Vinod, Assasino, Agnostic
In response to the comments and questions - especially Assasino's - I have posted a thread, "Prejudice and Policy" -- but below I will post something that we may wish to consider, I'm not suggesting that it's profound or earth shaking, but let it stay with a while as you consider the issue of reexamining notions we invest in:
An then lets please have somone answer our questions regarding reserves and economic policy(lack thereof)
Requiem for the dream?
By Rabel Akhund
THERE was a man that started with the clothes on his back and ended up with diamond mines, was Willy Lomans motivational story for his sons Biff and Happy in Arthur Millers play Death of a Salesman.
Millers play is an acerbic account of the American Dream gone wrong. Here was a mercurial salesman who worked hard all his life on the road and was finally fired by a boss old enough to be his own son. All he was left with were delusions of grandeur, a whole host of missed opportunities and two sons who he wanted to make good all his mistakes and, of course, a supportive wife whose needs he had always neglected.
Ultimately, Willy realised that after all the highways, and the trains, and the appointments, and the years, you end up worth more dead than alive and he killed himself to give his son the benefit of his life insurance policy so that he could buy the land he wanted.
Of course, Miller himself lived the American Dream for a while when he was with Marilyn Monroe whom he married in 1956 but divorced five years later in 1961. However, what Death of a Salesman brought to American audiences was the realisation of how hollow the American Dream had become and who its greatest victims were.The most memorable visual images of the Great Depression are stock brokers throwing themselves off Wall Street buildings in desperation and the realisation that they had failed. But the real victims of the current financial crisis will not be the bankers or the lawyers of this world; they will be the Willy Lomans of this world. Willy Lomans of this world who cannot get small business loans to keep themselves afloat, Willy Lomans of this world who cannot refinance their home mortgages and face the risk of repossession.
Therefore, it is fair to ask if the current crisis in the financial services industry is a requiem for the American Dream?
Well, it depends. Which American Dream are we talking about?
There is the corrupt version of the American Dream which leads everyone to believe that they can achieve anything that they want, just or unjust. The other version of the American Dream, in its purest incarnation, is attributed to James Truslow Adams. In his 1931 book Epic of America, Adams wrote of the American Dream as not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognised by others for what they are, regardless of the fortuitous circumstances of birth or position.
Such a dream is no bad thing. Such a dream is what we all want. This version of the American Dream was a reaction to the attitudes of the European aristocracy and upper classes of the early twentieth century which most migrants to America, at the time, were fleeing from. Today, this is not just the American Dream but a Universal Dream. It is incumbent upon each of us to make sure that this dream never dies. This is what we are striving for. All of us.
But it is the corrupt version of the American Dream that has mainly been propagated by the media and the advertising industry. All advertising is really advertising for success. Even in the Great Depression, Erwin, Wasey & Company, seeking to turn the wave of public sentiment, took out full-page advertisements in American newspapers in November 1929 that read, All right, Mister! Now that the headache is over, Lets Go To Work! Although such advertisements took on a beleaguered look as the depression set in, they were championed by the titans of the advertising industry. Thus lived on the great American Dream, albeit in its corrupt form.
Towards the end of Death of a Salesman, there is a great line from Happy Loman that epitomises the American Dream. Although he was his fathers favourite, Biff Loman had realised that he wanted to pursue his own goals rather than live his fathers dream. He realised what a ridiculous lie [his] whole life [had] been.
It was Happy Loman who, after his fathers death, proclaimed that Im gonna show you and everybody else that Willy Loman did not die in vain. He had a good dream. Its the only dream you can have to come out number-one man. The irony is that Willy Lomans life had been lived in vain. He died an unhappy man, with wasted hopes and dreams, betrayed by the very system that he believed in and gave his whole life to.
So is the current financial crisis the end of the American Dream? Definitely not. To be number one is indeed a quintessential part of the American Dream. And rest assured that for every Willy Loman who falls, there will be a Happy Loman waiting to take over his fathers dream. For such is the power of dreams, American or not.
The writer is an international commercial lawyer
Just let this piece stay with you, let it settle on you - and then we can revist the issues once we have a chance to get into the substanc of this thread