Photograph

I am looking at what I consider a very striking and revealing photograph. Not only is it conceptually and aesthetically pleasing but it reminds me of events that caused untold financial damage. It’s a picture I took in New York City, in 1997, of two buildings that, it subsequently dawned on me, house two financial companies that are now notorious for losing billions of dollars for their clients. One of those firms is no longer in business because of the extent of its wrongdoing.

It is said that a picture is worth a thousand words. This one certainly is because of what it also inadvertently represents. I took the picture while waiting for a bus. It's a photo of two imposing buildings juxtaposing one other, the Citigroup Center on Lexington Avenue and the so-called Lipstick Building on Third Avenue. (It was nicknamed the Lipstick because of its color and resemblance to a lipstick container.) The Citgroup building, in the foreground, stands about ten stories above the ground on four columns and a central core, creating an open space beneath it's towering fifty stories above. (In the photo I just captured two columns and the lighted underside of its fifty stories above.) The open space created by the columns acted like a window through which I could see the Lipstick Building behind. It’s really a striking composition of two contrasting architectural structures. I obviously was enamored with the view, hence my taking the picture, and for the fact that I like tall buildings. There is also a kind of irony about the picture in that it shows two very solid structures that housed two firms whose foundations later turned to sand.

As I said, what makes the photograph also noteworthy is that it captures two buildings that housed firms that were instrumental in bringing unprecedented financial turmoil, inflicting much pain on individuals and institutions that invested with them. The most notorious of the two companies is Madoff Securities which operated from the Lipstick Building. Bernie Madoff, its president, is now infamous, and in jail, for perpetrating the largest Ponzi, pyramid scheme in history. Citigroup is famous for being one of the largest participants in the subprime financial market, which contributed to an unprecedented real estate bubble that eventually exploded. What also sunk both firms is the ethos of the day, and that they got ensnared in exotic financial instruments and the extreme leveraging of capital that had been sweeping the financial markets.

In a sense I find it extraordinary and poignant that I have this picture of two of New York’s most famous and noted buildings, historically and architecturally. They are not only famous for their design and presence but for the two firms they housed, two firms that embodied much of the excesses of capitalism that eventually overwhelmed America, New York City and the world.

Traditionalism

I find it interesting that conservatives and traditionalists can accept Darwin's theory of evolution when it comes to free market economics but not when it comes to how humans and nature came to be.

But, then, there is a salient, striking hypocrisy in traditionalism. For instance, traditionalists are against abortion but then are willing to see growing children sink into an abyss because they weren't born on the 'right side of the tracks' or not onto a 'level playing field' like they were. (Basically, their thinking is that they are not one of us.) They aren't willing to help foster such children along with decent healthcare and education. To their way of thinking such children should be treated like business - survival of the fittest, which, ironically, is Darwinian logic.

Traditionalists believe in a Creator and creationism. But when it comes to free market economics they do not. But something had to create the market and nurture it along. Something had to create the environment in which it flourishes. Yes, something did, imaginative governing bodies and imaginative people. It has been a concerted, cooperative effort. But now that the economy is in crisis, traditionalists cannot abide such cooperation, insisting that government should deliberately let the market find its own level, despite the potentially universal destructive nature of the crisis. They don't want any interference from government, especially if it becomes mutually beneficial. Instead, they are willing to sacrifice everything and go back to how things were, in the 19th century, when the divide between rich and poor was providence, according to them.

These traditionalists don't think in terms of what can be beneficial to the whole. They don't understand that if you help give a leg up to society's weaker members you are enhancing the whole, as well as their own security. People who are denied a fair shake by traditionalist can become potential revolutionists and threatening, like they became in the 60's. People who felt excluded rioted and destroy cities and communities in those years, as traditionalist well remember but didn't seem to learn from.

Traditionalist, like fundamentals, would like to inject more religious dogma into government. We saw this attempted during the Bush administration. But with that imposition traditionalists would threaten the very nature of democracy. Democracy requires a bifurcation of authority, a secularism, a separation between Church and State, which even Thomas Jefferson said was essential so that no autocracy could take hold in America. Ironically, in their pressure to have more religious influence in government, traditionalist would been embarking on a road something akin to an Islamic state where there is no separation between Church and State, and no democracy. Such an attempt would push America back into a darker era.

How can traditionalists live with this kind of hypocrisy.