1. I applaud former AIG executive Jake DeSantis for having the nerve to whine in public about having to give back his bonus. But DeSantis misses the larger point: the era of bloated multi-million dollar bonuses for financial firm executives must end — not just temporarily, but permanently.
There’s a popular misunderstanding that big bonuses were a symptom of the problem at companies like Lehman Brothers and Citibank and AIG. In fact these bonuses were not a symptom but a cause of the problem. How can a financier justify a seven-figure salary/bonus every year? Not with honest investment in honest business, not year after year — that’s not how honest business works. The system of hedge funds and risk management and credit default swaps grew to support the illusion that high finance could produce infinite wealth and infinite growth, and this system was not rotten at the edges but rotten to the core. A bank or insurance company that pays large numbers of employees millions of dollars a year will inevitably have to resort to deceptive or dishonest practices to maintain that excessive level of reward.
Personally, my private prescription for our sick economy can be found in the book Walden by Henry David Thoreau. But it’s hard to translate this into public policy, so on a more practical level what I want is strong permanent salary caps for executives who manage companies our government considers “too big to fail”. If they’re too big to fail, then they’re too big to be entrusted to high-rollers with dollar signs in their eyes.
2. I’ve been spending a lot of time in Washington DC lately, and may have to miss PEN World Voices in New York City this year. If so, I’ll be missing a really good lineup including Paul Auster, Lou Reed, Muriel Barbery, Mark Danielewski, Neil Gaiman, Paul Krugman, Michael Ondaatje, Parker Posey (?) (okay), Francine Prose, Laila Lalami, Esther Allen, Daniel Mendelsohn, Jonathan Ames, Roxana Robinson, Niall Ferguson, John Freeman, Richard Ford,Wesley (John Wesley Harding) Stace, Philip Gourevitch, Lynne Tillman, Bob Holman, A. M. Homes and a whole lot of international authors I’ve barely or never heard of but would probably benefit from hearing from. If you can go to this, I urge you to do so.
3. Speaking of Thoreau: “Henry David Thoreau is one of those authors that readers think they know, even if they don’t.” I agree with that. I haven’t yet seen Robert Sullivan’s The Thoreau You Don’t Know, but the basic idea as described on this website sounds good to me.
4. According to GalleyCat, Robert Crumb’s next masterwork will be an illustrated Book of Genesis.
5. I’m the kind of guy whose idea of fun is to sit around talking about the meaning of postmodernism (which I feel I understand perfectly). But this article by Andrew Seal (via Scott Esposito, who liked it) is terribly written: At any rate, de Onís also theorized a bifurcation in the set of reactions to modernism: ‘postmodernismo’ was “a conservative reflux within modernism itself: one which sought refuge from its formidable lyrical challenge in a muted perfectionism of detail and ironic humour, whose most original feature was the newly authentic expression it afforded women” (4). Postmodernism was a fading light, however, to be succeeded quickly by ‘ultramodernismo’, its opposite, an intensification of “the radical impulses of modernism to a new pitch” (ibid.) Anderson returns frequently to this basic division. That ain’t postmodern.
7.. Appreciating Edgar Keret.
8. I got your Wild Things right here.