…the faculty for ‘making money,’ as it is called, that is to say, the instinct that leads to accumulation on the part of a few, is absolutely necessary to the comfortable subsistence of the many. Disparity in the possession and direction of capital is apparently necessary to its effective use.
--Edward Atkinson, The Industrial Progress of the Nation, (New York, 1889,) 111: in J. Livingston, Origins of the Federal Reserve System, (Cornell Univ. Press, 1986, 54.)
You borrow as much money as you can, and they you borrow more, but it’s not in your name; you externalize the debt to the corporate entity.--Mark Price, 2009
1.
Mark Price pulls a steel handle, jerks open the heavy glass door, and steps into a gray building where his father, Bill Price, is dying, in Edison, New Jersey. The long halls are carpeted in dull gray and pale purple; they muffle his step; glowing yellow walls painted with floral images, white ceilings and soft white light streams from flattened spheres hanging from pewter rods. He turns the corner past the family room and down the west wing to the room his father’s in.
--How are you? He just stared with hollow eyes.
I was cynical, he said, picking up the story in his mind, as it occurred to him, about what we had done at American International, I didn’t really believe in it, but we did it to get ahead, to make money, and now it doesn’t matter. I used to think it mattered and I tried to pass that on to my son, you, the importance of winning the game that’s being played, and to do that you have to know what the game is. But now my son, I’d be able to tell him all this. I wanted to be accepted by him. Now, look at me. And Jane, does she still hate me? I probably fucked her over yes in a way, but I had to at the time, it was my happiness on the line, but did I ever end up hating Gertrude, that bitch. Hell, the two of them together are getting all of me, however much that is. But the money, I don’t care about it anymore. They care about it, they have to. It’s for the living, not for the dead. All virtually my money is gone.
--You’ve made it this far.
The one thing I learned from my father, the great lesson: make money. Ben Franklin. Business and thrift. Innovation. Marketing. What does that make me? My mother did get money from him, but not much. All the money was pissed away in legal fees, personal liability insurance, and now the insurance company is bankrupt, for the India disaster. I’ll take what’s left, and then what my mother had left over when she died. But Gertrude, his second wife walked away with the rest. But what is money worth today with financial inflation, you need so much of it just to take a shit if you expect to wipe your ass indoors.
--O the bankers on Wall Street. We were the trough they fed on, pigs eating pussy. Fiduciary obligation, they called it, self interest, financialization. They sold us the dream of ever greater return. But business operators need someone with confidence to front the money to get the ball rolling. Now the banks own the property. And they’re leveraged thirty forty times to other people, and those people are thinking, what the fuck, they owe me money, debt, legal obligation, and the banker is thinking, what happens if he doesn’t pay it back? Kick the can down the road. Steinman’s company: American Can Company. And war is trying and failing to ignore someone in the room you’re stuck with, you hate, but there he is. Political Science. Global Vision. Cyclops. Global Poly. For me, the move to Danbury, following the accident, the tragic events, in India; the evolution of my function at the company, from engineering management to policy writer, over the course of a couple of years. Policy is language as an evaluating process. The company imploded, which was not my fault. After all, I had saved—well, helped save the company. Wasn’t that the genesis of me taking on the new policy role? When Steinman raided us later, we were vulnerable, conditions converged to make us victim of our own success. The amount of money he put up was vast, and he seemed to have unlimited leverage from Drexel, we just couldn’t keep up with the new financing structures, all that debt, how could we have seen it coming? We didn’t understand what was going on. You could borrow that much money? From whom? Chemical, Manufacturer’s Hanover? Drexel? And with our legacy costs, all those costs, all those plants I helped plan and design way back when fifty years ago and run and manage, the result of all that effort and work, they were now just liabilities, entities devaluing. They still threw off profit, but in the whole it wasn’t enough. It was confusing at the time, but in the end, looked at pragmatically, you defer to whatever works, you don’t argue with success—it’s words and rationalizations against money—and I personally did quite well, as I said, in the end, for a guy who started with next to nothing; my parents owned their house; like I said, by middling standards I was a rich man—but now I am almost dead and almost broke, not that it matters now, being in here—so yes I became a rich man, it took my whole life. Whatever you get, whatever you do, it takes everything you’ve got. How many years was I there, at the company, American International Management and Chemicals? I can’t count them now. Twenty-five? So yes I made it through even though I never was the top guy at the company, always reported to Warren and I did get a piece of the buy-out, a large sum of money; of course Warren got more, when we were taken over by Global Vision, and in the end I was happy to get out; I had had enough and the business was changing beyond recognition. But we believed in what we were doing, and that’s important, isn’t it, belief in what you’re doing? Making substances that people needed, not just marketing an image or creating new ways of financing ourselves. I can accept it. The world changes. It’s not up to me to like it or not. There was a new generation, a paradigm shift. We benefited from the previous regulatory environment, but when the rules change, newer companies come up and develop within the new framework, and older companies, unless they can change essentially, like Global Vision has, well they are operating according to an old paradigm. It’s not evil, no it’s just cyclical change, creative destruction, you know, Kraw? Are you there?
--It’s Mark. Your son.
--Where’s Kraw?
--I don’t know.
--That’s what he always said. What a thing is depends on where you’re standing looking at it, from how far, in what light, at what angle. I couldn’t stand him. Then the lawyers came, clustering around the disaster like true professionals. They were making money at it. Antos, Kraw, was just occupying space, claimed he was accumulating knowledge: harmless, innocent. But the lawyers you couldn’t ignore. We fought them at the beginning, undermining the foundation of their claim, not just on the matter of culpa, but the entire foundation of their class certification. They tried to file a class action, but we disputed the basis of the existence of the class—how could all these people, the victims, be a class? There was no real class characteristic, just a hodgepodge mass of individuals jumbled together by the American lawyer who came in on his own to hit us. Sure they all lived in the vicinity, but it was a shanty town, terrible health conditions there, you could never prove. . . . They all had individual health conditions, circumstances. Yes, there was an event. And this collection of people claim they got sick. But the cause hasn’t been determined. The effect, well, that’s uncertain too. If the cause is undetermined, you can’t rightfully talk about a logical cause, can you? With such a perforated causal relationship, we argued that to allow the class certification, whether eight hundred or two thousand—we had numerous class actions filed against us before finally the whole thing was gathered together into a single class action, which we still dispute, though the liability belongs to Global now, but the principle of the matter, is there any such class—we’re still arguing that in court to this day as far as I know but really I don’t know what’s going on with it anymore, as you can imagine, in here, and I guess it doesn’t matter anymore at least to me. We fought every single individual’s right to be a member of the class. They’re still arguing it. I’m out of the game now, retired, thank you, now I’m here, waiting to die. Am I happy about it? What can I do?
When we moved to Danbury, Mark was fourteen at the time, so he didn’t know the full context of what was happening, but he did grasp the moral context. What could we do? The situation we were in, the state of affairs which we found ourselves enmeshed; Jane and I—there were already states of affairs on which we didn’t see eye to eye, but how can you ever, I mean, different people see things differently, don’t they? How can you expect two people to see things in the same way? Let alone a man and a woman. But because of the crisis, we pulled together for what was it, six more years, after that though it was costly, for both of us, because through the trajectory of events, we already had pierced the illusion of our images of each other, so we perceived each other’s hypocrisies intimately, not regarding the quotidian matters but on this larger scale. She supported me and the company so thoroughly I lost the last remnant, as I said, of respect for her, not only seeing her as fundamentally deceitful but also loving me or not loving me but supporting me morally and emotionally even though we both knew it was an evil thing; or not evil, but just unfortunate, a misfortune, even a tragedy. Then over the next couple of years I grew to hate her, and she knew it and she had already started to feel contempt for me, so when the crisis passed, I got a large pay out and had already met Gertrude.
The problem with my wife wasn’t simply that we both knew we were lying, but that we came to know that lying was merely a general case for all the obscuring, diverting attention away from certain facts, prioritizing certain other facts, ridiculing and dismissing facts that did not support our side, and of course, simply denying the most basic facts. The truth of lying came out between Jane and me. I saw she was depicting the facts in just the way I had to see them, the morality of the situation framed in complete perspective and for all my thoughts on enlightened self-interest, most of which I didn’t even bother to share with Warren, that would be too hypocritical, but my staff, yes, everyone knew that though the basic narrative of the facts was true, we were basically engaged in an effort to shape the outcome, legally, pragmatically, empirically, consequentially, as a matter of corporate policy, of what had happened and what would happen, which we didn’t succeed in, when the company was acquired by one of our main competitors, which was exactly what we were trying to avoid for years, though, it must be said again, the landscape of the business had shifted, financially. But the whole affair was difficult. Of course we were pragmatists. What else could we be? We wear the clothes that fit us and fit the situation to get things done.
Now I’m ready to die. Jane and Gertrude were both bitches, but otherwise, who the hell marries some neurotic basket case? They were both pragmatic let me tell you why type of American women and I can’t believe I survived them, maybe that’s poetic justice, made life hell for them, I gave everything I had, but not more than I took, but now, there’s no one around to take care of me, I can’t hardly move a goddamn part of my body, dick just leaking out piss with a tube stuck in it, my son, he comes to visit but just sort of clicks his tongue and nods and sighs sympathetically; I know he cares, and I guess that’s the best I or anyone can expect.
What I did, I saved our asses during the India disaster. He helped his company survive the worst chemical disaster in history. I got a seat at the board for four years and management for fourteen, served as chief policy writer at the end, and sold the company to a major competitor for a god damned good price. For all that, the main thing was to keep a cool head. It’s all psychological, after the event, and you have to go on, I mean, survival is the thing, isn’t it? And during the crisis times, that becomes clear again and again. To thrive you’ve got to survive and to us that meant, at the time, one specific thing, stop the beating we were taking to our public image, threatening to bring the whole company down, stock price dropping, we had to transform it into an opportunity, you know what that means, the value of the company was in play, and you better bet our competitors were watching that. But all that seems ancient history, never went to visit India, no thanks, it’s not like I did it, no, but I did clean up the mess--the meaning of karma, cleaning up someone else’s mess—and yes like I’m saying we took responsibility, bit it’s not like it’s my fault; I’m indemnified damn it, the corporation paid for it, how many millions, four hundred and twenty million god damn dollars all right? And I’m sorry but we can’t go on paying and paying, we had to move on, that’s life, after a disaster, and we did, we moved on, yes, I felt horrible, that’s what I’m saying, but the story goes on, life goes on, we have to pick up the pieces and move forward, we.... There’s nothing like having circumstance work out for you, in fact, that’s what we do all day, all our lives, fight and try and strive and contrive to make things work out, makes you happy and satisfied, but it’s not easy, and it doesn’t just happen on its own, of course, you have to shape it, the sequence of events, your life. But it’s good in the end, a new inflow of investment, another layer of funds. I know they shot the dollar, turned it into toilet paper, but so what? The system works, doesn’t it? You’ve got your Fiat cars in the past, remember when they came out? Wasn’t it around that time? The Italians, they’re funny, you should hear my son, Mark, talk about them; he’s in corporate security. And then your life just goes by, day in day out and then one day they say you’re dead, history has passed you by, but not really, because your life was history. Nixon, Reagan, Clinton. Bush. What a sequence of names. Caesar, Brutus, Augustus, Cicero, look and you can see the system, the logic and architecture of the social networks and that’s it.
Earlier that day, Mark Price walked to his car in the city before driving to see his father in the nursing home. It’s winter, but not particularly cold. The early morning newspaper readers and heroin dealers along with the old tai chi health club circulate through the park, the heart of the neighborhood. Local economics, global media images, individuals with their personal problems—how many have gone this way? Cynics and idealogues and people getting through the day to pay their mortgages. Americans, Europeans, Japanese struggle to their office jobs to do marketing or client service or information technology management, writing code for software, copy for television, writers handle found objects and ready made plots. A corporate manager father of four makes the long strides to or near the top and then sits out his retirement in a gated community on the shores of Florida or an expensive suburb in New Jersey or North Carolina, high taxes and maintenance expenses paid to the home owners association, paid for by the pension and from investments and of course social security, the maximum, which adds a little bit of money to the bar tab—hell, he worked for it—but eventually he’s too old and sick to drink even beer, the alcohol makes his gut sick, and he putters around staggering trying to be useful. Was he a net producer or a consumer? Who is god?
What is the medium of exchange for a person’s life? An actual commodity, money, transformed into a state unit of account—it pays the bills—a notional abstraction, it must be a counting unit of something; abstract value, the abstract notion of value or exchange value, constantly in flux, like the river, in relation to all other commodities, but itself not a real commodity. What is value? Why do we value one thing over another? Because it shines and gives itself radiantly, like gold or the sun? Fiat money, though, now, based on mere credibility, confidence. System of economic exchange, all the market exchanges based on confidence, belief, that the currency holds, stores some value, some backing by some entity, authority, auctor, that has some power to enforce and regulate and adjudicate disputes perhaps by law—the law of property—and if not by law, then by force, the carry through, fulfillment of the transaction.