We Are All Michael Jackson?

mj-1-statue

Whoa Nelly!

Bob Herbert just wrote quite a stretch of an op-ed during the course of which he connects enough dots to make the point that we as a nation are essentially the irresponsible, immature Michael Jackson writ large.

This one’s a massive stretch and, as it appears in the New York Times, unsurprisingly uses the Reagan administration as the cradle of our current economic crisis.

The pretzel logic used in the piece centers around Herbert’s mid-80’s encounter with MJ and his then pal Webster, and then wends it’s way toward a more traditional anti-deregulation diatribe.

Here’s how the master rolls out his dough, nice and thin:

Emmanuel Lewis, the child star of the hit TV series “Webster,” was with Jackson that evening…Jackson made faces at the tiny boy and giggled as Lewis hopped around and climbed over furniture, much to Jackson’s delight. I remember thinking that Jackson had treated Lewis almost as a pet…But what I wish I had thought more about in those long-ago days of Michael-mania was the era of extreme immaturity and grotesque irresponsibility that was already well under way in America. The craziness played out on a shockingly broad front and Jackson’s life, among many others, would prove to be a shining and ultimately tragic example.

OK, so Jackson was a bit off in the mid-80’s, check…here’s the punchline:

Ronald Reagan was president, making promises he couldn’t keep about taxes and deficits and allowing the readings of a West Coast astrologer to shape his public schedule. The movie “Wall Street” would soon appear, accurately reflecting the nation’s wholesale acceptance of unrestrained greed and other excesses of the rich and powerful.  All kinds of restraints were coming off…In many ways we descended as a society into a fantasyland, trying to leave the limits and consequences and obligations of the real world behind. Politicians stopped talking about the poor. We built up staggering amounts of debt and called it an economic boom. We shipped jobs overseas by the millions without ever thinking seriously about how to replace them.

Wow.  As good a bit of stretched and twisted rhetoric as I’ve read in a long time.

I’ll take the other side of this speciousness…

For 20 some-odd years, for about the span that Herbert discusses (1985 until last week), Jackson gradually became more and more of a laughingstock and object of ridicule day by day.  From the oxygen sarcophagus to the llamas-as-house-pets to the bizarre marriages to the infinite plastic surgeries, we as a society took each of Jackson’s idiosyncrasies and added them to our subconscious tally of our MJ is a Nutcase count.  Newspapers called him Wacko Jacko almost more often than they referred to him by his actual name and no one took any of his music seriously after the Dangerous album (1991).

After that, he couldn’t buy a hit song or get any kind of positive publicity no matter what he did, charitable works or otherwise.  Even his mid-90’s greatest hits disc, HIStory, was a flop, despite being loaded to the gills with more top ten hits than almost any other artist’s Best Of would be.

For Herbert to make the case that Jackson was the personification of our own irresponsibility and recklessness is disingenuous to say the least, as he knows damn well that Jackson was kept a public figure purely for the purpose of mockery and ostracism for at least the last 15 years.  For Herbert’s Jackson as “Immature Messiah” thesis to work, we’d have to buy in to the notion that he was some kind of paragon or example for the American people, when clearly, he was the very opposite…a cautionary tale of childhood fame, screwed-up finances and destruction of talent.

I simply do not understand how one could draw the parallel between Jackson’s personal foibles and those of the investor/ homeowner class in this country.  His oddness was not celebrated by our culture, it was derided, and during the span of his career when he fought off sexual abuse allegations, he couldn’t find a friend anywhere; he practically relocated to the Middle East to escape us.

Oh, and as to Herbert’s thesis that from the mid-80’s on, everything went downhill and led to our current crisis…let’s keep in mind the following: 

First, on the road to our new state of affairs, enormous amounts of wealth were created, along with whole new industries and jobs.  This in addition to the fact that by the end of the 90’s, our deficit had become a surplus.  We could also throw in the fact that despite the crash of both housing and stocks, both remain substantially above the levels of that time during which Herbert believes the seeds of our doom were planted, even when adjusted for inflation.

Sorry, Bob.  Jackson is Jackson and our fascination with/revulsion to him in no way represents the success or failure of Reagan’s pro-growth policies or their consequences.

Sources:

Behind the Facade (NYT)

Tags: , , , , ,

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Kenwood KRC-X858 manuals commented on Jan 22

    … [Trackback]

    […] Read More Info here on that Topic: thereformedbroker.com/2009/07/06/we-are-all-michael-jackson/ […]