Economics

Also in the New Yorker, Hank Greenberg surveys the wreckage of A.I.G.

“A.I.G. had a liquidity problem, not a solvency problem,” Greenberg said. “The insurance business is quite good. It’s still operating in a hundred and thirty countries around the world, but, to pay off the loan from the government, the company is going to have to sell assets—at a time when they are not going to get the best prices. The more assets you sell at prices that are not fair value, the more jobs you lose, the more pensions and 401(k)s lose enormous amounts of money. And the taxpayers will not get all their money back anyway. Nobody wins.”

NFL coach and executive Bill Parcells has a pet peeve – people who insist that a particular team is ‘better than their record.’ No they’re not!, he’d exclaim. Like it or not, that’s the true measure of your team’s ability – when did they win, when did they lose.

Hank, the value of those assets, when you’re forced to sell them, IS their fair value. Cry me a river.

http://www.newyorker.com/talk/2008/10/27/081027ta_talk_toobin

Politics

Steve Coll in the New Yorker on McCain’s economic perspective:

“…His phony war on taxes has diminished the last phase of the campaign. In the maw of the worst banking and financial crisis since the Great Depression, McCain has repeatedly dumbed down the debate on economic policy. His focus on pork-barrel spending and the top marginal tax rates of the richest Americans has obscured the seriousness of the crisis, whose causes have nothing to do with either of those issues.”

http://www.newyorker.com/talk/comment/2008/10/27/081027taco_talk_coll

Books

A nice review of a new collection of Gore Vidal essays. The more I read, the more I discover I need to read, and Vidal’s essays are up near the top of the ‘Read This!’ list.

“The prevailing American superstitions are: one, there is a Supreme Being, omnipotent and benevolent; two, some sexual predilections are more natural than others; and three, there is no class system in the United States. No one who denies any of these things can be elected to high office. As a patriot, Vidal naturally has no patience with this affront to our civic intelligence.” – George Scialabba

http://www.thenation.com/doc/20081027/scialabba

Music – The Residents and Wire

Two musical adventures this week, one terrific, one not so. But both bands have a long history, both are still admirably active,and still work with and aspire to serious ideas.

The Residents started out as a music / performance / video / writing collective in the late sixties, and started releasing albums in 1973. Apparently, the four core founding members remain, conceptually, even if they don’t record or perform consistently together. Over the years, they’ve supplemented their work with a constantly rotating array of guest musicians, vocalists, and technicians. The core quartet, however, chooses to remain anonymous, and always perform in disguise. Their most iconic disguise is a set of giant eyeball heads, usually worn with tuxedos. In the mid-eighties, one of the eyeball masks was stolen, and, even though later recovered, was replaced with a giant black skull head. These days the band sports what the Village Voice’s Jason Gross describes: “Discarding their usual eyeball-head outfits, the band sported minstrel-like masks, bunny ears, pinpoint-light “eyes,” and sequined tuxedos—like an alien ‘Song of the South’.” Wikipedia has a pretty comprehensive ‘biography’ of the band here:

http://en.wikipedia.org/wiki/The_Residents

But even the author of this essay admits that a great deal of his information may be apocryphal – self-promotional fictions written by the collective members under their umbrella-entity, the Cryptic Corporation.

Sonically, their music has been pretty consistent. The songs start out in the vein of standard American song – country-western classics, Elvis, show tunes, folk songs, and sixties pop. But if there’s darkness or sinister irony to be gleaned from this All-American foundation, they find and exploit it. Most of their renditions employ the sounds of cabaret, vaudeville, and carnival music performed as dissonantly and darkly as possible – the same tone often employed by artists like Tom Waits or Captain Beefheart. It’s better, though, to think of them as group compositions and arrangements rather than tied to a specific performer’s ideas. These guys were writing soundtracks to David Lynch movies years before it even occured to David Lynch to learn how to work a camera.

So the good news is – they’re still at it. They’ve created their own small but substantial aesthetic universe, and there’s a lot of abstracted subversive resonance to identify with conceptually. Their latest project, ‘The Bunny Boy’, is now touring, and stopped at the Lakeshore Theater here in Chicago for two nights. Musically, they’re still excellent, in composition, execution and uniqueness of sound.

But the bad news is – the show itself, the story told and the main character performing it, is pretty bad. Rather than just staying consistent to their larger aesthetic, they’ve created a specific narrative, with a specific character relating it, and they just don’t have the gesamtkunstwerk chops to pull this off. If I have to watch another semi-homeless, semi-psychotic hermitty reprobate character relating dark truths about The Rest Of Us, in movies, in books, on TV or on stage, it’ll be too damn soon. It seems his brother, Harvey, went to Patmos, an island in Greece, and suspiciously disappeared. Later we learn that the narrator may have follwed Harvey to Greece, but he has no recollection of it. He may have murdered Harvey in Greece, but he has no recollection of it. Is he crazy? He dunno. What do YOU think? Oh, and the narrator is obsessed with rabbits. And butchering. These kinds of Robert Bloch-isms have been done and done and done, so you’d better have something new to bring to these cliches, or don’t bother. Here, clearly, they shouldn’t have bothered.

It’s especially frustrating because the music, by itself, is really good. I heard the CD after seeing the show, and without the holler-so-the-back-row-gets-it histrionics of the lead performance, it’s wonderfully evocative and original stuff. When the story is created in your own mind, when you treat the album songs like the radio and fill in the blanks yourself, it’s far, far more effective than being locked in to the limited here’s-the-explanation through-line that they’ve unfortunately decided was a good idea.

Fellas, fellas, fellas, just get up and do the songs. Do them in a theatrically-manipulated atmosphere that reflects your generally unique and wonderful point-of-view. That’s OK, that can work. The masks are fine. The video snippets are fine. Your band kills. Just trust your ideas – don’t stuff them into a misconceived cannister of storytelling logic that reduces them to undergraduate spook-story rock-opera drivel, and depends on our acceptance of an amateurishly ‘acted’ cliche lead character / storyteller.

Better luck next time, gentlemen.

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Wire began releasing recordings in 1977 – their first album, Pink Flag, is rightly cited as a watershed for the soon-to-burgeon post-punk movement. They, along with bands like Joy Division, The Fall, The Birthday Party (later Nick Cave and the Bad Seeds), Killing Joke and Gang Of Four, took the minimalist aggression and back-to-basics songwriting of the punks and started insinuating bigger and smarter sociological and political ideas – it was typical to view a number of them as art-school bands. (When you think of American post-punk bands like Mission of Burma, Pere Ubu, The Raincoats, Husker Du or pre-‘Remain In Light’ Talking Heads, the ‘art-school’ tag doesn’t seem so pejorative). From simple, guitar-based short songs, Wire expanded through the eighties, adding keyboards, sampling, layered vocals and an array of studio effects to create the huge sound evinced on songs like ‘Ahead’, ‘Eardrum Buzz’, ‘In Vivo’ and ‘Madman’s Honey’. Recently, they’ve pared back to a more guitar-centric sound, but their recordings are still studio-heavy compositions, laden with layered tracking, processed sound and compression.

I feared that big chunks of their show at Chicago’s Metro would be performed by the sound board. But they, relievedly, eschewed the studio versions of the songs and just played them as a plain old Band With Guitars, unadorned. So the first great revelation was that the songs are really That Good, really held up in these very different, minimalized arrangements. The early stuff held up effortlessly, but the eighties songs like ‘Silk Skin Paws’ and, especially, ‘Advantage In Height’ were exceptional as well. The new material, especially the more aggresively abrasive work on 2003’s ‘Send’, took on a bigger, more expansive flavor. Which was the second great revelation – for all of the teeth-grinding tension their overcompressed studio work can have, in concert they Trusted Their Guitars, strumming, crunching and echoing wonderful slabs and waves of chordal and harmonic noise that perfectly enhanced the fat ideas behind their deceptively basic songs.

I especially want to single out the guitar work of Margaret Fiedler McGinnis, standing in for longtime member Bruce Gilbert, who, the scuttlebutt reports, has had enough of touring, and is reducing his workload with the band. If one of the two guitarists was most responsible for the aforementioned slabs and waves (the other being co-founder Colin Newman, singer and songwriter as well), it was her. She sounded great. I suspected a little homework would reveal a history of smaller British bands and gigs leading up to this deserved step up for her (she’s also played with P.J. Harvey), and it does. The surprise is that she was born and raised right here in Winnetka, Il. She’s a credit to rock-and-roll expatriates everywhere.

They’re a great band, and have been for a while. I can recommend the first three albums (‘Pink Flag’, ‘Chairs Missing’ and ‘154’), a compilation of their 80’s work called ‘The A List’, and two of their most recent albums, ‘Send’ and the new one, ‘Object 47’.

Politics

“The current UN mandate for US-led coalition forces in Iraq expires on 31 December. About 144,000 of the 152,000 foreign troops deployed there are US military personnel.

The BBC’s Richard Lister in Washington says major obstacles to an agreement on extending the mandate have included how long US troops would stay, and whether they would continue to be immune from prosecution in Iraq.

The Iraqi government has publicly insisted on a clear timeline for withdrawal, and US officials said the current draft included a timeline for US withdrawal before the end of 2011.” – BBC News

Am I too cynical, or have we really gotten to the point where the Iraqis are asking “When the hell can we get rid of you assholes!?”

http://news.bbc.co.uk/2/hi/middle_east/7675171.stm

Movies – Innocence

Innocence (France, 2004) is a very beautiful, delicately intriguing surrealist allegory by the French filmmaker Lucile Hadzihalilovic (yeah, I know… I’d guess Ha-ja-ha-LIL-o-vitch). The entirety of the film takes place at a girl’s school deep in the country – there are lush woods, a lake, and a series of older houses and buildings where the girls reside and take classes, all connected by paths lit by factory-lamps-as-streetlights. The environment reminded me of Paul Delvaux paintings – young women dressed in white, or nude, in fractured landscapes of classical temples, city streets at night, forests, train stations, etc.

The film starts with the girls welcoming a new student, Iris. She arrives nude, in a coffin, and the girls cloth her in white, tie ribbons in her hair (the colors denote age and seniority – red for the youngest, violet for the oldest girls), and assign her to her room, shared with the eldest girl in the house, Bianca. Iris mentions missing her brother from time to time, but is persuaded to understand he’ll never visit – in fact, no one will. There’s no other mention made of family, or indeed any personal history by or for any of the girls. They are a culture unto themselves.

For the most part, the girls are left on their own to socialize with each other, walk the woods, swim, jump rope, hide and seek, and, every once in a while, attend classes. While there are a number of older women who cook, clean, and attend to the domestic needs of the girls, there appears to be only two teachers – Mademoiselle Edith (Hélène de Fougerolles) , who lectures the girls on natural sciences and their health, and Mademoiselle Eva (Marion Cotillard), who teaches the dance classes.

Mademoiselle Edith is tall and imperiously lanky, and must use a cane to help her walk – her handicap is never explained, though the girls have their own rumors and theories. Her natural sciences tutelage is almost exclusively concerned with growth and transformations – eggs become chicks become birds, caterpillars become chrysalises become butterflies, and the transformations the girls themselves will undergo as they mature.

Mademoiselle Eva is engaged in teaching the girls the same dances, over and over, year after year. Eventually we learn that the eldest girls secretly perform these dances for an audience they never meet – they take the stage and perform for the already-seated audience, and the house is cleared immediately afterwards.

Once a year the headmistress visits, but it’s primarily to see older, but not eldest, girls dance for her. After seeing each blue-ribbon girl perform, she chooses one to take with her into the world outside of the school. While her visits are happily anticipated, the competition is quite serious, and her choice, and their departure, is suspiciously abrupt.

It’s a tough film to evoke second-hand. It sounds like some kind of overly precious Walden Pond meets Smith College fairy-tale fantasia, but Hadzihalilovic keeps things very grounded. The girls themselves are very natural, very normal, and for every girl that’s flourishing in this idyllic environment, there’s another who feels haunted, lonely and isolated. There’s always an underlying question of whether they’re part of a luckily-chosen child-society, or passive prisoners genuinely mystified by why they’re there. Bianca must make late visits to the main house every night, never explained, never discussed. Attempts to leave are, apparently, severely punished. Mademoiselles Edith and Eva are, seemingly, former students, and their teaching duties seem to be far more a matter of Their Fate than a chosen profession.

Hadzihalilovic never tips towards paradise or purgatory. She simply presents the girls as children of (somewhat) free will interacting with each other and their natural environment. There’s no sense of casting off a Real World for this one, although everyone’s aware that it’s on the other side of the garden wall. There’s no threat of looming corruption, abandonment or betrayal, although there are vaguely sinister mysteries laced into their day-to-day, night-to-night lives – small revolts, visual bits of Balthus and DeChirico, sad glances from the Mademoiselles.

I don’t want to reveal too much about it, but there’s a structure, a progression, threads to follow, and a wonderfully open-ended ending. It’s not just mood and atmosphere – it’s infused with atmosphere, but it’s About Something, too.

I found it quite remarkable. Ironically, online, the film it seems to be most often compared to is Picnic at Hanging Rock, a film admired by many but one I really disliked. (Although, I suppose, after this, I should give the Peter Weir film another shot). But I can unreservedly recommend this film – absolutely outside of the mainstream, with a uniquely slow rhythm and visual richness.

I’m sure the Frank Wedekind novella on which this is based is very good as well – Wedekind was part of a late 1800’s German post-romantic avant-garde, and his plays and other writings often caused scandals for their frank-yet-abstracted sexual and sensual subject matter. His best-known works are the ‘Lulu’ plays – ‘Earth Spirit’ and ‘Pandora’s Box’, and his first play, ‘Spring Awakening’. The novella is called ‘Mine-Haha: The Corporal Education of Young Girls’, but seems to be quite rare these days. But the film will do, trust me – it’s one of those creative endeavors that feels like it only could have been a film – Hadzihalilovic is a terrific filmmaker.

Economics

A nice article by Robert Bryce on the Counterpunch site. He’s the author of “Gusher of Lies: The Dangerous Delusions of ‘Energy Independence'”, which I hope to review here soon.

But this essay deals with the SEC and the derivatives markets. Congress is always good at patting themselves on the back for their ‘support’ of oversight institutions like the SEC. But while singing their praises on the floor to their constituencies, they short-change realistic funding for them in committees.

It also deals with Phil Gramm’s multi-trillion dollar giveaways to the smoke-and-mirrors derivatives dealers with the Commodity Futures Modernization Act of 2001. Clinton, of course, signed off on it, ostensibly with Robert Reich’s blessing, so I know better than to just label this a Republican issue. But ten or twelve different things are all coming together to create this global crisis, and it’s important to see how derivatives contribute to the overall suck.

http://www.counterpunch.org/bryce10092008.html

Sports

I generally find Gene Wojciechowki to be Sports Journalism Lite, but his dismissal of the Chicago Cubs and their no-show in the playoffs rings distressingly true:

http://sports.espn.go.com/espn/columns/story?columnist=wojciechowski_gene&id=3626535&sportCat=mlb

And here’s an e-mail I sent to a friend of mine this morning. I’ll be even more disgusted in a few days when it really sinks in:

“I almost threw a shoe through my TV when Soriano ended it all with ANOTHER four-or-five pitch at-bat. The Dodgers were patient, working long pitch counts. I don’t need more than one hand to count how many times any Cubs batter waited or fought long enough to get three balls in a count. I feel worst for Z – he pitched well enough to win Thursday night, and no one picked him up. Keep Lee, Theriot, DeRosa, Soto, Reed Johnson, Z, Demp, Marmol, maybe Fontenot, maybe Samardzia, and trade the rest. Fuck ’em.”

That’s Torre for you. Remember those endless ten, eleven, twelve-pitch battles you’d see from Jeter, Bernie, Posada, O’Neill, Tino, Giambi, etc.? Dempster didn’t outrightly stink in Game 1 – it was respectable stuff – but he (and Geo) (and Lou) didn’t adapt to the Dodger strategy in their pitch-calling. Game Two – what’s to say? P.U. Embarrassing. Game Three, only Lee, DeRosa and Marmol had any attitude, any energy, any semblance that Damn it, this isn’t mid-July, we’d better snap out of it.

Not to take anything away from the Dodgers. They stepped up and executed. Manny killed, but, ironically, they didn’t even need his runs. How valuable will Kemp, Ethier, Loney and Broxton be in next year’s Fantasy drafts?

The Cubs are an expensive ticket. It costs as much to go to one of their 82 home games as a trip to the opera, for God’s sake. They’d better figure out if the fans are seeing any genuine value at that cost, or it won’t matter who owns them next year.