Judith Schulz From Wall Street to Main Street Tracing the Shadows of the Financial Crisis from 2007 to 2009 in US-American Fiction From Wall Street to Main Street Judith Schulz From Wall Street to Main Street Tracing the Shadows of the Financial Crisis from 2007 to 2009 in US-American Fiction Judith Schulz Friesenhagen, Germany Dissertation, Universität Mannheim, 2016 u.d.T.: From Wall Street to Main Street Tracing the Shadows of the Financial Crisis of 2007-09 in US-American Fiction ISBN 978-3-658-16267-2 ISBN 978-3-658-16268-9 (eBook) DOI 10.1007/978-3-658-16268-9 Library of Congress Control Number: 2016956287 J.B Metzler © Springer Fachmedien Wiesbaden GmbH 2016 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made Printed on acid-free paper This J.B Metzler imprint is published by Springer Nature The registered company is Springer Fachmedien Wiesbaden GmbH The registered company address is: Abraham-Lincoln-Str 46, 65189 Wiesbaden, Germany Acknowledgments Many people have contributed to this dissertation in various ways, not only by sharing ideas about financial fiction and the crisis, but also and (no less important) by taking my mind off it from time to time I owe great debts to those who have helped me, taught me, and inspired me along the way I am grateful to each and every one of them, but have space to acknowledge only a few First and foremost, I would like to express my sincere gratitude to my advisor Prof Dr Ulfried Reichardt for supporting this project with great interest from the beginning Teaching a seminar on “Finance/Fiction/Film” together was an enriching experience and many ideas that emerged during our discussions found their way into this study I would also like to thank apl Prof Dr Christa Grewe-Volpp for taking the time and space to support my dissertation as my second advisor Moreover, I am deeply grateful to Prof Dr Maria I Diedrich for sharing her wonderful enthusiasm in the field of American Studies and for encouraging me to pursue this project The members of the American Studies department at the University of Mannheim have contributed immensely to this study by sharing ideas and giving extensive feedback on my drafts A special thanks to my fellow thesis writers, especially Dr Carrie Smeenk and Felix Schniz; going through the dissertation process together made it a lot more enjoyable Much appreciation goes to Su Montoya for being such a careful and thorough reader of my dissertation Her insightful suggestions largely enhanced my writing process and were an invaluable help in bringing this dissertation to completion I would also like to acknowledge my editor at Springer VS, Christiane Sommia, for turning the editorial procedure into a smooth and uncomplicated process Writing a dissertation part-time is a huge challenge, and I would like to thank Prof Dr Jens Wüstemann and my former colleagues at Mannheim VI Acknowledgments Business School, in particular the Marketing and Communications team, for their ongoing support Dr Daniela Heidtmann has inspired me to pursue my dissertation and subsequent projects with optimism and confidence, and I am deeply grateful for her encouragement Finally, I would like to express my gratitude to my family and friends for their patience, their understanding, and all the reassuring words My deepest gratefulness goes to my parents for always believing in me and supporting me in all my endeavors Family festivities were a welcome and much-appreciated break during the writing process, and I want to thank my siblings Gerrit and Claudia with Florian, Luisa and Titus as well as my aunt Heidel Heuer and Anja Schulz for joyful memories of hours filled with laughter Most of all, the calmness, positive attitude, and unconditional support of Johannes Hoffrichter was priceless – especially during the final stages of this project Once again, a huge and heartfelt “Thank You” to all of you! Contents Acknowledgments V Introduction Part One: Theorizing the Financial Crisis 27 2.1 Capitalism & Control: The Financial Crisis and the Conflict between Freedom and Authority 28 2.2 Culture & Consumption: Understanding the Financial Crisis as a Cultural Crisis 41 2.3 Crisis & Complexity: Fiction as a Mediator 82 Part Two: Fictionalizing the Financial Crisis 93 3.1 Cosmopolis and the Rule of the ‘Super-rich:’ Foreshadowing the Financial Crisis 93 3.2 Dear Money: Gender, Risk Behavior and the Financial Crisis 127 3.3 The Financial Lives of the Poets: Depicting the American Debt and Consumer Culture 162 Conclusion 199 Bibliography 217 Introduction America feels broken Over the last decade, a nation accustomed to greatness and progress has had to reconcile itself to an economy that seems to be lurching backward From 1999 to 2010, median household income in real dollars fell by percent More Americans are downwardly mobile than at any time in recent memory (Hayes 1) The new millennium poses a series of substantial challenges to America as an economic world power On September 11, 2001, the heart of the American economy and, concomitantly, the center of Western capitalism had been severely attacked Moreover, America’s aura of invincibility took a blow as the American self-image as a safe haven and a place of refuge was severely shattered Almost exactly seven years later, on September 15, 2008, America had to face yet another major economic disruption: the collapse of the investment bank Lehman Brothers, which was arguably the most notorious ‘event’ related to the financial crisis of 2007-09 What began in the financial sector quickly reached the real economy In a nutshell, the financial crisis led to an economic crisis which resulted in the so-called Great Recession The financial crisis was officially declared over in early 2009.1 While Wall Street has recovered, the American population is likely to be haunted by the long shadows of the financial crisis for the years to come For many Americans, the abstract economic concepts of ‘crisis’ and ‘recession’ materialized in very tangible effects In the end, a large segment of the population was not only facing fiscal loss but also the loss of those elements that afford stability, such as one’s house and one’s job The process of trying to make sense of the financial crisis is still ongoing What caused this financial thunderstorm? Has the economy truly recovered from this Great Recession, as recent rhetoric would like us to believe, or is an The Financial Crisis Inquiry Commission report states that the financial crisis “first manifested itself in August 2007 and ended in early 2009” (417) In this study, the term ‘Wall Street’ is meant in its generic form, i.e the world of high finance and the financial institutions that are a part thereof Consistently, the term ‘Main Street’ is applied in reference to American civil society © Springer Fachmedien Wiesbaden GmbH 2016 J Schulz, From Wall Street to Main Street, DOI 10.1007/978-3-658-16268-9_1 Introduction even bigger crisis yet to come?3 In the face of this uncertainty, one thing is certain: the financial crisis created a great need for information The Obama administration created the Financial Crisis Inquiry Commission (FCIC) in 2009 to provide answers to these and numerous related questions, and the sheer number of the report’s almost 600 pages already attests to the complexity of the subject This report is available on Amazon and can even be downloaded free of charge as a PDF document.4 In other words, it seems that the information has indeed been made available to the public Or has it? Although the information is there, and it is written in a comparatively accessible language, I would still argue that the need for a profound background knowledge and economic education to understand the context and – no less important – the endurance to attentively read the report in its entirety have kept the majority of the public from accessing the information given in the report The financial industry is characterized by high ‘barriers to entry,’ especially due to its high complexity, mathematization, and technical jargon Therefore, a mediator is necessary to get the information across to those who are affected by the financial crisis In a functioning democracy, it is inevitable that civil society is informed – and willing to inform itself Despite the often-quoted impending change in power relations between the USA and Asia, the USA is arguably still the world’s leading economic power To understand the United States from within and from without one has to take the economic context into consideration Given the significance of the economy, I see the need for literary scholars to gain a firm understanding of the broader dynamics and rules of the financial market so as to participate in the discussion about the financial crisis with confidence and expertise This understanding should then find its way into the classroom, i.e any student interested in American Studies should receive a sound education in economic concepts, relations, and consequences In short, we need a mediator to translate the concepts of finance into a language that is accessible to those who are affected by it, and I believe that fiction can – and One could argue with Joseph Schumpeter that processes of ‘creative destruction’ are essential elements of capitalism Schumpeter, Joseph A Capitalism, Socialism, and Democracy 1942 3rd ed New York: Harper Perennial Modern Thought, 2008 Print The FCIC report is openly accessible at http://fcic.law.stanford.edu/report Web February 2016 Introduction already does – function as such a mediator This study is dedicated to analyzing this function The United States is currently undergoing a serious phase of crisis The voices expressing the disappointment with the American Dream are growing louder; and the criticism is expressed throughout all segments of society It comes then as no surprise that the members of the Occupy movement have largely expressed their disappointment with the broken promises of the American Dream However, they are not alone Economists like Joseph Stiglitz also share this concern.5 The financial crisis is only one element in a larger chain of events and has to be situated in the longer arc of history I argue that the high level of social inequality is currently the most pressing issue in the United States, and this inequality has significantly increased as a consequence of the financial crisis It is of utmost importance to note that its roots are to be found in the financial sector In his landmark study Capital in the Twenty-first Century (2013), Thomas Piketty explores the roots of social inequality in present-day America by giving a comprehensive analysis of how wealth, income, and capital have developed and changed since the eighteenth century Piketty emphasizes that it is a highly topical issue which calls for interdisciplinary work The distribution of wealth is too important an issue to be left to economists, sociologists, historians, and philosophers It is of interest to everyone, and that is a good thing The concrete, physical reality of inequality is visible to the naked eye and naturally inspires sharp but contradictory political judgments Peasant and noble, worker and factory owner, waiter and banker: each has his or her own unique vantage point and sees important aspects of how other people live and what relations of power and domination exist between social groups, and these observations shape each person’s judgment of what is and is not just […] Democracy will never be supplanted by a republic of experts – and that is a very good thing (2) Stiglitz comments on the American Dream in an interview, which will be further discussed later this chapter Jung, Alexander and Thomas Schulz “Interview with Economist Joseph Stiglitz: ‘The American Dream Has Become a Myth.’” 02 October 2012 Spiegel Web 03 February 2016 Bibliography 219 -, “The Cultures of the Economic Crisis: An Introduction.” Aftermath: The Cultures of the Economic Crisis Ed Manuel Castells Oxford: Oxford University Press (2012): 1-14 Print Charles Ferguson, dir Inside Job Sony Pictures Home Entertainment, 2011 Film Choudhry, Moorad The Credit Default Swap Basis New York: Bloomberg Press, 2006 Print City of Cincinnati American Dream Downpayment Initiative, 2015 Web 17 Jan 2016 Claessens, Stijn and M Ayhan Kose What Is a Recession? 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