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    <title type="text">The Baffler | Notebook</title>
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    <entry>
      <title>Omniscient Gentlemen of The Atlantic</title>
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      <author>
            <name>Genie</name>
            <email>eugenia.williamson@gmail.com</email>
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      <content type="html"><![CDATA[

        <p>by <strong>Maureen Tkacik</strong></p>

<p><br />
<em>Shepherd, show me how to go<br />
&nbsp;  &nbsp; O&#8217;er the hillside steep,<br />
How to gather, how to sow,&#0151;<br />
&nbsp;  &nbsp; How to feed Thy sheep.</em></p>

<p>&nbsp;  &nbsp; &#0150;Mary Baker Eddy</p>

<p><br />
<span class="dropcap">N</span>ot long before <em>The Atlantic</em>’s parent company announced its swing into a profit-making business model despite operating in the most moribund corner of a publishing industry, I sat in a glass-paneled press room next to a small auditorium on the second floor of the Washington Newseum and took in the incipient profitability. All the unctuous little scabs who believe the future of words lies in rearranging them online would soon (inter alia) barge into the office of <em>Harper’s</em> publisher Rick MacArthur to trumpet their e-vindication. But they evidently forgot to wonder how much of <em>The Atlantic</em>’s profitability owes to operating conferences, panels, and events like the 2010 Ideas Forum. These in-gatherings count as journalism only in the vague sense that they invite journalists to crowd into plushly appointed suites. At the Ideas Forum, <em>The Atlantic</em>’s own editorial staff was relegated to providing rapid-fire stenography services, to ensure the event was branded and promoted in real time on the website.</p>

<p>The din of younger colleagues tapping keyboards is never soothing, but sitting in the press room of the Ideas Forum felt like a human rights violation. What could anyone write about something so tyrannically dull— other than an angry elegy for the massacre of meaning? The average C-SPAN 3 segment is a crowd-pleasing cliffhanger by comparison. Mind flickering between rage and somnolence, I tried my best to keep awake by writing notes. Here are some highlights, with names redacted to preserve the integrity of the tedium.</p>

<blockquote><p>[<em>New York Times</em> financial correspondent] rankles [Treasury Secretary] with questions such as “What do you think is the most important thing the team has gotten <em>right</em>?”—there were two things, his interviewee insists—and occasional use of unauthorized verbiage like “re-regulate” to denote efforts to reverse the epochal dismantling of financial regulatory apparatus largely undertaken by the technocratic clique to which [Treasury Secretary] owes his entire career.</p>

<p>[Obama Cabinet official], [Obama policy adviser], [billionaire CEO], [billionaire private equity tycoon], and [billionaire mayor] sing praises of  [photogenic local schools chief whose extensive sackings of teachers and principals had been sufficiently unpopular with voters to have cost her boss the recent D.C. mayoral primary]. One refers to [recently released charter school propaganda-mentary] as her “Rosa Parks moment.”</p>

<p>[Billionaire CEO] expresses dismay that “laws are written by lobbyists.”</p>

<p>[Billionaire mayor] expresses indignation that some 40 percent of Americans do not pay income tax.</p>

<p>[Prominent Democratic Lobbyist and his Lobbyist Wife] emphatically deny the notion that the “deck is stacked” against [public interest] under current system on the basis that “everyone has a lobbyist . . . nurses have lobbyists, unions have lobbyists, everybody has a lobbyist. Everyone in this audience has an iPhone or a PDA because lobbyists created a competitive system [that] enabled this whole industry to grow; lobbying can be very good for consumers.”</p>

<p>[Prominent Republican Lobbyist] waxes elegiac for bygone bipartisanship with an anecdote about his use of “surrogates” to obtain an implicit agreement from [former Democratic House speaker] to enforce a two-day limit on Congressional expressions of outrage over the decision of [former lame-duck Republican president] to pardon six individuals criminally charged in [high-profile byzantine secret arms trafficking/campaign finance/cover-up conspiracy] on behalf of his [former Defense Secretary and highest-ranking official to be criminally charged] client. An assurance in which Congressional Democrats guaranteed “two-day story” status to the controversy over a unilateral decision that effectively trashed a six-year investigation into [complicated conspiracy] to contravene Congress, could probably not [Republican Lobbyist] theorized, be a realistic deliverable for a client contending with the present-day “toxic environment” on Capitol Hill.</p>

<p>[Centrist Republican Senator] repeats the income tax thing.</p>
</blockquote>

<p>Later it occurred to me that <em>The Atlantic</em> events are convened to attract and satisfy (by leaving slightly dissatisfied) a personality type I think of as the “omniscient gentleman,” after a passage in Fyodor Dostoyevsky’s <em>The Idiot</em>, which pits a modern-day Christ figure referenced in the title, Prince Myshkin, against a backdrop of “omniscient” name-dropping philistines whose interior lives and true intentions are a mystery to him. Encountering his first Mr. Omniscient on a train, he marvels:</p><blockquote><p>all the restless curiosity and faculties of [his] mind are irresistibly bent in one direction. . . : in what department so-and-so serves, who are his friends, what his income is, where he was governor, who his wife is and what dowry she brought him, who are his first cousins and who are his second cousins . . . The people of whose lives they know every detail would be at a loss to imagine their motives. Yet many of them get positive consolation out of this knowledge, which amounts to a complete science, and derive from it . . . their loftiest comfort and their ultimate goal, and have indeed made their career only by means of it.</p>
</blockquote>

<p>Omniscient gentlemen have for most of the last century held exalted status on Madison Avenue, where their facility with community quotidiana is recognized as the stuff of highly effective persuaders, influencers, tastemakers, connectors, and miscellaneous other prophets of consumer trends. <em>The Atlantic</em>’s special subspecies of omniscient gentlemen is the “Thought Leader.”</p>

<p><img src="http://thebaffler.com/graphics/BafflerAtlanticGents1.jpg" alt="Omniscient Gents" height="755" width="599" alt="image" /></p>

<p>This is not to say all people identified as tastemakers or Thought Leaders share the propensities of practitioners of the omniscient sciences, but in any sphere of influence, the more omniscient types are the ones more naturally inclined to keep up the Thought Leader lists, and assign themselves a place at the top of them. I know of one wretched hack who lists “Thought Leader” as his occupation on his Twitter profile; he recently scored a fellowship with the American Enterprise Institute.</p>

<p>Omniscience is the operating principle by which everyone understands everyone else in Washington, D.C. It is how you relate—the sort of Olympian free-associating that permits<em> The Atlantic</em>’s in-house Thought Leaders to cast America as Snooki, and “Jersey Shore” and “pessimism” as our ultimate obstacle to combating global warming.</p>

<p>The one thought-provoking moment I experienced following the Thought Leader summit occurred during the penultimate— and only officially controversial—panel of the Ideas Conference, in which Ahmed Chalabi, the former Iraqi exile/Jordanian bank fraud fugitive who planted many of the perambulatory news stories justifying the Iraq War, was interviewed by Sally Quinn, the recently deposed social columnist for the <em>Washington Post</em>. Quinn’s history with Chalabi had been longer than most on Capitol Hill; her father had been a General in the U.S. Army and had helped create its espionage ring, the Office of Strategic Services.</p>

<p>Now both Quinn and Chalabi were—temporarily at least—social pariahs: she over a <em>Washington Post</em> column in which she purported to debunk a purportedly widespread belief that, with malicious forethought, she had scheduled her son’s wedding on the same day as the wedding of her husband’s granddaughter; Chalabi over his role in marshalling official misinformation that presaged the Iraq War and/or his possible employment as some sort of double agent for Iran.</p>

<p>Quinn wore a light beige pantsuit with a pink blouse that conjured the seventies. Back then she hosted an epic “pajama” party— Quinn’s pajamas were lace and single-shouldered— for the newly elected congressman scion of the Quinns’ closest family friends, Barry Goldwater Jr., and thereby seduced (then <em>Washington Post</em> executive editor) Ben Bradlee into hiring/marrying her and leaving his second wife. In the moderate-pensive tone of voice with which you ask a close friend if there is something you are going to need to lie about on his behalf, Quinn asked Chalabi soberly about the nature of his relationship with Mahmoud Ahmadinejad, expressing her disapproval of the Iranian president’s subscription to 9/11 truther conspiracy theories. Chalabi laughed the whole thing off, noting “such views are commonly held in the region.” This may have been the summit’s first acknowledgement of a region outside the Newseum walls. But what stuck with me was Quinn’s opening question/soliloquy:</p><blockquote><p>[You’ve] been pronounced dead politicallyand literally dead–physically–so many times that you can’t count them. So how do you explain your survival? How are you still here? You’ve had assassination attempts, you’ve had death threats, you’ve been in, you’ve been out, you’ve been up, you’ve been down, you’ve been rejected by your political system, you’ve been rejected by the American political system. And still you’re a member of the Parliament, you’re now part of the political power structure in Iraq. What accounts for that?</p>
</blockquote>

<p>Chalabi sat, placid and smiling and radiating a remarkable balance of the chakras. I am almost ashamed to say that in the moment I wondered idly about his astrological sign. Revisiting the moment a year later when he made headlines for defending the protesting Shias in Bahrain, I wondered whether anything distinguished him from the countless multiple-passport-carrying urbane mobsters who pass through the Capitol every few months for the ritual taxpayer shakedown. </p>

<p>Then suddenly it was over, and <em>The Atlantic</em>’s own godfather, David G. Bradley, was marching toward David Weigel, a young and prolific journalist specializing in Republican politics who had recently made a name for himself getting fired and rehired by the same media company within several weeks. For Bradley, this shift in nameplates apparently constituted a Chalabi-caliber show of resilience:<br />
&nbsp;  &nbsp;   “DAVID!!!!! So good to see you!”<br />
&nbsp;  &nbsp;   “Hello, David.”<br />
&nbsp;  &nbsp;   “David, you really came back swinging, didn’t you!?!!! You were out for all of, what, a week??? But now you’re back!!!”<br />
&nbsp;  &nbsp;   “Well, I mean, it was actually a few weeks, and it really screwed up my health insurance . . .”<br />
&nbsp;  &nbsp;   “David, I just want you to know I’ve been scheming ways to deploy you here for quite some time now! Now, of course I realize you may be enjoying your present . . . deployment!”<br />
&nbsp;  &nbsp;   “Well I mean, heh, I did just start . . .”<br />
&nbsp;  &nbsp;   “But David, let me tell you this. David, I know you think your mastery is politics. But I think . . . I think your mastery . . . ” <br />
&nbsp;  &nbsp;   Dramatic pause.<br />
&nbsp;  &nbsp;   “. . . may be . . . mastery.”<br />
&nbsp;  &nbsp;   “Oh uh, thanks . . .”<br />
&nbsp;  &nbsp;   “Do you know what I mean, David?” Bradley finished, gliding out the door. “It’s the same thing with David Brooks. He thought his mastery was politics, but his mastery was actually, whatever he put his mind to. Think about it, David!”<br />
&nbsp;  &nbsp;   And then he was gone.</p>

<p><span class="dropcap">D</span>avid Bradley, <em>The Atlantic</em>’s owner, is inveterately omniscient and by all accounts almost pathologically a gentleman, which is odd when you remember—and you are bound to forget that when he is kissing the foot of some pimply blogger—that he has already monetized his unique skill set to the tune of nearly half a billion dollars. Bradley, however, seems to relish the courtship of mastery. As part of what he claims is a research project, he mails surveys to editors soliciting intel on local talent supplies, requesting that the editors rank on a scale of one to ten, or distinguish between “exceptional talent” and mere “talent,” lists of names he has culled in prior efforts. He also scouts for career changers: one sad intern spent a summer in the mid-aughts compiling a spreadsheet indicating the location and employment status for every president and vice president of every extracurricular club to have graduated from any of the eight Ivy League schools in the previous decade. Bradley “spent more than 200 hours discussing his ideas with 80 journalists around the country,” according to the <em>New York Times</em>, before he filled the magazine’s editor-in-chief position with James Bennet, then the <em>Times</em>’s Jerusalem bureau chief.</p>

<p>For all the ostensible objectivity and scientific rigor of the magazine’s questing spirit, <em>The Atlantic</em>’s definition of talent seems to correlate to: a current fellowship at the New America Foundation or any of the other indistinguishably centrist think tanks, though, preferably, one with a brand (i.e., “Daniel Indiviglio is the 2011 Robert Novak Fellow at the Philips Foundation”); an ability to channel one’s talent into the mastery of meritless and preposterous (“counterintuitive”) arguments, deliberately obtuse rebuttals, and miscellaneous pseudointellectual equivocation/noise on topical issues; and proven senior-level mastery of aforementioned mastery as demonstrated either by radical shamelessness or the pious and deeply felt earnestness of a motivational speaker.</p>

<p>The New America Foundation was founded in 1999 by Michael Lind, Sherle Schwenninger, and Ted Halstead, who explained at the time: “My starting premise was that the old ideologies don’t make sense anymore.” Because, Lind elaborated: “You look at people like Daniel Bell and Irving Kristol . . . you could make a living writing for magazines, really an upper-middle-class living, writing for purely intellectual magazines in the forties and fifties.”</p>

<p>This was a stretch. Both Bell and Kristol were liberally subsidized by the CIA, which financed the Congress for Cultural Freedom, whose flagship “intellectual magazine” <em>Encounter</em> Kristol edited in London and whose fancy international seminars were organized by Bell, who also worked a day job at <em>Fortune</em> and who brokered a deal with Henry Luce to promote in Time Inc. magazines (and thereby further subsidize) the intellectual output of CCF-affiliated intellects. The institutional network that supported those guys and their friends was not much different from the one that now connects up <em>The Atlantic</em>, the New America Foundation, and the Aspen Institute, keeping dozens of public pseudointellectual hacks in six-figure salaries. In lieu of the CIA, the funding for such ideas-synergy comes from corporations. Certainly, these think tanks are not <em>ideologically</em> different from those that hosted the cultural Cold Warriors of the fifties.</p>

<p>No one knows this better than Bradley, a man whose personal history comports so perfectly with the rigors of Cold War cultural combat that he may seem like a Manchurian magazine magnate, with his father Gene Bradley—who enthusiastically endorsed, and possibly helped to invent, Korean War theories of mind control—resembling Angela Lansbury’s character.</p>

<p><span class="dropcap">G</span>ene Bradley’s career as a professional Cold Warrior began before Winston Churchill’s Iron Curtain speech, in a concentration camp in Linz, Austria. There, as an army press officer for General Mark Clark after VE day, he inspected the mass graves of emaciated bodies and “shoved it deep down into my mind,” where, he later wrote, “it remained until I saw the movie <em>Schindler’s List</em>.” A new enemy kept him preoccupied, mostly at General Electric, where he served in a string of posts in what was the premier public relations struggle against the twin enemies of “Russia abroad, labor at home,” as GE’s CEO Charlie Wilson famously explained the company’s messaging mission to Harry S. Truman in 1946.</p>

<p><img src="http://thebaffler.com/graphics/BafflrBradleyDuffy2.jpg" alt="Bradley" height="607" width="360" class="imageleft" alt="image"  /></p>

<p>After a stint at the famed ad agency BBDO and as a Pentagon flack, Bradley began at GE in 1953, just a year before his department recruited its most famous hire, Ronald Reagan, who toured the company’s aerospace plants as a motivational speaker and eventually as an evangelist for the free-market system. Reagan’s turn away from the ardently pro–New Deal politics he’d espoused as leader of the Screen Actors Guild was largely masterminded by GE’s labor relations chief, Lemuel Boulware, a high minister of the open shop. Boulware made it his business to be best known behind the scenes—though he once bemoaned Truman’s abortive veto of the anti-union Taft-Hartley law as another demonstration of the “economic illiteracy” that caused Americans to embrace socialism at home “while spending $20 billion in business tax money to battle communism abroad.”</p>

<p>Boulware was a career marketing guru, and he saw unions as fundamentally a problem of “thought leaders.” If a figure like Reagan could succeed in overthrowing labor leaders as designated opinion-makers, he reasoned, why, no one would bother joining a union in the first place. But thought-leading government, which was to be Gene Bradley’s job, was a bit trickier, as it required a Thought Leader to mix in much more sophisticated circles and to drop all the boilerplate about the ills of big government.</p>

<p>In this mission Bradley excelled, founding <em>General Electric Forum</em>, a “defense intellectual” quarterly mouthpiece for decorated hawks to oppose the opposition to the military industrial complex; spending a year on loan to the Peace Corps under Sargent Shriver; and keeping enough distance from hard-core Boulwarism to earn an obligatory accusation of communist sympathies from the John Birch Society, according to the memoir he self-published in 2003, <em>The Story of One Man’s Journey In Faith</em>.</p>

<p>The memoir is discombobulating reading, in part because this lifelong PR man is not the most reliable narrator, possibly also because his memory, in storing and accessing its inventory so selectively, has disabled some of the required capabilities. But if you focus on the omniscient sciences, some remarkable details shake loose. He mentions (in the context of a strange Vietnam War propaganda project) that one of his longtime closest friends was Frank Barnett, a Kremlinologist known mainly for heading a covert project to indoctrinate American soldiers using (inter alia) Birch literature in a bizarre project that had been deemed vital for preserving the national interest on the basis of a PR disaster that had roiled the Pentagon during Gene’s tenure there in 1953: the incomprehensible defection of twenty-one American prisoners of war to Red China. He mentions the episode at the end of <em>Journey in Faith</em>, albeit in terms that bear little resemblance to reality. He writes:</p><blockquote><p>There is more truth than fiction in the substance of [<em>The Manchurian Candidate</em>.] This was revealed to me when I was an Air Force officer reviewing the studies that examined why so many American soldiers submitted to brainwashing by the communists during the Korean War and surrendered passively without a shot being fired. The research study that I read documented why the communists could succeed in brainwashing American GIs: because these American soldiers had never been taught the fundamentals of America. They had not been taught the facts of American history. They did not know our Constitution, our Bill of Rights, or American history, so when the crunch came, when pushed to the wall by ruthless interrogators, they had no core values to which they could hold. In truth they did not know why they were fighting, or even if America was worth fighting for.</p>
</blockquote>

<p>In one of the many surreal chapters of <em>Journey in Faith</em>, Gene later attempted to influence—thought-lead?—what he saw as the perilously bereft civic “education” of the student left. The year was 1968, and the official story is that he was researching a <em>Harvard Business Review</em> feature—which he produced, although the research seems to have been rather more intensive than required. Gene describes consulting with the FBI, a connection made via “mutual good friends,” and a deputy of J. Edgar Hoover’s gladly inviting him to take a look at the Bureau’s secret files on the student left; then traveling through Switzerland, Germany, and France “observing” demonstrations (though none are shared in the book or the story); and, finally, most bizarrely, leading a delegation of fellow businessmen in a “debate” with Students for a Democratic Society leader Carl Oglesby—hosted (“with the best of intentions but with a full measure of naiveté,” he writes) by a concern called the Business International Corporation.</p>

<p>It seems likely that the 1968 summit at which Bradley “debated” one-time SDS president Carl Oglesby was the same SDS-BI meeting referenced in James Simon Kunen’s SDS memoir <em>The Strawberry Statement: Notes of a College Revolutionary</em>. In the SDS version, the purpose of the meeting is straightforward. Certain unnamed businessmen who portray themselves as “the left wing of the ruling class” are seeking to “buy off some radicals”—purportedly because they’re rooting for Gene McCarthy to win the presidency. The businessmen “see fascism as the threat, see it coming from [segregationist George] Wallace,” Kunen reports. The idea is that heavy protests, which the businessmen offer to finance, will “make Gene [McCarthy] look more reasonable.”</p>

<p>This stated fear and motive seems dubious. Gene, after all, reported in the first chapter of his memoir how effectively he repressed his own fear of fascists. And the only people spooked by Wallace were those powerless enough to intimidate. Whatever the executives wanted from a bunch of college hippies, though, they were willing to both lie about and pay for. It’s all too easy to see in retrospect that lopsided “debates” of this sort had accumulated into a political reality that, for the lifetime of a college kid in 1968 anyway, was inextricable from the concoctions of Cold War propagandists.</p>

<p>Just the year before, the National Student Association, the dominant campus activism network that had spawned SDS, had been outed (along with the CCF enterprises) as a CIA front. It would not be until the late seventies that the bland-sounding sponsor of the Oglesby Bradley forum, Business International, would concede its own dual role as a CIA operation.</p>

<p>Nearly every page of <em>Journey in Faith</em> is bound to set off the intrigue detector of anyone who knows how the Cold War was won; names dropped include Treasury secretaries, CIA directors, senators, Iranian emissaries, shadowy KGB heavies, Henry Kissinger, Herman Kahn, and a Ku Klux Klan leader who converted to Christianity in jail after reading <em>Mein Kampf</em>. Gene Bradley’s memoir is loaded with people who qualify as Triple A-List Thought Leaders—but it presents them without any narrative, context, or meaning that might leave the casual reader with any thought other than the obvious, <em>Wow, David Bradley’s father was a big-time spook</em>. But Gene’s odd foray into the student left might also leave readers thinking, <em>Wow, here’s a vision of corporate-backed agitprop that can be unselfconsciously deployed in any setting or model of ideological conflict—no matter how unlikely or surreal.</em></p>

<p><span class="dropcap">D</span>avid Bradley was groomed for greatness. One day in the early sixties, Admiral Stansfield Turner, the future CIA director who taught David in Christian Science Sunday School class, breezily told his mother that her son was destined to be president. After all, his favorite hymn, penned by Mary Baker Eddy herself, began:</p>

<blockquote><p><em>Shepherd, show me how to go<br />
&nbsp;  &nbsp; O’er the hillside steep,<br />
How to gather, how to sow,—<br />
&nbsp;  &nbsp; How to feed Thy sheep.</em></p>
</blockquote>

<p>Gene, meanwhile, was bent on winning public distinction for his frail son, all but ordering him to embark on an all-but-winless career on the wrestling team at Washington’s elite Quaker private school, Sidwell Friends, and stressing the mutability of personal identity as a key to success. “If you were to ask me, ‘What has been the secret of David’s success?’ I would skip all the biographical data and simply say, ‘David has worked to become the man he is today just as Marion Michael Morrison worked to become John Wayne.’”</p>

<p>Military intelligence professionals, the mind-cure faith, and a changeling, domineering father—it was the sort of upbringing that suffused Bradley’s young life with a sort of spooky dullness. After watching Richard Nixon’s resignation catch so many family friends financially unawares—and experiencing no small amount of personal disillusionment as a gung-ho intern in the Nixon White House—he decided to work on his war chest before going into politics, his first love. (Bradley’s latter-day interest in politics, by the way, should not be taken to mean he harbors any definite political convictions; on the contrary, one of the professed sources of his admiration for writerly “talent” is his own inability to form an opinion on most political issues: “I define the middle,” he has said.)</p>

<p>Upon completing Swarthmore, Harvard Business School, and a Fulbright scholarship in the Philippines (devoted to researching the mindset of the colonial Marxist guerillas), David returned to Washington to enroll in law school and to help Gene found a think tank called the International Management and Development Institute. When it came time for David to found his own business in 1979, he visualized a firm with all the affectations of a Washington think tank—down to the drab name, Research Council of Washington— but structured to turn a profit. He later renamed it the Advisory Board Company, which spun off the Corporate Executive Board, and those two generated a multitude of generic-sounding subsidiary Councils, Boards, and Forums. One of Research Council’s first hires assumed from the classified ad that Bradley was operating a “front for a right-wing organization.” It’s still hard to say, at this late date, whether the joke was on that fledgling knowledge worker.</p>

<p>Whatever sort of organization was operating behind the fronts, its mission and culture were militantly corporate. Research Council grew quickly into a clearinghouse for corporate intelligence, offering modestly priced subscriptions to companies on condition of participation in their “best practices research” surveys. When Bradley filed in 1998 to cash out $150 million by taking Corporate Executive Board public, he was uncharacteristically blunt about his intention to sell out and leave the company altogether; investors did not seem to care, giving full credence to the prospectus’s promise that the “Company does not believe that in-house research and analysis departments at individual corporations could obtain, at any price, similar information from other corporations about their management practices.” </p>

<p>Or in other words: civilization cannot be sustained by propaganda and fraud alone. There needs to be available, at the right moment and for the right price, someone to take you by the hand and show you the “best practices” for dancing around the bullshit. At the core of David Bradley’s corest competency is the grace with which he makes this pitch over and over again, as in the 2009 memo he addressed to <em>The Atlantic</em>’s editorial staff defending the magazine’s off-the-record “salon dinners” for Thought Leaders:</p><blockquote><p>Perhaps the guests merely are being polite, but the uniform comment—on leaving or in thank you notes—is that they find no other place for such purposeful, engaged, constructive conversation across walls . . . . The decision to convene our dinners off-the-record was made at the outset . . . . we were hoping to avoid the “canned remarks and rehearsed sound bites” that come with much public-policy discussion. My own view is that there is a great deal of constructive conversation that can take place only with the promise that no headline is being written. Everyone—maybe even especially journalists—relies on this confidence in his day-to-day work.</p>
</blockquote>

<p>Observe now the degeneration of a magazine that once published Henry James and Mark Twain into an elaborate loss leader-cum-demand creation mechanism for an event-planning operation whose chief selling point is the promise that you’ll never read about it in the media, where certified Thought Leaders risk the loss of their health insurance for saying anything less than ultracanned and überphony. It is, indeed, a thing of mastery. Imagine the spike in eager inquiries that the in-house team choreographing <em>The Atlantic</em>’s secret dinner parties must have fielded after this memo.</p>

<p>And with this sort of triple-threat propaganda triumph in view, the otherwise baffling success of this once reputable magazine grows clear. Of course<em> The Atlantic</em> is a turgid mouthpiece for the plutocracy, a repository of shallow, lazy spin, and regular host of discussion forums during which nothing is discussed. It is, in every formal trait, <em>a CIA front</em>.</p>

<p>Well, how do you think their own retinue of Thought Leader enablers are able to sell so many tickets to all those fancy off-therecord dinners? Not by hiring the sort of “talent” who would be in any danger of talking to me!</p>

<p><span class="dropcap">S</span>pook shop or not, <em>The Atlantic</em>’s soothing IV drip of frictionless, borderless, culturally agnostic thought-output plays a useful scrambling role in the context of unmitigated national crisis. A featured Atlantic contributor can be counted on—without interference from any known machinery of coercion—to wax incredulous when the current GE CEO Jeffrey Immelt, for example, pleads with the audience at a competing Thought Leader conference to spearhead a manufacturing revival.</p>

<p>The Bradley-subsidized chattering class instinctively knows to tune out altogether more articulate assessments of our plight, such as former Intel CEO Andy Grove’s withering indictment of free-market dogma in a summer 2010 Bloomberg Businessweek cover story. Grove blamed the economic malaise on a sick cultural deification of “the guys in the garage inventing something that changes the world” at the expense of anyone involved in what happened afterward. His lament was the most eloquent tribute to the symbiosis of design and production and imagination and reality I’d read since Mao’s 1937 essay “On Practice,” which declared “man’s knowledge depends mainly on his activity in material production.” The Thought Leaders of our own political leadership class would never know about Grove’s broadside, though—it was greeted by a Washington-wide wall of silence. (Indeed, the one wayward D.C. player who did take it to heart former SEIU chieftain Andy Stern— was reduced to imploring unsympathetic readers of the Wall Street Journal op-ed section to search online for Grove’s essay some sixteen months after it appeared.)</p>

<p>What mystified Grove was the assertion, voiced by the economist Alan Blinder and others, “that as long as ‘knowledge work’ stays in the U.S., it doesn’t matter what happens to factory jobs.” This was not only inhumane, Grove declared; it was idiotic. </p>

<p>But it is why the ideas, so-called, that inspire the omniscient gentlemen of <em>The Atlantic</em> are flat: their world is, literally, flat. Habitual “bipartisanship” has given way to a tendency to level the playing field between reality and fiction. And so in <em>The Atlantic</em>’s account of America’s present crisis, Hanna Rosin wonders whether it was not deregulation or securitization that caused the financial crisis, but . . . Christianity; and James Fallows suspects America’s awareness of its own decline is merely “our era’s version of the ‘missile gap.’” It’s as though, in purging labor from the ranks of accredited Thought Leaders, they have eradicated thought itself.</p>

<p>Meanwhile, in China, Steve Clemons of the New America Foundation mourns the death of Steve Jobs with a breathless blog post about an epiphany he has just experienced while scouring the local Thought Leader horizon for signs of a counterpart to his late greatness:</p><blockquote><p>But one of the things I find odd is that the Chinese basically have a person who is their Steve Jobs. I don’t mean someone who created a line of products that we have all become addicted to and which have changed our world—but rather a leader who saw a future, went against the tide, and used the levers of influence he had to gamble on a complete retro-fitting and relaunch of China. I’m talking, of course, about Deng Xiaoping.</p>
</blockquote>

<p>Comrades: I hope that you want to throw up now, because I have run clean out of bile to waste on the mental morlocks who think up this sort of shit.</p>

<p><span class="dropcap">I</span>rving Kristol’s cofounder at <em>Encounter</em>, the British poet Stephen Spender, was the sole member of the CCF clique to be truly traumatized by the revelation that his beloved project was a CIA front. Then, in the early aughts, he was doubly insulted, via the revelation that George Orwell had on his deathbed listed his name on a painstakingly compiled list of “fellow travelers” whom the author suspected would conspire with the enemy in the event of a Soviet invasion—but only because he was “impressionable” that way. Natasha Spender later likened her husband to Prince Myshkin the gentle idiot. And I believe her, with one reservation: no one is too gullible to be unafraid of poverty.</p>

<p>As a child in China toward the end of Deng’s rule, I remember hearing about the Korean War POWs. Without any ideological mis-education to obstruct or distort my perceptions, it seemed obvious that the most remarkable thing about the defectors was their willingness to relinquish their American citizenship to remain in a country that was so unbelievably poor.</p>

<p>Not until college would I begin to grasp America’s own brand of poverty, and not until I spent the aftermath of the financial crisis among the bailout revisionists and inequality denialists of the omniscient D.C. elite would I recognize in myself the abiding fury the defectors professed. Even as they so dearly missed ice cream, they elected to turn their backs on the demeaning propaganda machine that questioned their manhood, insisted they’d been brainwashed, and portrayed the Chinese enemy as robots programmed to commit gratuitous self-sacrifice in the service of world domination. Thousands of miles from home, they figured out that to be American in such an epoch was to get screwed over and defrauded by the self-appointed high priests of Patriotism. Somewhere along the way, someone had put it in their minds that they didn’t need to take it—and it’s a safe bet that he didn’t sound anything like Mao.</p>

<p><center></p><p>*&nbsp;  &nbsp; *&nbsp;  &nbsp; *</p><p></center></p>

<p>Did you like this salvo? <a href="http://thebaffler.com/subscribe">SUBSCRIBE NOW</a> and read more like it.</p>
        
		
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    </entry>

    <entry>
      <title>I Was a Teenage Gramlich</title>
      <link rel="alternate" type="text/html" href="/notebook/2012/03/i_was_a_teenage_gramlich" />
      <id>tag:thebaffler.com,2012:notebook/2.117</id>
      <published>2012-03-30T15:59:58Z</published>
      <updated>2012-03-31T09:14:00Z</updated>
      <author>
            <name>Genie</name>
            <email>eugenia.williamson@gmail.com</email>
                  </author>
      <content type="html"><![CDATA[

        <p>This week, <em>The Boston Phoenix</em> published an edited version of Jim Newell&#8217;s essay from our current issue, &#8220;I Was a Teenage Gramlich.&#8221; You can read the story <a href="http://thephoenix.com/Boston/news/136249-i-was-a-teenage-gramlich/">here</a>.</p>
        
		
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    </entry>

    <entry>
      <title>Table of Contents</title>
      <link rel="alternate" type="text/html" href="/notebook/2012/03/issue_19_table_of_contents" />
      <id>tag:thebaffler.com,2012:notebook/2.110</id>
      <published>2012-03-20T00:39:22Z</published>
      <updated>2012-04-04T10:16:25Z</updated>
      <author>
            <name>Genie</name>
            <email>eugenia.williamson@gmail.com</email>
                  </author>
      <content type="html"><![CDATA[

        <p><em>Philosophical Intelligence Office</em><br />
<strong>Decrescendo</strong> - John Summers</p>

<p><em>Salvos</em><br />
<a href="http://thebaffler.com/notebook/2012/03/too_smart_to_fail"><strong>Too Smart to Fail</strong> - Thomas Frank</a><br />
<a href="http://thebaffler.com/notebook/2012/03/i_was_a_teenage_gramlich"><strong>I Was a Teenage Gramlich</strong> - Jim Newell</a><br />
<strong>Ronald Reagan&#8217;s Imaginary Bridges</strong> - Rick Perlstein<br />
<strong>Of Flying Cars and the Declining Rate of Profit</strong> - David Graeber<br />
<strong>Future Schlock</strong> - Will Boisvert<br />
<strong>Revolt of the Gadgets</strong> - Robert S. Eshelman</p>

<p><em>The Dollar Debauch</em><br />
<strong>Water World</strong> - Chris Lehmann</p>

<p><em>Into the Infinite</em><br />
<strong>The Animal Cure</strong> - Barbara Ehrenreich</p>

<p><em>Notes &amp; Quotes</em><br />
<strong>Smells Like</strong> - Eugenia Williamson<br />
<strong>My Own Little Mission</strong> - Dubravka Ugresic<br />
<strong>Disposable Hip</strong> - G. Beato</p>

<p><em>Stories</em><br />
<strong>Give Her to Me</strong> - Ludmilla Petrushevskaya<br />
<strong>2312</strong> - Kim Stanley Robinson<br />
<strong>Edge Lands</strong> - Chris N. Brown</p>

<p><em>Lives of the Pundits</em><br />
<a href="http://thebaffler.com/notebook/2012/04/omniscient_gentlemen"><strong>Omniscient Gentleman of <em>The Atlantic</em></strong> - Maureen Tkacik</a></p>

<p><em>Poems</em><br />
<strong>Experts Are Puzzled</strong> - Laura Riding<br />
<strong>Odi Barbare</strong> - Geoffrey Hill<br />
<strong>Strike!</strong> - Charles Bernstein<br />
<strong>Syria Renga</strong> - Marilyn Hacker<br />
<strong>Snow Globe</strong> - Peter Gizzi<br />
<strong>Breaking Stones</strong> - Nirala<br />
<strong>Little Princess, or the One-Eyed Girl</strong> - Nirala</p>

<p><em>Documentia</em><br />
<strong>We Told You So</strong> - James K. Galbraith</p>

<p><em>Ancestors</em><br />
<strong>Cotton Tenants</strong> - James Agee</p>
        
		
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    </entry>

    <entry>
      <title>Too Smart to Fail: Notes on an Age of Folly</title>
      <link rel="alternate" type="text/html" href="/notebook/2012/03/too_smart_to_fail" />
      <id>tag:thebaffler.com,2012:notebook/2.112</id>
      <published>2012-03-19T04:06:52Z</published>
      <updated>2012-03-25T18:45:54Z</updated>
      <author>
            <name>Genie</name>
            <email>eugenia.williamson@gmail.com</email>
                  </author>
      <content type="html"><![CDATA[

        <p>by <strong>Thomas Frank</strong></p>

<p><br />
<em> The &#8220;sound&#8221; banker, alas! is not one who sees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way along with his fellows so that no one can really blame him.</em><br />
&nbsp;  &nbsp;  <br />
&nbsp;  &nbsp;   &#0150;John Maynard Keynes</p>

<p><br />
<span class="dropcap">I</span>n the twelve hapless years of the present millennium, we have looked on as three great bubbles of consensus vanity have inflated and burst, each with consequences more dire than the last. </p>

<p>First there was the “New Economy,” a millennial fever dream predicated on the twin ideas of a people’s stock market and an eternal silicon prosperity; it collapsed eventually under the weight of its own fatuousness. </p>

<p>Second was the war in Iraq, an endeavor whose launch depended for its success on the turpitude of virtually every class of elite in Washington, particularly the tough-minded men of the media; an enterprise that destroyed the country it aimed to save and that helped to bankrupt our nation as well.</p>

<p>And then, Wall Street blew up the global economy. Empowered by bank deregulation and regulatory capture, Wall Street enlisted those tough-minded men of the media again to sell the world on the idea that financial innovations were making the global economy more stable by the minute. Central banks puffed an asset bubble like the world had never seen before, even if every journalist worth his byline was obliged to deny its existence until it was too late. </p>

<p>These episodes were costly and even disastrous, and after each one had run its course and duly exploded, I expected some sort of day of reckoning for their promoters. And, indeed, the last two disasters combined to force the Republican Party from its stranglehold on American government—for a time.</p>

<p>But what rankles now is our failure, after each of these disasters, to come to terms with how we were played. Each separate catastrophe should have been followed by a wave of apologies and resignations; taken together—and given that a good percentage of the pundit corps signed on to two or even three of these idiotic storylines—themy mandated mass firings in the newsrooms and op-ed pages of the nation. Quicker than you could say “Ahmed Chalabi,” an entire generation of newsroom fools should have lost their jobs.</p>

<p>But that’s not what happened. Plenty of journalists have been pushed out of late, but the ones responsible for deluding the public are not among them. Neocon extraordinaire Bill Kristol won a berth at the <em>New York Times</em> (before losing it again), Charles Krauthammer is still the thinking conservative’s favorite, George Will drones crankily on, Thomas Friedman remains our leading dispenser of nonsense neologisms, and Niall Ferguson wipes his feet on a welcome mat that will never wear out. The day Larry Kudlow apologizes for slagging bubble-doubters as part of a sinister left-wing trick is the day the world will start spinning in reverse. Standard &amp; Poor’s first leads the parade of folly (triple-A’s for everyone!), then decides to downgrade U.S. government debt, and is taken seriously in both endeavors. And the prospect of Fox News or CNBC apologizing for their role in puffing war bubbles and financial bubbles is no better than a punch line: what they do is the opposite, launching new movements that stamp their crumbled fables “true” by popular demand.<br />
<img src="http://thebaffler.com/graphics/monkeys.jpg" alt="TF Monkeys" height="454" width="599" alt="image" /><br />
The real mistake was my own. I believed that our public intelligentsia had succumbed to an amazing series of cognitive failures; that time after time they had gotten the facts wrong, ignored the clanging bullshit detector, made the sort of mistakes that would disqualify them from publishing in <em>The Baffler</em>, let alone the <em>Washington Post</em>. </p>

<p>What I didn’t understand was that these were moral failures, mistakes that were hardwired into the belief systems of the organizations and professions and social classes in question. As such they were mistakes that—from the point of view of those organizations or professions or classes—shed no discredit on the individual chowderheads who made them. Holding them accountable was out of the question, and it remains off the table today. These people ignored every flashing red signal, refused to listen to the whistleblowers, blew off the obvious screaming indicators that something was going wrong in the boardrooms of the nation, even talked us into an unnecessary war, for chrissake, and the bailout apparatus still stands ready should they fuck things up again.</p>

<p><strong>Keep on Dancing Till the World Ends</strong></p>

<p>My aim here isn’t to take some kind of victory lap or to get in the granite faces of our eternal pundit corps one more time—honestly, who really wants to read a twenty-part takedown of the social philosophy of, say, Jim Cramer?</p>

<p>Nor is it to blame Republicans for our problems. It is true that, from the scandal of CEO pay to the scandal of lobotomized regulators, each of the really monumental mistakes of our time arose from the trademark doctrines of the political right. And, yes, it was the Bush administration that installed as National Archivist a scholar much criticized for his questionable research methods, that muzzled government scientists, and that declared war on organized intelligence in a hundred other ways.</p>

<p>But the problem goes far beyond politics. We have become a society that can’t self-correct, that can’t address its obvious problems, that can’t pull out of its nosedive. And so to our list of disasters let us add this fourth entry: we have entered an age of folly that—for all our Facebooking and the twittling tweedle-dee-tweets of the twitterati—we can’t wake up from.</p>

<p>Besides, the reign of corruption has taken plenty of right-wing scalps, too. In fact, one of the most interesting comments on the machinery that is making us stupid came from the libertarian Doug Bandow of the Cato Institute, after he had temporarily lost his job (he got it back a little while later, don’t worry) for puffing clients of Jack Abramoff in exchange for the lobbyist’s largesse. But what was the big deal? fumed Bandow in a 2006 cri de coeur called “The Lesson Jack Abramoff Taught Me.” Living in Washington was expensive; and besides, everyone was basically on the take:</p><blockquote><p>Many supposedly “objective” thinkers and “independent” scholar/experts these days have blogs or consulting gigs, or they are starting nonprofit Centers for the Study of . . . Who funds their books, speeches or other endeavors? Often it’s those with an interest in the outcome of a related debate. The number of folks underwriting the pursuit of pure knowledge can be counted on one hand, if not one finger.</p>
</blockquote>
<p>Bandow had been caught, yes, but he wasn’t the only culprit, he insisted—with some accuracy. All opinions are paid for. Everything written in this city—everything in this land that is thought and tweeted and toasted with a hip hip hooray . . . is Abramoffed. We are all slaves to the market; there is no way to stand outside that condition.</p>

<p>I can remember the contempt I felt when I read Bandow’s essay, back in 2006. Of course there was a place where ideas weren’t simply for sale, I thought—it was called the professions. Ethical standards kept professionals independent of their clients’ gross pecuniary interests.</p>

<p>These days, though, I’m not so sure. Money has transformed every watchdog, every independent authority. Medical doctors are increasingly gulled by the lobbying of pharmaceutical salesmen. Accountants were no match for Enron. Corporate boards are rubber stamps. Hospitals break unions, and, with an eye toward future donations, electronically single out rich patients for more luxurious treatment.</p>

<p>And consider the university, the mothership of the professions. For-profit higher education is today a booming industry, feeding on the student loans handed out to the desperate. Even the traditional academy, where free inquiry nominally lives, has become a profit center, a place where exorbitant tuition somehow bypasses the adjuncts who do the teaching but makes for lavish executive salaries; where economists pull in fantastic sums for “consulting”; and where the prospect of launching the next hot Internet startup is a gamble that it is worth bending any rule to take.</p>

<p>One of Jack Abramoff’s tricks, you will recall, was to hand intellectuals cash and trips to tropical islands in exchange for such intellectual services as might get the tycoons who owned the sweatshops in those paradises off the regulatory hook. And how different was the Abramoff model of enlightenment from the activities of the Cambridge, Massachusetts consultancy called “Monitor,” with its prominent Harvard connections? According to the <em>Boston Globe</em>:</p><blockquote><p>The management consulting firm received $250,000 a month from the Libyan government from 2006 to 2008 for a wide range of services, including writing [a] book proposal, bringing prominent academics to Libya to meet Khadafy “to enhance international appreciation of Libya” and trying to generate positive news coverage of the country.</p>
</blockquote>
<p>“Trying to generate positive news coverage,” by the way, included placing pro-Qaddafi stories by prominent scholars in <em>The New Republic</em>, the <em>Washington Post</em>, <em>Newsweek International</em>, and the <em>Guardian</em>—a record far more impressive than the Bush administration’s suborning of syndicated columnist Armstrong Williams or Abramoff’s own episodic triumphs on the op-ed page of the <em>Washington Times</em>.</p>

<p>Another thing Doug Bandow got right was one of the basic reasons for all this: for most Americans, the building blocks of middleclass life—four years at a good college, for example—are growing scarce and out of reach. For other people and other entities, though, they grow ever cheaper; they are baubles to be handed out as necessity requires. The result is exactly what our nineteenth-century ancestors would have expected. Think of Jack Grubman, the superstar stock analyst of the nineties, who famously upgraded AT&amp;T’s shares in exchange for getting his children into a ferociously competitive <em>preschool</em>. Or the congressional aides on Capitol Hill, surrounded by the inaccessible luxuries of Washington, D.C., who would do nearly anything for a lobbyist in exchange for a shot at a future job on said lobbyist’s staff. Or the actual members of Congress who sold their votes in exchange for little bits of sushi or a blowout party in Hawaii or good seats at sporting events.</p>

<p>And as we serve money, we find that money wants the same thing from us: to push everyone it beguiles in the same direction. Money never seems to be interested in strengthening regulatory agencies, for example, but always in subverting them, in making them miss the danger signs in coal mines and in derivatives trading and in deep-sea oil wells. You can have a shot at being part of the 1 percent, money tells us, only if you are first committed to making the 1 percent stronger, to defending their piles in some new and imaginative way, to rationalizing and burnishing their glory, to exempting them from regulation or taxation, to bowing down as they pass, and to believing in your heart that their touch will heal scrofula.</p>

<p>So money gives us not only the bond-rating scandal of 2008, in which trash investments were labeled super-wholesome so that the rating agency in question could win more business from the manufacturers of said trash; and not only the Enron scandal of 2001, in which head-spinning conflicts of interest were overlooked by Enron’s accountants in order to preserve the nice ka-ching those conflicts delivered to everyone involved; but also the analyst scandal of 2002, in which Wall Street insiders pushed certain corporate securities on their sappy middle-American clients in order to win those corporations’ business—and then while it is corrupting all the watchmen, money also dashes off an enormous body of literature assuring those sappy middle Americans that they are in fact financial geniuses who can outsmart any possible combination of Wall Street insiders, because together the saps reflect the wisdom of markets or some other such reassuring bullshit. And all of it—the airy populism of the market and its simultaneous complete negation by reality—is as determined by the current distribution of wealth as gravity is by the mass of the planet. Both of them will continue indefinitely regardless of the constant violence the one does to the other simply because that’s the way money wants it, and every dollar in the nation will strain at its leash to ensure that financial naïveté persists on into infinity in complete ignorance of financial fraud.</p>

<p><strong>If You’re One of Us Then Roll With Us</strong></p>

<p>It’s not that Americans revel in our folly: having been “right” about the debacles of recent years still seems to carry some modicum of value. The reason Newt Gingrich likes to claim that he warned his one-time client Freddie Mac of the dangers of the subprime lending market, for example, is because he believes that there is something honorable about having seen it coming, something that sets him apart from the wild-eyed politicians who shared the stage with him during last year’s presidential beauty contests.</p>

<p>Of course, Gingrich’s claim to the title is based on no verifiable historical data, and if what we know about Freddie Mac’s relationships with its hired hands holds true in his case, the work for which Gingrich received his million-plus payday was not ringing the mortgage company’s alarm bell but the opposite: helping to minimize resistance to the outfit’s operations among his fellow Republicans—doing what money <em>always</em> wants “consultants” like him to do.</p>

<p>Still, there are others who might rightfully claim the laurels Gingrich covets: the economists who warned of a bubble in real estate prices and the handful of journalists who figured out that crazy retail lending practices were inflating the profits of the Wall Street banks. Were society to honor these people, however, just think about who we would be lionizing: a handful of uncelebrated business reporters; economists like Dean Baker, who has spent much of his career deriding consensus economic wisdom; and out-of-the-way publications like <em>Mother Jones</em>, the <em>Pittsburgh City Paper</em>, and <em>Southern Exposure</em> (“Journal of the Progressive South”) that stumbled across the big scoop because they happened to be interested in sweaty, wretched subjects like predatory lending.</p>

<p>That is why a more honest reaction, it seems to me, is to declare that there is in fact no value at all in having seen the catastrophe coming. If the honors can’t go to the people who already wear the consensus seal of approval, it is better to declare that there is no prize for rightness in the first place. </p>

<p>This seems to be the reasoning behind one of the strangest comments on the epidemic of folly to appear in recent years, the meditation on pervasive wrongness by <em>Washington Post</em> columnist Ezra Klein that appeared in June of 2011. In it, Klein remembers a boneheaded 2007 Michael Lewis essay in which Lewis mocked people who were worried about risky derivatives; Klein then declares that if a writer as good as Michael Lewis didn’t see the problems mounting, it was either impossible to see the problems mounting or wasn’t worth it to see the problems mounting. “[N]o explanation of the financial crisis that doesn’t have room for Lewis to miss it is sufficient,” Klein writes.</p>

<p>And so those worriers back in 2007—the ones who did get it right—were not only gratuitously insulted by Michael Lewis; they are now insulted all over again by Ezra Klein, who seems to believe that Lewis’s awesomeness is so overwhelming—that our love for him is so great—that he must remain the pole star of intellectual legitimacy no matter how wrong he turns out to be, no matter how grievous the losses the world suffers, and no matter how dreadful the fate of those thrown out of work during the succeeding recession. The celebrity of the celebrated outweighs it all; the situation may change but the personnel must stay the same.</p>

<p>Another way of putting this idea might be to say that the individuals who got things wrong—the ones who saw few problems in financial deregulation, anyone who thought derivatives eliminated risk, anyone who counted on markets to police themselves—were “one of us.” There can be no consequences for them because they merely expressed the consensus views of the time. Like John Maynard Keynes’s “sound banker,” they might have failed, but they failed in the same way that the rest of “us” failed. To hold them accountable for what they said and did would expose the rest of “us” to such judgment as well. And obviously that can’t happen.</p>

<p>A résumé filled with grievous errors in the period 1996–2006 is not only a non-problem for further advances in the world of consensus; it is something of a prerequisite. Our intellectual powers that be not only forgive the mistakes; they require them. You <em>must</em> have been wrong back then in order to have a chance to be taken seriously today; only by having gotten things wrong can you demonstrate that you are trustworthy, a member of the team. (Those who got things right all along, on the other hand, might be dubbed “premature market skeptics”—people who doubted the consensus before the consensus acknowledged it was all right to doubt.)</p>

<p>Christopher Hitchens became the toast of Washington only after he had gone safely wrong on the Iraq War. Or consider the curious saga of <em>New York Times</em> op-ed columnist Joe Nocera, who was elevated to the most exalted post in American journalism in 2011, and who has, since then, done outstanding work exposing financial frauds and assessing the value of the old Glass-Steagall rules regulating banks. But there’s a peculiar twist to this story. Before Nocera became an admirer of bank regulation, he played the opposite role: he was the journalist who told, in the 1994 book A Piece of the Action, the awesome and heroic tale of how the bankers blew Glass-Steagall apart.<br />
Nocera has clearly seen the error of his ways and has changed course. (So has Michael Lewis, for that matter.) It would be churlish not to forgive and forget.</p>

<p>But what about the ones who have not changed? Here is the aforementioned economist Dean Baker, one of the few people who has attempted a grand theory of folly, in a 2011 interview published on the valuable blog <em>Naked Capitalism</em>:</p><blockquote><p>We have people who have literally been wrong about everything having to do with the economy over the last 5 years. They totally missed the $8 trillion housing bubble, the largest asset bubble in the history of the world. . . . Then they underestimated the severity of the downturn, telling us the economy was going to bounce right back. And, then they got the interest rate story wrong. They told us that the large budget deficits caused by the downturn would lead the bond vigilantes to send interest rates through the roof. Instead they fell through the floor.</p>
</blockquote>
<p>“So who gets listened to in national debates,” Baker continues, “those who have been consistently right on all the key points, or those who have gotten things as wrong as you possibly can?”</p>

<p>Let us take the question a little further: it is not merely a matter of “who gets listened to” but <em>why</em> they get listened to. Recall in this connection the peculiar comment of White House Press Secretary Jay Carney in December of 2011 as he scrambled to get the Obama administration off the hook for its tepid response to the slump: “There was not a single mainstream, Wall Street, academic economist who knew at the time, in January of 2009, just how deep the economic hole was that we were in.”</p>

<p>Of course there were plenty of economists who knew how bad things were. That one was easy to call. But if you limited your inquiries—as Carney is confessing the administration did—to the statements of economists who are “mainstream” and “Wall Street” you would not have encountered such economists. You would have been counting on the wisdom of people who had been “wrong about everything,” as Dean Baker puts it.</p>

<p>On the other hand, you would also have been listening to the greatest names of professional economics. And this, we know, is in keeping with President Obama’s deepest instincts:<em> trust the experts</em>.</p>

<p>But what happens when the experts are fools? What happens when their professions are corrupted, their jargon has become a shield against outside scrutiny, their process of peer review has been transformed into a device by which a professional faction can commandeer the discipline, excommunicate rivals, and give members of the “us” group endless pardons for their endless failures?</p>

<p>The economist James K. Galbraith, who was right about many of the disasters of our age but who is neither “mainstream” nor “Wall Street,” once wrote that something very much like this had happened to his discipline:</p><blockquote><p>Leading active members of today’s economics profession . . . have formed themselves into a kind of Politburo for correct economic thinking. As a general rule—as one might generally expect from a gentleman’s club—this has placed them on the wrong side of every important policy issue, and not just recently but for decades. They predict disaster where none occurs. They deny the possibility of events that then happen. . . . No one loses face, in this club, for having been wrong. No one is dis-invited from presenting papers at later annual meetings. And still less is anyone from the outside invited in.</p>
</blockquote>
<p>Where does this leave the premature market skeptics, the ones (like Galbraith) who were right all along? The answer is, by and large, nowhere. These people have remained at the out-of-the-way universities, the do-it-yourself blogs, and the impotent think tanks where they began.</p>

<p>They were ignored in 2008 and they are ignored today because an extremely convenient corollary to the reigning dogma of the consensus reminds us that it is impossible to see a disaster of the 2008 variety coming. Of course, there were plenty of people who did see it coming, but this corollary defines their work away as a series of lucky guesses, dismisses their methodology as not worth considering, and blows them off as not worth listening to—all of which “we” can prove using equations. “The main lesson we should take away from the E[fficient] M[arket] H[ypothesis] for policymaking purposes is the futility of trying to deal with crises and recessions by finding central bankers and regulators who can identify and puncture bubbles,” announced Chicago school economist Robert Lucas from amid the ruins in 2009. “If these people exist, we will not be able to afford them.”</p>

<p>And the main lesson we should take away from the Efficient Market Hypothesis for <em>our</em> purposes is the utter futility of economics departments like the one that employs Robert Lucas.</p>

<p>A second lesson: if economists—and journalists, and bankers, and bond analysts, and accountants—don’t pay some price for egregious and repeated misrepresentations of reality, then markets aren’t efficient after all. Either the gentlemen of the consensus must go, or their cherished hypothesis must be abandoned. The world isn’t gullible enough to believe both of them any longer.</p>

<p>Or maybe it is. Maybe this state of affairs can go on for years. As you watch the anointed men of the Washington consensus shuttle through the CNN green room or relax comfortably at the $10,000 Halloween party the neighbors are throwing for their third grader, you begin to wonder what kind of blunder it will take to shatter this city’s epic complacency, its dazzling confidence in its own stupidity.</p>

<p>We will assuredly find out soon. And when we do, we can be just as assured that the fools who let it happen will walk away once again without feeling any consequences.</p>

<p><center></p><p>*&nbsp;  &nbsp; *&nbsp;  &nbsp; *</p><p></center></p>

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    <entry>
      <title>The Baffler on Kickstarter</title>
      <link rel="alternate" type="text/html" href="/notebook/2012/03/the_baffler_on_kickstarter" />
      <id>tag:thebaffler.com,2012:notebook/2.115</id>
      <published>2012-03-27T15:52:22Z</published>
      <updated>2012-03-27T09:15:24Z</updated>
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            <name>Genie</name>
            <email>eugenia.williamson@gmail.com</email>
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        <p><iframe frameborder="0" height="360px" src="http://www.kickstarter.com/projects/781473995/the-baffler-magazine/widget/video.html" width="480px"></p><p></iframe></p>

<p>Support the <em>Baffler&#8217;s</em> Kickstarter campaign! Help us reach our goal of $20,000 by May 11, and in return, we&#8217;ll give you presents! For a $10 donation, receive a <em>Baffler</em> postcard signed by Thomas Frank and John Summers, $25 gets you a signed copy of <em>Baffler</em> #19 and a <em>Baffler</em> pen. And you get all that plus a <em>Baffler</em> tote bag for donating $50.</p>

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    <entry>
      <title>New Issue out now!</title>
      <link rel="alternate" type="text/html" href="/notebook/2012/03/baffler_19" />
      <id>tag:thebaffler.com,2012:notebook/2.113</id>
      <published>2012-03-21T04:22:41Z</published>
      <updated>2012-04-04T13:32:42Z</updated>
      <author>
            <name>Genie</name>
            <email>eugenia.williamson@gmail.com</email>
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      <content type="html"><![CDATA[

        <p><em>Baffler</em> 19, the first from new editor in chief John Summers, alights on the bloodless crossroads of technology and culture with salvos by founding editor Thomas Frank, Barbara Ehrenreich, Rick Perlstein, David Graeber (who wonders why our cars don’t fly), and Maureen Tkacik (who wonders whether <em>The Atlantic</em> magazine is a CIA front or only looks that way). Our senior editor, Chris Lehmann, inaugurates his new column, <em>The Dollar Debauch</em>, with a look at proletarian fiction of bygone days, while James Agee inaugurates our <em>Ancestors</em> column with an article on cotton tenants that&#8217;s published here, exclusively, for the first time in 76 years. All that, plus a dazzling array of poetry, fiction, documents, interviews, and satirical art. Click <a href="http://thebaffler.com/notebook/2012/03/issue_19_table_of_contents">here</a> to read the Table of Contents or Thomas Frank&#8217;s <a href="http://thebaffler.com/notebook/2012/03/too_smart_to_fail">salvo</a>.</p>
        
		
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