"Even if the Dream Isn't Real, the Dreamers Are"

20th century American literature is awash in a particular version of the American Dream, the green light that always seems to be in grasp through the accumulation of wealth.  But as Balzac purportedly opined, "behind every great fortune there is a great crime", be it to society or one's family or both. It plays out in our literature and one only has to read a newspaper to see it in life.  Gatsby or Madoff, living the dream, for love or money or both, at least for a while.  

In the last thirty years we have had two real estate busts, people pinning their hopes of wealth by buying and selling, flipping,the greater fool theory at work in its purist form, like a game of musical chairs, until the music stopped.  And so it is for the protagonist in Eric Puchner's first novel, Model Home, as well as it was for the author's father.  While the novel is in some ways autobiographical, in subtle or more transparent ways, so are most novels.

For some time I've been "worrying" about who will carry on the tradition established by our great American novelists and short story writers, the most recent ones (in my opinion) being John Updike, Philip Roth, John Cheever, and Raymond Carver and perhaps to that list I might add some of my other favorites, ones who could join the ranks of the big four, Richard Russo, Anne Tyler, John Irving, Russell Banks, E.L. Doctorow, Richard Ford, and Jonathan Franzen (merely on the merits of two novels).  Unfortunately, of the first four, only Roth is still alive, but anything he writes, and the others I mentioned, I will buy and read.  That goes for Pat Conroy, Anita Shreve, and Ethan Canin as well.

So it was a thunderclap when I read Eric Puchner's novel (hat tip to my son, Jonathan).  Here is a serious contemporary writer who knows how to tell a tale, paint a picture of American life through his characters, make us feel moved, walking the line through the comic-tragic, drawing us into something important about family relationships.  It remains to be seen whether his first novel will be his best, a literary catharsis of his own life experiences, or whether this is setting him up for a truly great literary career.  Puchner also has published a collection of short stories, Music Through the Floor, and although I have not yet read them (but will do so), I understand there are elements of Carver and Cheever in those stories.  I can't think of a higher praise than that.

The story itself, although set in the 1980s, is as relevant for today's economic times.  It is about a family, the Zillers, who have moved to California for the "good life" -- a family which was close when they lived with more modest expectations in the Midwest -- but now find themselves being pulled apart.  The father, Warren Ziller, hides his deteriorating economic circumstances from his family, which makes his wife, Camille, suspect him of having an affair.  No such luck -- that would have been an easier road to travel.

In an ironic twist, the real estate development that Warren had been hawking, in the middle of the desert, but portrayed by him as an upcoming idyllic community (with the promise of a major shopping center which is actually being constructed as a waste treatment plant that stinks up the neighborhood literally, and their lives figuratively), ultimately becomes their own home, the only such residents, when Warren's secret comes out and his older son, Dustin, suffers disfigurement from the explosion and fire of their former home before it was repossessed.  Meanwhile, his younger sister, Lyle, has had an affair with the security guard from their former community, Hector, who later becomes Dustin's caretaker (for reasons best explained by reading the novel). The younger child, Jonas, is neglected by his family, left to wander the desert outskirts. 

This is a family that has been incinerated by the American Dream, and after a metaphorical  climax, they are hurled in different directions.  Puchner draws heavily on his own family history to portray the heartbreak of this devolution. Some of the author's feelings about his own childhood are endowed in Jonas.

Most great writers have a strong sense of place.  Cheever had his NYC suburbs, Updike had New England and PA, Roth harkens back to Newark and its environs, Richard Ford's New Jersey, and Anne Tyler and Baltimore are peas in a pod.   Puchner has staked out California to explain his version of the American dream.  Ah, California, when as a publisher, I used to visit the American Film Institute and the Academy of Motion Picture Arts and Sciences, monuments to the documentation of the American dream itself.  I felt LA, or at least that part of it, was unreal.

Puchner's particular focus is not California's glamorous Hollywood, it is the underbelly of the American dream as played out in the California desert.  Remember Dreiser's lobster and squid in mortal combat, a scene from his The Financier?  As a child, Frank Cowperwood, the young financier, watches this battle in a fish tank, Dreiser writing: "It answered in a rough way that riddle which had been annoying him so much in the past: How is life organized? Things lived on each other – that was it…Sure, men lived on men.”

I couldn't help but think of that quote reading Puchner's description of Jonas' sojourns in the California desert: "Most days he spent roaming the desert. It was a relief to be free of school, that gloomy place where the teachers wore shorts and his locker was so hot he had to open it with a sock over his hand, where no one spoke to him except the garbled voice in his head and he'd somehow completed his transformation into a ghost. In the desert, at least, there were extraordinary things. There were scorpions eating each other. There were rats hopping around like kangaroos. There were wasps dragging tarantulas around by the leg. There were snake skins dried into paper, bird nests as small as contact lenses, lizard skeletons dangling from creosote bushes, delicate as ice. Once, not far from the house, he saw a roadrunner go after a rattlesnake, its right wing extended like a matador's cape, When the snake lunged, the roadrunner snapped up its tail and then cracked it like a whip, slamming its head against the ground - over and over - to bash its skull."

And when one pursues dreams of riches, or in its more sanitized version, the better life, there are winners and losers.  Even the material winners may find their dreams to be vapid.  Warren's fall from grace is even harder, a once happy family, now grappling with his mismanagement and unfortunate economic circumstances.  Like Madoff, Warren's life became one of lies and self deceit, convincing himself that even though they were rapidly running out of funds, the big payoff will come when he makes a success of his land development scheme (Auburn Fields, an ironic name for a place in the middle of the desert), all will be well: "He did not want to lie to her, but every time he considered telling her the truth-that he'd lost their retirement funds, the kids' college funds, and every fund in between-his tongue dried up like paper and he couldn't speak. When he managed to get Auburn Fields off the ground, he reminded himself, he'd be able to put the money back in." 

And dreams are not only Warren's.  His wife, Camille, pursues approbation from her family and colleagues as a producer of educational films, without much success.  Ultimately she has to leave him:  "She could forgive him for moving them out to California, perhaps, for bankrupting them in pursuit of some fantasy of wealth, for falling victim to a malady of shame he could never pay off -- she could forgive Warren these things, but this was different from getting over them.  In the end it was her disappointment in him that had proved toxic.  He'd squandered the life they might have had together....Now that she'd left, she could see him more clearly: a broken man, well-meaning but not as brave as life required, who'd become something he'd never imagined."

Dustin, the older son, sees a fabulous career for himself as a rock musician but becomes a withdrawn malcontent after being disfigured in the explosion. Jonas who is mistakenly blamed (by himself as well) for Dustin's accident becomes the invisible child.  Lyle, the daughter, has dreams of attending Columbia, but is convinced that hope is remote: "Driving to work, Lyle tried not to let the monotonous brown vistas lull her into a coma. She distracted herself by touching the Columbia bumper sticker on the dashboard. She made an effort whenever she could, so that its Ivy League juju would enter her fingers and climb upward to her brain, transforming her into a perfect applicant. She liked to fantasize that she was the only one to get a sticker in the mail: so eager was Columbia to have her as a student, they'd slipped it into her application materials like Willy Wonka's golden ticket. Lyle had stuck it on the dashboard  to remind herself -while she was driving through the barren, dream-sucking desert - that she wouldn't be living out here forever."

Each family member feels like he/she is on the outside, looking in, dazed by the events that profoundly change their individual lives and drive them apart.  Puncher writes from Camille's perspective: "What had happened?  How had they unraveled again, worse than before?  The mystery of life was not how it started, Camille thought.  It was how people with every excuse to be close could grow distant as satellites."  Then, there is Warren's take on it: "What an odd thing a family was, Warren thought.  The permutations, like the patterns of a chess game, seemed endless."

In fact, the forty-nine chapters of the novel constantly switch back and forth between the main characters, almost like a series of tightly woven short stories with the commonality of the Ziller family experience.  And Puchner's writing can be quite moving and beautiful, such as when towards the end of the novel, Warren is trying to make a living and salvage some self respect working as a cutlery salesman, and while selling to a woman who has a son and a daughter, younger than his, Warren "pretends" that his own family is watching him in action: "He was making a pitch to them as well, the family he'd lost.  It was not the words themselves that mattered but the fact that he was making them.  He was doing something for a change.  In the end, if it was a good-enough pitch, his family might even buy what he had to offer.  They would say, It's not too late, you've actually learned something, your life hasn't been entirely hapless and for naught."  Knowing Warren's huge fall from grace, these words are heart-rendering.

A "must read" companion piece is GQ's March 2011 nonfiction piece by the author, Schemes of My Father; Like most California dreamers, my East Coast dadtried to relocate—and reinvent—himself in the land of red-hot cars and eternalsuntans. Too bad we all got burned   It explains much about the novel's autobiographical elements and passion, particularly the author's love for the "real California" which is not the beach life that we've all associated with the state.  As Puchner puts it: "It's this real California—and not the one my father invented for us—that I still call home, one that's closer to my heart than any place on earth. There's something about my father's love for the state, no matter how misdirected it was, that seems to have seeped into my blood. Or perhaps it's the love itself that I love. Which is to say: Even if the dream isn't real, the dreamers are. There's something about the struggling actors and screenwriters and immigrants who live here, the pioneer spirit that despite everything still brings people to the edge of America in search of success, that makes me feel at home."  Puchner writes with uncommon honesty.

The novel made me think of the "model homes" of my own life.  We bought our first home in Westport, CT in 1971, staying there for only three years.  Although a cottage, it was situated on two beautiful acres of pine forest.  We moved to Weston, CT where we lived for twenty two years, the home where we raised our family.  It too was secluded in the woods.  We constantly worked on the house, expanding it until it was truly a rambling ranch.  I wept the day we left that house, not only because of what we put into it, but for the symbolism of leaving it with our sons now grown.  Ironically, it was ripped down a few years after we moved to build one of those "McMansions," all that work, all those years, poof! --  vanished!  This was followed by four years in a home on the Norwalk River, perhaps the home that had the most spectacular views, as Oyster Boats went out each day or barges would move up the river.  Then finally our home of the last twelve years in Florida, again on the water, where one can always find that special sunset.  So, two homes in the woods and two homes on the water and none in the desert.  We've been lucky. 

I eagerly await Puchner's next work.

Political Low Tide

An instructive article from Sunday's New York Times Magazine, Liberals Are Ruining America. I Know Because I Am One by Steve Almond.

I suppose I am a social liberal and a fiscal conservative, seemingly incompatible, but only in short term objectives, not long term aspirations.  In other words, I truly believe that with cooperation we can achieve that fine balance of a safety net for those who need it, and a fairer tax system, with fiscal controls.  But the pollution of the media by extremist talk shows and PAC messages, is crazy making, sound bites to incite their followers, and draw reactions from the opposition.  We've become a nation of finger pointing screamers, and now from arsenal of the Web and Cable, political grenades can be lobbed endlessly, 24x7.   

Back to Steve Almond's admonition:  Imagine, if you will, the domino effect that would ensue if liberals and moderates simply tuned out the demagogues. Yes, they would still be able to manipulate their legions into endorsing cruel and self-defeating policies. But their voices would be sealed within the echo chamber of extremism and sealed off from the majority of Americans who honestly just want our common problems solved.

I'll try, Steve

Some Good News?

To offset the abundant  "bad news" of the last entry, here is an interesting article from Marketwatch on the deleveraging progress: U.S. debt load falling at fastest pace since1950s; Despite surge in federal deficit, America is deleveraging

Some salient points:

* Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess.

* Total domestic — public and private — debt as a share of the economy has declined for 12 quarters in a row after surging over the previous decade.

* The level of public debt is indeed worrisome, but it’s not as big a worry as the economy’s total level of debt — public and private.

* As much as we hear politicians, pundits, tea-party patriots and the Congressional Budget Office obsessing about government debt, it was excessive private debt — not public debt — that caused the 2008 financial meltdown. And it was private debt — some of it since transferred to the public — that lies behind the current European debt crisis. (

* The U.S. is actually doing much better than you’d think if you just listened to the conventional fears about how we’re rushing headlong into a debt Armageddon.

* In fact, since the recession ended in June 2009, total U.S. debt has risen at the slowest pace since they began keeping records in the early 1950s. While Washington has taken on a lot of debt since then, the private sector has paid off, written off or dumped on the government almost as much.

* Economists who have studied the impact of indebtedness have found that low levels of debt are essential to growth, but that high levels of total outstanding debt can hurt an economy. Beyond a tipping point, adding on more debt will reduce growth over the long run, even if it inflates a bubble in the short run.

*According to a study by McKinsey published earlier this year, U.S. households may have two more years of deleveraging left before their debts are sustainable again. If McKinsey is right, the U.S. economy may have to endure a couple more years of slow growth.

Another little mentioned factor is that while the public debt has surged during the past few years, maturing debt is being replaced by new debt with coupons (interest rate) of one half or even one fifth the maturing ones. For instance, the US Treasury 30 year bond issued in 1982 had coupons of some 15% while the most recently issued US Treasury 30 Year bond was issued at 3.06%.  Ten year yields are now less than two percent, replacing US Treasury Notes in the 4 - 5% range.  Servicing the debt is actually getting cheaper, although these savings are probably offset due to the expansion of borrowing that has been needed to fend off a depression.. The low rates also leave investors with a continuing dilemma.

   

Anecdotal Headlines Redux

One of the advantages of writing a blog is to be able to understand what I was thinking (or not thinking) at a certain point in time.  It can be satisfying, or amusing, or downright embarrassing looking back. We are all adrift in an ocean of information, the seas fomenting more than ever, that affecting our perception of the horizon, when we can see it at all.  Sometimes, the headlines of the Wall Street Journal seem to cry out a general national Zeitgeist and this weekend's edition was such a moment.  I've noted this phenomenon before, first on Wednesday, December 10, 2008, Anecdotal Headline Annotations, which I prefaced with a sentence that could exactly apply to the most recent edition, three and a half years later: If I was handed a copy of today’s Wall Street Journal only a couple of years ago, I would have thought the headlines were a forecast of an ethical and economic Armageddon. How otherwise does one interpret the following captions, from just one day’s newspaper?  

 

Then, a little more than two years ago, Friday, April 9, 2010, I posted another such moment, Anecdotal Headlines, writing at the time: ...while the Dow basks in the glow of massive liquidity injections in a low interest rate environment, approaching 11,000 as I write this, and investment bankers are rewarding themselves with record bonuses, the economy swims on against the tide of high unemployment (much higher than reported), kicking the state/municipal finance crisis down the road, and rising foreclosures

Usually, extreme headlines happen at inflection points.  Certainly the Dec. 2008 posting was one as far as the stock market is concerned (the Dow bottoming three months later), but the April 2010 posting was during the market's ascent. However, the so called "market" seems to be disconnected from the economy and jobs and whatever recovery there has been of Main Street mostly has been induced by the Federal Reserve and other government stimuli.  Some like to finger point, believing that recent deficit spending is the cause of our economic malaise.  I don't like deficit spending any more than they, but it is overly simplistic to think that if we ran our government like a responsible family, sitting around the ole' kitchen table, budgeting our expenses, tightening our belts, all will be OK.  Running a country is not like running a household, and without the stimulus, who knows where we would be today. 

We are going to hear a lot about the economy, everything being Obama's fault (note now that gas prices have fallen in the last few weeks we no longer hear about his being responsible for those) but another benefit (there are not many) of writing this blog is some of the documentation it provides. The Monday, September 22, 2008 entry, This Fundamental is Whining  is worth revisiting in this regard. Senator Phil Gramm, who had then become a lead economic adviser for McCain’s presidential run, called us (the American public) "a bunch of whiners," saying the only economic problem we have is a "mental recession."  Well we now know that this little "mental recession" was real, could have been a depression (who knows, it still might become one), and it was set in motion long before Obama took office.  Nonetheless, at the time McCain was already blaming Obama for the economy, saying “We've heard a lot of words from Senator Obama over the course of this campaign…But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems. The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it."  Obama was to blame even before he became president!  And today, we not only have the residual effects of our own economic problems baked into the cake, there is also the exogenous factor of Europe's slow-motion economic collapse -- something we have no direct ability to control, even if we could agree on anything.  Then, there is the sun-setting of the Bush tax cuts, a fiscal cliff that desperately needs our malfunctioning government to agree on something. What are the chances?

Unfortunately, presidential elections do focus on how people feel at the time, and while we were feeling lousy in 2008 and "hope" was a mantra we eagerly seized, now we will be asked to "hope" some more, or rely on the magic wand of a private equity bailout specialist, Mitt Romney.  It is a nice fantasy (the magic wand), and as the Federal Reserve may be running out of its own magic bullets, the economy and the leading economic indicators will dictate the election, no matter how much tinder the Super Pacs throw on the campaign fires. 

The headlines of today are not much different in tone than those that preceded them, two years ago, and almost four years ago. Two of my favorites from 2010 are: Greek Bond Crisis Spreads and  Fed Chiefs Hint at Low Rates Possibly Into 2011.  Where is Yogi Berra when you need him? "It's deja vu all over again."  But he might have got it wrong with,  "The future ain't what it used to be."

So, how are we to divine our economic and moral future from today's headlines (presented in the order as they appear, just from the first section of the Wall Street Journal June 2/3 2012)?.....

Grim Job Report Sinks Markets

Feeble hiring by U.S. employers in May roiled markets and dimmed the already-cloudy outlook for an economy that appears to be following Europe and Asia into a slowdown

As Costs Soar, Taxpayers Target Pensions of Cops and Firefighters

Edwards Jury Saw Guilt, but Lack of Proof

State Takes Fresh Crack at Mortgages

Fannie Mae and Freddie Mac will participate in a Nevada program to cut loan balances for certain homeowners who are current on their mortgages but owe more than their houses are worth in what could be a model for other hard-hit states.

Big Scandal for Small Town

Sunland Park, N.M. sees Mayor-elect indicted amid host of lurid allegations.

Sen. Kirk Of Illinois Pushed Coin Bills

Sen. Mark Kirk of Illinois pushed for legislation authorizing a collectible coin that generated $2.5 million for an organization that had hired a firm that employed his former girlfriend to lobby for the bill, according to people involved in the matter.

Campaign's Focus Turns to Grim Data

Friday's weaker-than-expected jobs report quickly became the central focus of the presidential campaign, with President Barack Obama seeking to mitigate the political fallout and presumptive Republican nominee Mitt Romney trying to seize on the disappointing numbers.

Fed is Sure to Step Up Debate on More Stimulus

Friday's dismal jobs report is sure to sharpen a debate at the Federal Reserve about whether to take new actions to spur economic growth, but it likely doesn't settle it.

Euro-Zone Reports Deepen Gloom

Block sets record in number of Jobless as manufacturing activity falls; figures highlight widening North-South divide.

Asia Weakness Heightens Fears of Contagion

Manufacturing activity in China and across a wide swath of Asia slowed in May, heightening fears that the turmoil in Western economies is dragging down one of the few remaining engines of global growth.

Brazil Loses Steam As World Slows

Brazil grew at its slowest pace in more than two years during the first quarter as weak industrial production and a weakening global picture undermined Latin America's largest economy.

Cyprus Is Close to a Request for Bailout

Cyprus looks increasingly set to become the fourth euro-zone country to seek financial aid under Europe's temporary bailout fund, as early as this month, as it scrambles to protect its banking system from Greece's widening financial crisis that is threatening to engulf its tiny island neighbor.

Japan Gives Warning on Yen

The Japanese government went on high alert against the newly rising yen Friday, trying to scare off global investors with multiple threats of intervention in currency markets, but stopping short of direct action to drive the yen down.