabulists, as well as surveys of overlooked books and of writers likely to stand the test of time. I’m least sympathetic to this American Idol style of journalism when it covers well-trod territory; New York’s a speculative “future canon” offers few surprises (Gary Lutz and Helena Maria Viramontes among them). But the lengthy “underrated” list does offer readers an introduction to new writers… as do the excerpts from works in progress by “tomorrow’s literary stars” (including my friend Maaza Mengiste.)It’s refreshing to read fiction in New York; perhaps they should do this more often. Anyway, if the endless brouhaha surrounding the Times’ attention-grabbing “Best Books of the Last 25 Years” failed to tire you out, click on over to New York and check out the offerings.