Haunting the Web Since 1999
The republic stands upon the edge of a knife, people. Stray but a little, and it will fall. While the NYT belatedly figures out the Chamber is up to no good in its overwhelming campaign spending — thank you, Citizens United — the Center for American Progress discovers that the vast right-wing conspiracy actually holds meetings(!):
“While the Koch brothers — each worth over $21.5 billion — have certainly underwritten much of the right, their hidden coordination with other big business money has gone largely unnoticed…The memo, along with an attendee list of about 210 people, shows the titans of industry — from health insurance companies, oil executives, Wall Street investors, and real estate tycoons — working together with conservative journalists and Republican operatives to plan the 2010 election, as well as ongoing conservative efforts through 2012.”
Wall Street 2 turns out to be a brisk two hours, and its ability to explain some relatively complex financial goings-on in a crowd-pleasing format is admirable. Still, the movie also ends up feeling like a missed opportunity. Bringing 80’s corporate raider Gordon Gekko (Michael Douglas) back to comment on the amoral rapacity of today’s financial sector could be a stroke of genius, and the movie is most entertaining when it shows how the greed and corruption of today’s Wall Street has outpaced anything Gekko could ever have imagined back in the American Psycho era. (“Someone reminded me I once said, ‘Greed is good.’ Now, it seems it’s legal.“)
But even more than W, a movie which treated the many foibles of our 43rd president with kid gloves, Wall Street: Money Never Sleeps is a film that seems lacking in sufficient indignation. I mean, those venerable and self-proclaimed Masters of the Universe, the Titans of Wall Street, managed to plunge the entire American economy into a death spiral and pass the bill off to the increasingly jobless American taxpayer. And yet, they still managed to avoid any seriously damaging regulation as a consequence, and, at the end of the day, they give themselves record bonuses for two years running. And all Stone can muster up about it is this? Where’s the outrage?
To be fair, avarice and plunder are central to Stone’s story here, bubbles abound (Stone does love to beat a metaphor to death), and the film does dramatize the September 2008 collapse and subsequent bailout, with Wall Street tycoons Josh Brolin and Eli Wallach, among others, worriedly communing with Hank Paulson and Tim Geithner lookalikes in a darkly-lit Federal Reserve antechamber. The problem isn’t the content so much as the tone. Eventually, you get the sense that, despite all their bad behavior, Stone likes and looks up to these guys. (This may be because Stone’s father was a Wall Street banker, so this may be the film where a director who continually relies on characters with daddy issues is now trying to work out his own.)
As a result, Wall Street feels confused — It doesn’t really seem to know which tale it wants to tell. On one hand, we have the story I just mentioned — the obvious sickness and eventual collapse of the financial sector. But then we also have the story of our protagonist, Jake Moore (Shia LaBoeuf) — a savvier operator than Charlie Sheen ever was — who shuffles through various potential father figures (Gekko, Brolin, and, in the early going, Frank Langella) and woos the professional-blogger daughter of the fallen Gekko king (Carey Mulligan — By the way, Stone doesn’t seem to have a handle on what blogging’s about. We wear pajamas all day, and we don’t have sleek Facebook-looking offices.)
And then we have the Return of Gordon Gekko himself. Now on the CNBC book and lecture circuit, a seemingly chastened Gekko wants Jake’s help to reconnect with his prodigal daughter. In the meantime, he teaches Jake a thing or two about the way the Game is played at the top. And hewatches today’s unsustainable financial shenanigans with wry bemusement — he likes to discourse on tulips — and perhaps a little jealousy. Does Gekko want a seat at the table again? Well, he’s Gordon Gekko. What do you think? (For what it’s worth, Douglas is great fun here — let’s hope it’s not his last performance — but his character is getting a bit of the Ridley Scott’s Hannibal treatment. To my mind, Gekko makes for a better villain than he does an anti-hero.)
In any case, Stone has a lot of balls in the air throughout Money Never Sleeps and as the film goes on they become more and more clumsily handled. This flaw becomes glaringly obvious in the final reel, when the film suffers from more endings than Return of the King, including one — in front of Lady Gekko’s apartment — that comes out of nowhere and feels exceedingly cheap. (The movie even has three closing-credit sequences — one focused on time, one one family, and one on money — Four if you count all the bubbles floating around. Stone apparently couldn’t decide what his film was about.)
There’s a lot of upside to Money Never Sleeps — It’s a surprisingly fun movie at times, and the acting is solid across the board. (People like to hate on Shia LaBoeuf, but I actually think he’s a pretty good actor. Here, he even starts to seem a bit like his father from a more ill-conceived sequel, Harrison Ford — although with less finger and family issues.) Still, I wish the movie weren’t so confused about its purpose, and I definitely wish it took a more aggrieved stance towards its bankster subjects. I don’t want to watch these jokers having totally random Ducati races. I want to see them in jail. (Then again, be careful what you wish for: Gekko says several times here that it’s the next collapse we really need to worry about, and that could happen at any time…like, say, now.)
“‘The potential for exit in terms of emigration is huge and it’s a major part of the Irish story’…’Ireland is on the verge of losing a whole generation. People are simply not able to get a job in Ireland, not happy with the quality of life here and they are upping and leaving.“
Faced, like so many other nations, with a bank-fueled financial meltdown and a grueling austerity program to make up the slack (sound familiar?), the Irish are — well, according to Reuters at least — either leaving or taking it in stride…for now. “‘It’s a cultural characteristic of the Irish people,’ said portrait photographer Kevin Abosch as he strode down O’Connell Street. ‘Generations of pacifism have been bred into them.’“
Particularly as I was just writing up The Town, it reminds me of that line from The Departed: “If we’re not gonna make it, it’s gotta be you that gets out, cause I’m not capable. I’m f**king Irish, I’ll deal with something being wrong for the rest of my life.”
As you no doubt know by now, and like his White House correspondent’s dinner speech in 2006, the inimitable Stephen Colbert came to the Hill on Friday to deliver his expert testimony on the plight of migrant workers, a topic the media would otherwise have completely ignored in favor of whatever crazy thing Sarah Palin tweeted today.
For those making the ridiculous argument that Congress was horribly besmirched by Colbert’s satirical testimony, I have two words: Twain and Elmo. For everyone else, it was very funny and, as per Colbert’s usual m.o., spoke truthiness to power. “[I]t just stands to reason, to me, that if your coworker can’t be exploited, then you’re less likely to be exploited yourself. And that, itself, might improve pay and working conditions on these farms, and eventually, Americans may consider taking these jobs again.”
In a must-read series at Slate, Timothy Noah delves into income inequality in America, a.k.a. “The Great Divergence.” “Even Alan Greenspan, the former Federal Reserve Board chairman and onetime Ayn Rand acolyte, has registered concern. ‘This is not the type of thing which a democratic society — a capitalist democratic society — can really accept without addressing,’ Greenspan said in 2005.“
Sigh. In the WP, Dana Priest and William Arkin attempt to survey the breadth and depth of our post-9/11 intelligence complex, and the results are troubling, to say, the least. Basically, nobody, not even the SecDef, has any clue how big some of these programs are, or what the armies of private contractors are up to half the time. “After nine years of unprecedented spending and growth, the result is that the system put in place to keep the United States safe is so massive that its effectiveness is impossible to determine…’Because it lacks a synchronizing process, it inevitably results in message dissonance, reduced effectiveness and waste,” Vines said. “We consequently can’t effectively assess whether it is making us more safe.’” If you have to ask…
For a good overview of the Post‘s laudable coverage, check out this worthwhile post from Wired‘s Danger Room and Glenn Greenwald’s pithy summation of the problem. “This world is so vast, secretive and well-funded that it’s very difficult to imagine how it could ever be brought under control…[Meanwhile] The Drudge and Politico sewers still rule our world — ‘fights over nothing’ — and happily distract us from Top Secret America, what it does and what it takes.” But, hey, what’s Sarah Palin been up to?
“I don’t know what my biggest contribution has been. I think it has been simply showing up for work every day, trying to fight the good fight for average people…But I leave more discontented when I came here because of the terrible things that have been done to this economy by political leaders who allowed Wall Street to turn Wall Street banks into gambling casinos which damned near destroyed the economy.“
On the eve of his retirement, Chair of the House Appropriations Committee David Obey has some choice words for the administration, and himself. “I think the more important thing was what was my biggest failure…our failure to stop the ripoff of the middle class by the economic elite of this country, and this is not just something that happened because of the forces of the market.”
“‘They’re snuffing out the America that I grew up in,’ Boehner said. ‘Right now, we’ve got more Americans engaged in their government than at any time in our history. There’s a political rebellion brewing, and I don’t think we’ve seen anything like it since 1776.” In case you missed GOP leader John Boehner’s inadvisable, Barton-like unveiling of his true thoughts this morning, the Minority Leader gave an interview to the Scaife-owned Pittsburgh Tribune, and it’s actually an open question what the dumbest thing he said was. Was it:
1) Arguing that the avarice and fraud-fueled Wall Street meltdown that destroyed 8 million jobs was merely an “ant” Dems were trying to kill with a nuclear weapon? (Say what you will about this financial reform legislation, I wouldn’t call it nuclear-powered.)
2) Suggesting we should fund the highly-suspect–at-this-point war in Afghanistan by forcing Americans to work five more years? or…
3) The pathetic dabbling in Tea Party self-aggrandizement posted above? From what I remember of the history books, 1861 was a pretty banner year for political rebellion. Also, here’s a tip, Mr. Boehner: Read Rick Perlstein’s Nixonland. The Tea Party is not only not a new phenomenon, it’s not even a particularly special one. The only difference now is the media covers these John Birch Society wannabes like they’re actually a real political force in America. For shame.
And I’ve even skipped over stuff like the usual “repeal health care reform” inanities. Once again, the Majority Leader proves that one of the best assets Democrats have going into the fall midterms are the Republicans themselves. They’re just not ready for prime-time anymore, if in fact they ever were.
They used to tell me I was building a dream…In the NYT, Paul Krugman calls out the deficit peacocks one more time before the wheels come off around the world. “[This is] the victory of an orthodoxy that has little to do with rational analysis, whose main tenet is that imposing suffering on other people is how you show leadership in tough times. And who will pay the price for this triumph of orthodoxy? The answer is, tens of millions of unemployed workers, many of whom will go jobless for years, and some of whom will never work again.“
In very related news, from the bowels of the Fed comes a taxpayer-paid response to Krugman, DeLong, and others sounding the alarm about the deficit witchhunt: Quiet, you nasty bloggers! You have not sufficiently mastered our economickal arts! “[W]riters who have not taken a year of PhD coursework in a decent economics department (and passed their PhD qualifying exams), cannot meaningfully advance the discussion on economic policy…[T]here is extremely low likelihood that the speculations of the untrained, on a topic almost pathologically riddled by dynamic considerations and feedback effects, will offer anything new.“
Having spent much of the past decade in academe, I’d like to point out that this is a pretty classic overreach by the writer here. I mean, you spend all those years chasing down a degree that’s not particularly useful anymore…there must be some upside to it, right? Am I not now part of the intellectual — in this case, macroeconomic — Elect? No, Mr. Athreya, I’m afraid not. Sometimes people spend so much time examining, say, the myriad variances in an oak leaf (or worse) they miss the forest for the trees.
Update: In an attempt to move past the entitlement-cutting hysteria out and about in DC at the moment, the Center for Economic Policy and Research offers up handy tool: The People’s Deficit Calculator. “The budget options in the calculator include ending the wars in Iraq and Afghanistan, adopting a carbon tax, reduction in the size of the health care subsidies created by the health care reform bill, progressive price indexing of Social Security, adopting a financial speculation tax and others.“
Update 2: James K. Galbraith reads the riot act to the deficit witchhunt tribunal. “You are plainly not equipped, either by disposition or resources, to take on the true cause of deficits now or in the future: the financial crisis.”