For my first ever Year in Reading at The Millions, I will only be featuring books which I checked out from the local public library in my sleepy Massachusetts town a few miles north of the Red Line’s terminus. Constructed in 1892 and modeled after the Renaissance Palazzo della Cancelleria in Rome, I’ve made this sandstone building a regular part of the itinerary on my way back from Stop ‘n Shop. The library has a resplendent mahogany reading room, the edges lined with framed 17th century drawings, with the back walls decorated with an incongruous painting of Napoleon’s ill-fated Russia campaign and a North African souk scene, all oranges and lemons in the sun. This room contains all of the new novels that come through the library, and after moving to Massachusetts and getting my card I made it a point to come every other week, and to take out more books than I had time to read.
I will not be considering books that I bought at the Harvard Co-Op or Grolier Poetry Bookshop, which without the deadline of a due-date tend to pile up next to my chair where they get chewed on by my French bulldog puppy. Nor will I write about books which I’ve taught these past two semesters, or which I published appraisals of and benefited from the generosity of publisher’s review copies. I’m also excluding non-fiction, preferring for the duration of this essay to focus entirely on the novel as the most exquisite vehicle for immersing ourselves in empathetic interiority to yet be devised by humans. And while there were seemingly endless books which I dipped into, reread portions of, skimmed, and started without finishing, holding to Francis Bacon’s contention in my beloved 17th century that “Some books are to be tasted… some books are to be read only in parts, others to be read, but not curiously,” I’ve rather chosen only to highlight those which the philosopher would have categorized as books that are “to be swallowed… to be chewed and digested.” Looking over the detritus of that complete year in reading, and examining that which was digested as a sort of literary coprologist, I’ve noticed certain traces of things consumed – namely novels of politics and horror, of imagination and immortality, of education and identity.
Campus novels are my comfort fiction, taking an embarrassing enjoyment in reading about people superficially like myself and proving the adage that there is nothing as consoling as our own narcissism. By my estimation the twin triumphs of that genre are my fellow Pittsburgher Michael Chabon’s Wonder Boys and John Williams’s Stoner, the later of which remains alongside F. Scott Fitzgerald’s The Great Gatsby as among the most perfect examples of 20th century American prose, where not even a comma is misplaced. While nothing quite reached those heights, the campus novels which I did read reminded me of why I love the genre so much – the excruciating personal politics, the combustible interactions between widely divergent personalities, and the barest intimations that the Ivory Tower is supposed to (and sometimes does) point to things transcendent and eternal.
Regarding that last, utopian quality of what we hope that higher education is supposed to do, I recently read Lan Samantha Chang’s All is Forgotten, Nothing is Lost. The director of the esteemed University of Iowa Writer’s Workshop, Chang’s slender novel follows the literary careers of the poets who all trained together in the graduate seminar of Miranda Sturgis at fictional Bonneville College. Chang uses the characters of Bernard Sauvet and Roman Morris to interrogate how careerism, aesthetics, and competition all factor into something as seemingly rarefied as poetry. Roman has far more professional success, but is always haunted by the aridness of his verse; his is an abstraction polished to an immaculate sheen, but lacking in human feeling. Bernard, however, is a variety of earnest, celibate, very-serious-young-man with an affection for High Church Catholicism that Chang presents with precise verisimilitude, and who toils monastically in the production of an epic poem about the North American Jesuit martyrs. It’s a strange, quick read that risks falling into allegory, but never does.
A very different campus novel was Francine Prose’s Blue Angel, which details over the course of one semester a brief affair between creative writing professor Ted Swenson and his talented, if troubled, student Angela Argo. Intergenerational infidelity is one of the most hackneyed themes of the campus novel, and Prose’s narrative threatens to spill into the territory of David Mamet’s Oleanna. A lesser writer could have turned The Blue Angel, which is loosely based on Josef von Sternberg’s 1930 film classic, into a conservative, scolding denunciation of gender politics; the twist being that it’s a woman whose delivering invective against the movement towards great accountability concerning sexual harassment. No doubt the novel must read very different after #MeToo, but the text itself doesn’t evidence the sympathy for Ted which some critics might accuse Prose of. As a character, Ted is nearer to Vladimir Nabokov’s Humbert Humbert from Lolita, albeit less charming. When read as the account of an unreliable narrator, The Blue Angel isn’t a satire of feminist piety, but to the contrary an exploration of Ted’s ability to rationalize and obfuscate, most crucially to himself.
Ryan McIlvain’s novel The Radicals is only superficially a campus novel; its main characters Eli and Sam are both graduate students at NYU, but the author’s actual subject is how political extremism can justify all manner of things which we’d never think ourselves capable of, even murder. Reflecting back on the first day they really connected (at that most David Foster Wallace of pastimes – a tennis game), Eli says of Sam “I couldn’t have known I was standing across the net from a murderer, and neither could he,” which I imagine would be the sort of thing you’d remember when reflecting on the halcyon days of an activist group that turned deadly. McIlvain’s prose is a minimalist in a manner that I’m traditionally not attracted towards, but which in The Radicals he imbues with a sense of elegant parsimony. The politics of The Radicals is weirdly hermetically sealed, lower Manhattan during the early Obama years more a set piece for McIlvain to perform a thought experiment on the psychology of insular, extreme groups. Sam, initially the less committed of the two, though whom we’re given indications of his character during a disturbing road rage incident in the opening pages of the book, ultimately becomes the leader of an anarchist cell that emerges out of a movement which seems similar to Occupy Wall Street. As the group stalks through the Westchester estate of an executive implicated in the ’08 financial crash, we’re presented with a riveting account of how ideology can quickly veer into the cultish.
There is an elegiac quality to McIlvain’s novel, a sort of eulogy for Occupy, though of course the actual movement never fizzled out in a spasm of violence as The Radicals depicts. A more all-encompassing portrait of American politics in our current moment is Nathan Hill’s The Nix (2017). Hill’s book is a door-stopper, and for that and other reasons it has accurately drawn comparisons to the heaviest of Thomas Pynchon’s novels. The Nix follows the story of another ill-fated creative writing instructor, the unfortunately named Samuel Andresen-Anderson, though unlike Prose’s protagonist his vice isn’t sleeping with his students, but an addiction to a World of Warcraft-type video game. Samuel is only one of dozens of characters in the book, including his ‘60s radical mother who is in legal trouble for throwing rocks in Chicago’s Grant Park at a right-wing presidential candidate who evokes Roy Moore, his entitled student who functions as a millennial stereotype that somehow avoids being overly cliché, the musical prodigy of his youth whom he still pines for, her Iraq War veteran brother, and even the interior monologues of Allen Ginsberg and Hubert Humphrey. Hill’s most immaculate creation is the trickster-god of a book agent Guy Periwinkle, a mercurial, amoral, nihilistic Svengali who reads as an incarnation of the era of Twitter and Facebook.
The narrative threads are so many, so complicated, and so interrelated that it’s difficult to succinctly explain what The Nix is about, but to give a sense of its asynchronous scope the novel ranges from Norway on the eve of World War II, the stultifying conformity of 60’s Iowa, the ’68 Democratic National Convention (and the subsequent protests), suburban Illinois in the ‘80s, New York during the anti-war protests of 2003, as well as the Iraq War, and the imagined alternative universe of 2016. Its concerns include political polarization, the trauma that family can inflict across generation, the neoliberal university, and video-game addiction. Few novels capture America as it is right now with as much emotional accuracy as The Nix, but it’s all there – the rage, the vertigo, the exhaustion. Of course, haunting the pages of The Nix is a certain Fifth Avenue resident, who is never mentioned, but is very much the embodiment of our garbage era. More than that, Hill performs an excavation of the long arc of our contemporary history, and the scenes with Samuel’s mother in ’68 draw a direct connection between those events of a half-century ago and today, so that the real ghost which permeates the novel is less the mythical Norwegian sprite that gives the book its title, than that other “Nix” whose presidency set the template for a corrupt, compromised, polarized, spiteful, and hateful age.
Adam Haslett’s Union Atlantic covered similar political and economic ground as both The Radicals and The Nix do, though as channeled through the mini-drama between upwardly mobile, self-made banker Doug Fanning and his new neighbor, the retired school-teacher Charlotte Graves. Union Atlantic follows Charlotte’s war of attrition against both Doug and the McMansion that he’s building in their tony Boston suburb. There is something almost Victorian about Haslett’s concerns; Doug’s journey from being raised by an alcoholic single mother in Southie to becoming a millionaire banker living in a Belmont-like suburb has a bit of the Horatio Alger boot-strap story about it, save for the fact that his protagonist never rises to the same heights of sympathy. Haslett portrays the contradictions of Massachusetts with admirable accuracy – the liberalism and the wealth, the Catholic city and the Protestant suburbs, the working class and the Boston Brahmins. As a nice magical realist touch, Charlotte is in the process of losing her mind, hearing her dogs speak to her in the voices of Cotton Mather and Malcolm X. I couldn’t help but be charmed by a dog who sputters invective in the tongue of the colonial Puritan theologian, saying things like “You dwell in Memory like some Perversity of the Flesh. A sin against the gift of Creation it is to harp on the dead while the living still suffer.”
A chilling evocation of those themes of sin and memory is supplied by Nick Laird in Modern Gods, though not without a bit of melancholic Irish wit. Laird provides a novel in two parts; the first concerns the wedding of Allison Donnelly to a man whom she later discovers was involved with the Ulster Unions in an act of spectacularly horrific violence during the Troubles, the second her anthropologist sister Liz’s trip to the appropriately named New Ulster in Papua New Guinea where she is involved in BBC documentary about the emergence of a cargo cult competing against the American evangelical missionaries who’re trying to convert the natives. Laird’s focus is on the horrors of sectarian violence, and the faith which justifies those acts. He could be writing of either the cargo cult, the evangelical missionaries, or the Ulster Protestants when he describes the “imagery of sacrifice and offering, memorials and altars … disguised as just the opposite, a sanctuary from materialism… a marketplace of cold transactions.” Laird’s most sympathetic (and disturbing) character is the cult leader herself, a native named Belef (just “belief” with the “I” taken out…) who appears as a character out of Joseph Conrad, and whose air of cold malice is as characteristic and as evocative of old Ulster as it is of new.
Cults from The Radicals to Modern Gods are very much on authors’ minds in our season of violent political rallies and epistemological anarchy, and so they’re a concern as well in Naomi Alderman’s science fiction parable The Power, where we see the emergence of a religion in opposition to the machinations of the patriarchy. Part of a tradition of feminist dystopian science fiction that finds its modern genesis in Margaret Atwood’s classic The Handmaid’s Tale (that author not for nothing prominently blurbing The Power). Alderman imagines an alternate world in which women are suddenly endowed with a physical strength that completely upends traditional gender roles, causing radical shifts in power from eastern Europe to Saudi Arabia, the Midwest to London. Alderman writes with narrative panache, moving rapidly between various intertwined plots and across wildly divergent voices, including that of the abused foster girl Allie who becomes the the leader of the new faith and christens herself Mother Eve; Roxie, the daughter of a Cockney-Jewish gangster; an American politician named Margot Cleary and her daughter Jocelyn; a Nigerian journalist named Tunde (who is the only major male character in the novel); and the Melania-like first-lady of Moldova, Tatiana Moskalev, who offs her piggish husband and establishes a female-sanctuary in her former country. The Power is a thought-provoking book, and one with some exquisite moments of emotional Schadenfreude, as when newly self-liberated women riot against repressive regimes in places like Riyadh, and yet it’s not a particularly hopeful book, as the new order begins to replicate the worst excesses of the old.
The Power is only one book in our current renaissance of feminist science fiction, written in large part as a response to the rank misogyny and anti-woman policies of our nation’s current regime. In The Guardian Vanessa Thorpe explains that this is a “matching literary revolution,” which sees a new “breed of women’s ‘speculative’ fiction, positing altered sexual and social hierarchies.” Louise Erdrich provides one such example in her Future Home of the Living God which reads as a sort of cracked, post-apocalyptic nativity tale. In a premise like that of P.D. James’s Children of Men, though without the implied reactionary politics, Erdrich presents the diary of Cedar Hawk Songmaker, college student and the adopted Ojibwe daughter of crunchy, upper middle-class Minnesota liberals. Cedar Hawk finds herself pregnant during an autumn when it seems as if evolution itself has started to reverse, as all manner of primeval beings hatch from eggs, one of which is the proverbial gestation of a theocratic government reacting to the ecological collapse. Erdrich remains one of our consummate prose stylists, and Cedar Hawk is an immaculate creation (in several different ways). A precocious and intelligent student, Cedar Hawk is a Catholic convert who grapples with women’s spirituality, and Erdrich presents a book that is both Catholic and vehemently pro-choice (while also understanding that to be pro-choice isn’t to be anti-pregnancy).
Genre fiction is perhaps the best way to explore our current moment, where the “Current Affairs” section and “Science Fiction” are increasingly indistinguishable. Erdrich and Alderman write in a tradition of literary speculative fiction which recalls recent work by Atwood, Chabon, Philip Roth, Cormac McCarthy, and Jim Crace, but old fashioned hard science fiction with all of its intricate world-building never loses its charms. Sam Miller provides just that in his infectiously enjoyable Blackfish City, which follows the intertwined stories of several characters living in a floating, mechanical city above the Arctic Circle in an early 22nd century ravaged by climate change. Despite hard science fiction’s reputation for being all about asteroid mining colonies and silvery faster-than-light starships, the reality is that from Samuel Delaney to Octavia Butler, science fiction has always been more daring in how it approaches questions of race and gender than conservative literary fiction can be. Miller’s novel provides a detailed, fascinating account of how the geothermal powered city (which is operated by a consortium of Thai and Swedish companies) actually works, but his thematic concerns include economic stratification, deregulation, global warming, and gender fluidity. That, and he has depicted neuro-connected animal familiars that communicate with their human partners, including a polar bear and an orca whale. So, there’s that!
Science fiction isn’t the only genre attuned to our neoliberal, late capitalist, ascendant fascistic hell-scape – there’s also horror, of course. Paul Tremblay offers a visceral, thrilling, and disturbing account of a home invasion/hostage situation in his horror pastoral The Cabin at the End of the World, which makes fantastic use of narrative ambiguity in rewriting the often-over-played apocalyptic genre. One of the scariest novels I read in the past year was Hari Kunzru’s postmodern gothic White Tears. The strange ghost tale has been discussed as if it was a simple parody of white hipster culture’s appropriation of black music, and yet White Tears grapples with America’s racial history in a manner that evokes both William Faulkner and Toni Morrison. Kunzru’s story follows the fraught friendship of Seth and Carter, who share a love of lo-fi Mississippi Delta blues music, both listening to and producing songs as an act of musical obsessiveness worthy of R. Crumb. Carter crafts a faux Robert Johnson style number attributed to an invented musician he christens “Charles Shaw,” based off of a recording of random, diegetic patter between two men playing chess in Washington Square Park which Seth picks up on one of his forays through New York to preserve ambient sound. The two discover that the fictional bluesman might be more real than they suppose.
The complexities and contradictions of American culture are also explored in Paul La Farge’s The Night Ocean, which though perhaps not a horror novel itself is still a loving homage to the weird fiction of H.P. Lovecraft. La Farge’s novel is an endlessly recursive frame-tale which follows a series of inter-nestled narratives ranging from the (fictional) homosexual relationship of Lovecraft with a young Floridian named Robert Barlow, to New York author Charlie Willett’s obsession with finding a lost pornographic work of the master himself, which is of course titled The Erotonomicon. Along the way the reader confronts questions of artifice and authenticity, as well as a consideration of the darker reaches of Lovecraft’s brilliant, if bigoted, soul. Le Farge moves across a century of history, and from the horror author’s native Providence to Mexico City on Dia de los Muertos, from northern Ontario to the Upper West Side, with a cameo appearance from Beat novelist William S. Burroughs. La Farge’s novel isn’t quite weird fiction itself, but he writes with an awareness that Lovecraft’s cold, chthonic, unfeeling, anarchic, nihilistic stories of meaninglessness are as apt an approach to our contemporary moment as any, where Cthulhu’s tentacles reach further than we’d care to admit and the Great Old Ones always threaten to devour us. Facing the uncertainties of terrifying push notification, reflect on the master himself, who wrote that the “oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown.”
La Farge’s narrative progresses Zelig-like through 20th century literary history, its story encompassing fictionalized accounts of the intersection of both experimental and genre writing. I’ve always been drawn to picaresque, delighted by the appearance of historical figures as they arrive briefly in a story. Matt Haig’s masterful How to Stop Time has plenty of cameos in the life of its main character Tom Hazard, from William Shakespeare and Captain Cook to Zelda and F. Scott Fitzgerald. Tom isn’t quite an immortal, but in all the ways that matter he nearly is. Haig describes an entire secret fraternity of incredibly old people called the “Albatross Society” who vampire-like scurry about the margins of history. A Huguenot refugee who comes of age in Elizabethan England, Tom’s narrative follows his yearning to discover the missing daughter of his dead wife, the former a near-immortal like himself. Haig’s is a risky gambit, jumping from the 16th century to the 21st, yet he performs the job admirably, and as somebody who cashes checks from writing about the Tudor era, I can attest to the accurate feel of the Renaissance scenes in the book. Word is that a film adaptation is on the way, starring Benedict Cumberbatch (predictably), but more than even its cinematic action about secret societies and historical personages, How to Stop Time offers an estimably human reflection on what it means to grow old, and to lose people along the way.
As the nights grow dimmer and the temperature drops, the distant beginning of the year seems paradoxically closer, the months folding back in on themselves as the Earth reaches the same location in its annual terminus around our sun. January’s reading seems more recent to me than those summer beach indulgences when I got sand from Manchester-by-the-Sea in the creases of my library books, and so I end like an Ouroboros biting its own tale with the first book of 2018 which I read: Paul Kingsnorth’s enigmatic fable Beast. Founder of the Dark Mountain Project, which encourages artists and writers to grapple with what they see as an approaching climate apocalypse, Kingsnorth has been writing increasingly avant-garde prose in reaction to our inevitable demise. His main (and only) character Edward Buckmaster seems to be the same protagonist from his earlier novel The Wake, albeit that earlier novel takes place in the Dark Ages and is written in an Anglo-Saxon patois that is equally beautiful as tedious, while Beast by all intents seems to be broadly contemporary in its setting.
I’m unsure as to whether they’re the same character, or if Edward is to be understood as the reincarnation of his namesake, but both novels share a minimalist, elemental sensibility where the very nature of prose and narrative are stripped to bare essentials. Beast follows the surreal ruminations of Edward as he phases in and out of consciousness in a cottage on the English moors, in a landscape uninhabited by people, while he both stalks and is stalked by some sort of fantastic creature. The nature of the animal is unclear – is it a big cat? A wolf? Something else? And the setting is bizarrely wild, if not post-apocalyptic feeling, when compared to the reality of the urbanized English countryside. Beast is as if Jack London’s Call of the Wild was rewritten by Albert Camus. It’s the sort of “Man vs. Nature” plot that I always want to like and which I rarely do – save for this time, where I very much did enjoy Kingsnorth’s strange allegory. At least it feels like an allegory, but the nature of its implications are hard to interpret. Proffering a hypothesis, I will say that reading Beast, where boredom threaded by a dull anxiety is occasionally punctuated by moments of horror, is as succinct an experiential encapsulation of 2018 as any.
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On September 15, 2008, the morning banking giant Lehman Brothers filed the largest bankruptcy case in U.S. history, business reporters, historians, ex-finance mavens, and business-savvy novelists across New York City awoke to find themselves in a high-stakes race to be the first out with a book on the Panic of 2008. Anyone who has spent time in the business section of Barnes & Noble lately knows who won this race: Too Big to Fail, New York Times reporter Andrew Ross Sorkin’s account of the frenzied weeks leading up to the Lehman bankruptcy, published in October 2009. The HBO miniseries of Sorkin’s book, starring William Hurt, Ed Asner, Paul Giamatti, and, apparently, half the white male population of Hollywood, also looks to win the race for first film out of the gate when it premieres tonight, May 23. But if Sorkin’s lightning-quick fingers, and his formidable resources as chief of the Times’ DealBook blog, put him first across the finish line, that doesn’t mean he has written the best book on the crisis. As a New Yorker with an interest in board room intrigue and a taste for schadenfreude, I’ve done my best to read every book on the banking crisis that has come out since the Lehman filing. What follows is my handicapping of the race for the best book on the subject:
Michael Lewis’ The Big Short: No one else even comes close. Anyone who has followed Lewis’ career, starting with Liar’s Poker, his account of his adventures selling bonds at Salomon Brothers in the go-go 1980s, knows that his books hew to a timeworn formula: he follows a quirky, sometimes half-mad contrarian, using his hero’s off-center view on his subject to show how a complex, often abstruse market functions. In The Big Short, he focuses on a crew of oddball hedge fund managers who “short” – that is, bet against – the exploding market for subprime mortgages in the years before the crash. Lewis is a world-class storyteller and he can be very, very funny, but what sets his books apart is that he combines these skills with a genuine understanding of the brain-melting complexity of the economic systems he is describing. In his hands, all those abstract terms you’ve been puzzling over on the news – credit default swaps, collateralized debt obligations, mortgage-backed securities, and so on – become real as you watch his plucky band of misfits slowly figure out that the emperor has no clothes. When the money starts rolling in, you cheer, not just because the little guys are winning, but because their triumph is a victory for common sense over gold-plated, government-backed flim flam.
Sorkin’s Too Big to Fail: In the news room, the front-page article that gives reader a breathless, blow-by-blow account of a newsworthy event is called a “ticktock,” and Too Big to Fail is essentially a 539-page ticktock. Plainly modeled on Bob Woodward’s thrillerish accounts of bureaucratic infighting in the nation’s capital, Too Big to Fail tells the story of the 2008 financial crash through the eyes of the banking CEOs and federal regulators who brought the world’s largest economy to the brink and wrenched it back just before it careened off the cliff. Sorkin takes readers inside the chandeliered conference rooms at the New York Federal Reserve building in September 2008 as the CEOs of America’s largest banks roll up the sleeves of their Charles Tyrwitt shirts and pull all-nighters like a bunch of panicked college kids during finals week. But as with Woodward’s tomes, the virtues of Too Big to Fail are also its failings. Sorkin, arguably the best business-beat reporter in American daily journalism, has fantastic sources and he offers a crystal clear picture of what happened, but very little sense of why. Unlike Lewis, who sides with the outsiders, Sorkin’s sources are, for the most part, the same bespoke-suited bejillionaires who blew up the economy in the first place. Sorkin makes an effort to offer a broader perspective, but ultimately he is a prisoner of his sources, to whom the financial crisis of 2008 was a natural disaster, an act of God over which they had little control.
Roger Lowenstein’s The End of Wall Street: The third-place finish is unfair because Lowenstein’s main stumbling block is that he wasn’t first. Lowenstein’s book, published in 2010, is 250 pages shorter than Too Big to Fail and yet it offers more insight into the causes of the collapse than Sorkin’s does. A former Wall Street Journal reporter who has made a career of writing books on financial crises starting with the 1998 collapse of the Long-Term Capital Management hedge fund, Lowenstein is able to draw on reporting going back to the 1970s and ’80s to titrate the toxic brew of federal banking deregulation and financial innovation that created the boom in subprime mortgages. But ultimately the drama of the book falls on the same frantic calls between CEOs trying to save their tottering banks and coffee-fueled all-nighters at the Fed building that drive Too Big to Fail. Because Lowenstein wasn’t as quick out of the gate and doesn’t have Sorkin’s magic Rolodex, his book suffers by comparison.
House of Cards by William D. Cohan: House of Cards too often reads like the author was running late for a train. Focusing on the March 2008 collapse of Bear Stearns, the first of the big banking dominoes to fall, House of Cards has no shortage of colorful characters or outlandishly stupid financial stratagems. But built as it is around the epic battle for control of the firm between old-school banker Ace Greenberg and the bridge-obsessed stockbroker Jimmy Cayne, the book suffers from some rather long-winded rehashing of old news. It doesn’t help that Bear Stearns, though worth billions, was a relatively small player among the New York banking behemoths, and when it had to be sold for pennies on the dollar to JP Morgan Chase, its demise only foreshadowed the far greater mayhem to come when Lehman fell in September.
The Buyout of America by Josh Kosman: The Buyout of America, about the secretive private-equity business, has all the ingredients of a Zeitgeist-puncturing work of muckraking journalism in the mold of Eric Schlosser’s Fast Food Nation or Nick Reding’s Methland. Private equity firms collect vast pots of money from wealthy financiers and institutional investors like universities and pension plans, and use the money – along with even bigger pots of borrowed cash – to buy underperforming companies. (If you remember the Richard Gere character in Pretty Woman, you have the basic idea.) In a best-case scenario, private equity firms perform a valuable and necessary service by taking risks on companies no one else wants, but in practice, Kosman says, these firms take fewer risks than they claim and can cause grievous harm to the companies they buy, cutting costs and firing valuable employees to get their target companies out from under mountains of debt. This was especially true in the first years of the new century because borrowing costs were so low and the buyout market was so overheated. Kosman predicts the excesses of the private equity boom will begin to sour over the next eighteen months, leading to “the likely collapse of half of the 3,188 American companies PE firms bought from 2000 to 2008.”
Sounds like great stuff, which is why I plunked down my $26.95 to buy The Buyout of America in hardback days after it came out in 2009. But Kosman, a senior reporter for the trade publication Buyouts Newsletter, just doesn’t deliver the goods. For one thing, with a few notorious exceptions, the outlook for buyouts looks to be improving in 2011, not cratering as Kosman predicted. To make matters worse, Kosman never quite pierces the cone of silence that surrounds the private equity world and much of the book ends up rehashing old cases of private equity perfidy you can read about elsewhere.
Horses of a Different Color:
Jonathan Dee’s The Privileges & Adam Haslett’s Union Atlantic: Neither Dee nor Haslett is writing directly about the 2008 crash – indeed, Haslett’s book is set largely in Boston – but both nevertheless offer excellent windows onto the perverse workings of the Wall Street mind. Dee’s novel, The Privileges, centers on the family of Adam Morey, a private equity guru who engineers an illegal insider trading network, earning millions of dollars that he socks away at an offshore bank. The book gradually reveals itself to be a satire of über-rich New Yorkers, but you could easily miss the darts Dee is aiming at his characters because he so rarely steps outside the cosseted, self-justifying world the Moreys have built around themselves. Even more daringly, Dee doesn’t punish Morey for his sins. By flouting conventional dramatic rules, Dee robs his story of a morally satisfying ending, but his bold move frees him to create a devastatingly honest portrait of the rot at the center of the American culture of success.
Union Atlantic is more conventional in its plotting, pitting a nearly sociopathically ambitious young banker against a dotty old high school history teacher named Charlotte Graves, who represents dying Old Yankee values. In lesser hands, this would end up the potted morality tale it is designed to be (her name is Graves – get it?), but Haslett, author of the luminous book of stories, You Are Not a Stranger Here, has a gift for language and for conveying people’s inner lives. Haslett has a journeyman’s understanding of finance, and some of the minor characters read as though they stumbled in from a Tom Wolfe pastiche, but the central figures are richly imagined and the climax, when it comes, is deeply satisfying.
Liaquat Ahamed’s Lords of Finance: Finally, if you want to take the long view on financial crises, you can do no better than Lords of Finance, which traces the causes of the global economic depression following 1929 stock market crash. In this remarkable book, Ahamed retells the story of how the fallout from World War I led inexorably to Hitler’s Germany, not through the conventional lens of the era’s politicians and generals, but through the eyes of the central bankers of America, Britain, France and Germany, the four main powers at Versailles in 1919. What comes through is how the decisions of a few powerful men can affect the lives of millions, and just how catastrophic the effects can be when those in power act foolishly.
Out this week is a highly touted seafaring debut We the Drowned. This book in translation is by Danish writer Carsten Jensen. Another debut effort arriving this week is Open City by Teju Cole, which PW likened to Coetzee, Sebald, and Nicholson Baker. Out in paperback today are Adam Haslett’s Union Atlantic and controversial Millions Hall of Famer Reality Hunger by David Shields.