Wednesday, August 20, 2008

The Bubble Prophet

Check out this article in the NYTimes Magazine, called Dr. Doom.

It tells the story of an economics professor at NYU who, in september 2006, gave a lecture to the IMF warning that the housing bubble was about to pop, taking down other financial institutions like Fannie Mae and Freddie Mac with it.  He was basically laughed off-stage.  The idea of a sort-of bubble popping prophet interests me a lot.  That person, to me, is Regina, the girl with a head on her shoulders but no one listens to anyway.  It seems to me an amazing use of dramatic irony for her to warn everyone (or the audience) of the bubble popping or of the imminent doom that all bubbles carry with them, and then get laughed off-stage by the other characters.  It works because we, in the present, know it was not to be forever, but the characters surely don't.  It also relates to McLuhan's theory that "If it works, it's obsolete"... that once it's a proven rule, it's too late to cash in on it.

There seem to be issues of Fate that we have yet to tap into, but lie strongly under the surface of the play.  Cecil, no matter how hard he tries to re-rout history, is unable to change the song.  Despite his intervention, the song finds a new way to reach the same end.  I find that so powerful.  In terms of this article, Cecil is the ultimate dummy for not realizing that the Dot Com Bubble would pop just as hard and ceremoniously as the Gold Bubble.

What do you guys think?

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