Disappointing Sale of Freud Painting Signals Deepening Crisis

October 19, 2008

Lucian Freud’s unfinished portrait (1956-7) of his friend Francis Bacon had many in the global art market holding their breaths. Up for auction tonight at Christie’s in London, the painting was expected to fetch £7 million. Bloomberg reports that it sold for much less: £5.4 million.

After lower-than-expected contemporary art sales at Sotheby’s, Frieze, and now Christie’s, dealers consider the Freud sale to be a sign of a stalling global market and a deepening financial crisis.

The Independent on Sunday reports great apprehension:

The global art market is all but dead already, except for buyers of ‘trophy art’ whose fortunes have previously seemed unassailable. If they stop bidding, prices will plummet.

Freud’s portrait was considered a harbinger for super-rich spending. The fact that it sold for less than expected (although still above the presale low estimate of £5 million) indicates that even trophy buyers are cutting back.

Fasten your seatbelts. Turbulence ahead.

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Panic in America

October 6, 2008

Last week’s bailout, aka America-rescues-Main-Street-package, seems to have ignited some bad-ass bad-energy—contrary to expectations. The house WAS on fire. Now it seems the entire street, neighborhood, zip code IS on fire.

OOOPS! America’s surge against the recession is NOT working! Oh-kay.

I can only count the days till this vacationing-in-TX-president—with the help of big media and two glaringly unqualified presidential hopefuls—announces the next rescue plan for the current didn’t-quite-rescue-the-economy plan.

Sort of like the next surge in Iraq to fix the last surge, which I think was intended to help the last last surge, and the last last last one, and so on and so on, ummm, five years ago. Same (strategy or tactic). Whichever. Whatever. Same old, same old: we’re screwed. Good thing we’ve got tax breaks for wooden arrows for children. Nothing like training them young.

We fell for this after the attacks on the World Trade Center. Bush declared an endless war and a state of exception that has now become the rule of (non)law. Last week, we seem to have fallen for it again. We’ve now got a multi-billion dollar bailout/rescue plan that’s resulted in a market nose-dive. This sucks—globally.

Bush sure knows how to hit that panic button. And America jumps, with increasingly grave consequences. Fight or flight. That’s all we seem to know. We seem to have forgotten how to take the time to consider our options, to debate strategies and formulate comprehensive tactics, to work towards a short-, mid-, and long-term. It’s all about the here and now, isn’t it?

We’ve got to get a grip, collectively. Time to hit the pause button. Hell can wait.

Photo: Niffty/Neal on flickr


America’s Collective Anxiety Attack: We Need Group Therapy

July 2, 2008

A wise man at NYT’s Op-Eds, Thomas Friedman, wrote last Sunday about the urgent need to build/rebuild this nation from within. Titled “Anxious in America“, his column stresses:

It’s the state of America now that is the most gripping source of anxiety for Americans, not Al Qaeda or Iraq.

…My fellow Americans: We are a country in debt and in decline — not terminal, not irreversible, but in decline… We are the ones who need a better-functioning democracy — more than the Iraqis and Afghans. We are the ones in need of nation-building. It is our political system that is not working.

I remember Bush’s challenge to the world shortly after the maniacal attacks on the WTC towers 7 years ago: “you are with us or you are with the terrorists”. Somehow, these past 7 years have focused so much on “you” or “them”, that our government seems to have lost track of “us”. If there’s no us, then what are we fighting for?

Friedman urges us to dig ourselves out of this hole (aka gigantic crater) by voting for the candidate who will place nation-building as his top priority.

This year, America needs to make a critical political choice, examine its own problems, and buckle down with some hard-working, long-term solutions to rebuild and rebalance. We don’t need any more “American Idol” or “America’s Got Talent” or dancing ex-stars. We need an American President! And we definitely need group therapy! Are we ready to snap out of this collective depression?


LA Times Poll: Bush To Blame for Bad Economy

June 26, 2008

An LA Times/Bloomberg poll reports that a whopping 75% of Americans blame Bush for the economic downturn:

Three out of four Americans, including large numbers of Republicans, blame President Bush’s economic policies for making the country worse off during the last eight years… reflecting a sharp increase in public pessimism during the last year.

The poll shows a significant disconnect: 75% of respondents overall say economic conditions have worsened. Among Republican respondents, that figure is at a much lower 42%. On the other hands, 9% of respondents overall say economic conditions have improved. Among Republicans, 22% of respondents say conditions are better. (They may also be living in caves without any link to reality.)

The LA Times also reports that Bush’s approval ratings are currently at “just 23%” — an all-time low. We find it shocking actually that nearly 1 out of 4 Americans STILL approve. Shouldn’t this rating be a low single digit after 8 years of shockingly awesome mechanisms of fear and greed?

Just 5 more months of this dynasty.

Photo: I-1326 on flickr