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Tina Brown

Did We All Go Mad?

Money with clock An explanation (of sorts) for the rush to go broke that engulfed us.

Remember the great Y2K crisis, when all the computers were supposed to go haywire because all four digits of the date turned over at once? Well, maybe it happened after all, only it wasn’t our computers that went nuts. It was us.

Something went wrong on or about the dawn of the millennium, that’s for sure—and it keeps on going wrong. Did the 2000 election and 9/11 and Iraq and now maybe Great Depression II—in short, the Bush years—unhinge us into some strange collective suicide spree of self-indulgence, self-delusion, and blind pursuit of money money money till we drowned in it? Or did the planet just spin on its axis when all those nines became zeroes and tip us upside down and shake out all our values?

The alleged $50 billion fraudster Bernard Madoff systematically betrayed all the people and philanthropic causes he advised, socialized with, and built his life around at the Palm Beach Country Club in Florida and the Glen Oaks Country Club on Long Island. I’m told he even ripped off his own masseuse, who had entrusted him with the $400,000 or so of her life’s savings.

Madoff looked strangely content in the back of the car as he was driven away to a future of unremitting execration.

One crucial psychosociological question still unanswered is this: When did Madoff decide to become a crook? Or had he always been one? Was this low-key, softly smiling gonif who inhabited the private comfort zone of the super-rich a lifelong charlatan who escaped detection until late in his career? Or (my theory) did the accelerating madness of the last decade or two entice him slowly but surely into an entirely new playing field where every moral boundary fell when it was pushed?

And what about Marc S. Dreier, the elegant, trusted lawyer for Solow Realty who sold promissory notes to the tune of $380 million that were, as yesterday’s Times put it, “flat-out fictions”? When did he fall off the moral cliff? Dreier was a Yale and Harvard law graduate and a staple of top-drawer charity galas. Both these guys had so much money in the first place that they had what Stuart Chase, in an essay on business ethics in Harper’s magazine in the fateful year 1930, called “The Luxury of Integrity”—meaning they had no financial need to steal at all. Yet they did, because they could.

You could almost sense the relief in Madoff’s stunning summation of his own career in the five simple words he spoke to his senior executives: “all just one big lie.” Not a complex matter of unfortunate, unraveling circumstances. Not something that could all be explained when he had had a chance to talk to his lawyer. No, just a big fat lie, so let’s be done with it. The perpetrator of one of the biggest financial scams in history looked small and strangely content in the back of the car as he was driven away to a future of unremitting execration.

With so much institutional collapse as well as personal delinquency around us it’s unsettling to ponder whether ethical torpor is only a matter of time and degree for everybody. When the numbers rise past a certain point, when the wealth you swim in is so great it loses all its meaning, when the illusion really takes hold that what goes up will go up forever, not only integrity but ordinary common sense flies out the window. The Times tells us that Dreier’s legal offices, for God’s sake, had $30 to 40 million worth of art hanging on the wall.

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December 15, 2008 | 7:30am
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slimpikins

Yes Tina, we did all go mad. We sit here bemoaning the daily assault of news as it scrolls past with those unprecedented numbers tick tocking along, I have been saying (to myself only) look in the mirror! My friends don't want to be reminded of the foolish mistakes they have made with their money or their votes, so I remain discreet. Bushrule famously led us to "go shopping" for America. Republican Senators union busting, wars without end, Wall Street liars poker, credit default swaps, foreign oil binge drinking, constitution ignoring, science defying, marriage denying, sex decrying, Madness. I am horrified that this is how Bushrule has ended, but not surprised. I am awestruck at the monumental enormity of the steaming heap of a country left to us after W. Mission Accomplished, W. I saw the 60 minutes piece you referred too, and I also fumbled my glass when the acupuncturist said she was too busy to pay attention to the details. Personal responsibility is a lost virtue, apparently. Perhaps I shall start a blog with all my parent's clich�s as a reminder to all of us ..... waste not want not being the first on the list.

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8:32 am, Dec 15, 2008

scriptdog

Those were five simple words, not six. See, you're right, even our most basic approach to numbers is wacked.

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8:34 am, Dec 15, 2008

chroma

More. More. More. It has been a crazed decade, indeed.

I think that we were (are? Is it over?) stuff-mad. It seems that everyone I know is drowning in a sea of stuff.

Is this a substitute for time? If you have time, you have the ability to think, dream, feel, all essential to being really alive.
Is it possible to rediscover time?

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9:31 am, Dec 15, 2008

wagthedog1001

I would argue this country has been off track for quite some time. It's gotten worse in the past 30 years while people fell for the illusion we could have it all and not pay. We hated taxes. We loved our credit cards. We bullied the entire world without a thought. To blame the corruption greed and general lack of morality that accompanied the actions of the very rich, their political party, president and government on something in the stars or an arbitrary calendar reminds me of the line from Julius Caesar,

"The fault, dear Brutus, is not in our stars,
but in ourselves..." --From Julius Caesar (I, ii, 140-141)

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9:35 am, Dec 15, 2008

leonabloom

it all bush's fault. our loss of community. but, as billy boy rises to flap his wings and mouth worldwide, i freeze thinking his antics pushed us off a parsed precipice towards the hell that welcomes us.

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9:52 am, Dec 15, 2008

JeepRover

I'm sorry to see people and foundations lose copious amounts of money, but I'm also happy this is happening. Our world is way too complex. What happened to the simple, good life?

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9:53 am, Dec 15, 2008

ScottRose

The Bush dynasty was morally bankrupt long before W. was installed by Cheney's Supreme Court hunting buddy.

We should never have seen an Iraqi reporter throwing shoes at Bush, because an American judge should have thrown the book at Bush first.

The financial and economic chaos of today is a complicated weed whose main feeding root was predatory lending. The realities of this are simple to comprehend yet we do not advance towards outlawing usury. The voluminous small print in many contracts is often concocted by lawyers for the lenders with an intent if not to baffle then to deceive. How close is the analogy of pushers and addicts to predatory lenders and idiot borrowers? Close enough, I suspect.

Some percentage of any population will have personality disorders; when one has worked its magic in a manner involving money, the fault remains with the personality disorder, not with money. That is to say, let's not condemn the normal and healthy motivation for profit simply because one or more disordered minds have not received adequate mental health assistance.

I am not inclined to talk about what "we" did wrong during the Bush presidency, as I called Nancy Pelosi's office countless times to state that I favored holding Bush accountable . .. through impeachment and removal from office . . .. for his war crimes.

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10:15 am, Dec 15, 2008

NYUKULELE

The Y2K panic is the perfect analogy. How much of this wealth was real and how much of it was nothing but squiggles on a computer screen? The (Buddhist?) notion that all this world is an illusion becomes more solid every day.

For years and years, the wealthy and their minions have defined what is art, what is worthwhile, what is genuine. To them all, I say: "Welcome to my world. The complaint line forms at the rear."

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10:36 am, Dec 15, 2008

pacifistgunslinger

Some of us have had enough of this "Sympathy for the Devil" nonsense (when Mick Jagger sings "Who killed the Kennedys--well, after all, it was you and me.") Well, it was not you and me. A select group of criminals has done this to us. We are not part of the "we" mentioned here. In fact, in a more ordered or at least more rational society, the carts heading toward the guillotines would be rolling right now.

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10:40 am, Dec 15, 2008

JoeInCinci

Before this latest round of mega-financial disasters, there was the garden-variety problem of people overextending via credit cards and home equity loans. Tina asks "did we all go mad." 1) We didn't "all" go mad. As one who has lived within our means while watching others "live the good life," I'm prettyPO'ed about all these revelations and feel that I have been stolen from. 2) This latest round shows that even millionaires are apparently not immune to influence of crass commercialism spearheaded by Madison Avenue.

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10:54 am, Dec 15, 2008

wolynski

It's never enough, is it? Greedy investors enable the con men. Can't say I'm heartbroken.

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11:03 am, Dec 15, 2008

milkbone

When Madoff say's that he alone, not his brother, or sons, is completely reponsible for this "Ponsi scheme, did he have that same sly smile. He should have. No one, and I mean no one, is going to believe this fairly tale.

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11:09 am, Dec 15, 2008

Banjo1

When religion and the moral standards it embodies are bullied from the public square by the secular state, it's a natter of time before the fallout spreads to the foundations of society. Look at your own country, the land of empty churches, which is even farther along the road to collapse. With you leading the way, I expect hand-wringing over the future to become ultra-chic.

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11:10 am, Dec 15, 2008

drfeelgood

Madoff and others like him who have extorted money from unsuspecting people, are examples of the sociopathic/psychopathic personality. They are narcissists who think only of fulfilling their own needs regardless of the damage it inflicts upon others. In fact, they are incapable of understanding the feelings and needs of others. They are charming, confident, and immediately like-able, hence their ability to draw others into their schemes.

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11:24 am, Dec 15, 2008

sophia5

There's no loss of time to think, we have too much time to think in the 24-7 world.
Ironically we've become psychologically paralyzed by too much thinking, too many choices so we just keep accumulating stuff. Does one wear the black shoes with one buckle or the black shoes with two buckles or the black shoes with laces or the black shoes with the single strap ... as the head slowly begins to explode. How many black shoes is enough? Does one buy the cell phone contract with free weekends, free Saturdays, half price Sundays, unlimited weekdays, internet, text messaging so we can over think in butchered short hand ... as the head slowly begins to explode. Maybe indigenous people in isolated parts of the world get it Less choices. Less is more.

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11:33 am, Dec 15, 2008
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Did We All Go Mad?

by Tina Brown

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