Air America

Add Frank Rich to the list of folks who believe that George Clooney's new vehicle Up In The Air is the seminal film of the economic times, as well as being an excellent movie.

What gives our Great Recession its particular darkness — and gives this film its haunting afterlife — is the disconnect between the corporate culture that is dictating the firing and the rest of us. In the shorthand of the day, it’s the dichotomy between Wall Street and Main Street, though that oversimplifies the divide. This disconnect isn’t just about the huge gap in income between the financial sector and the rest of America. Nor is it just about the inequities of a government bailout that rescued the irresponsible bankers who helped crash the economy while shortchanging the innocent victims of their reckless gambles. What “Up in the Air” captures is less didactic. It makes palpable the cultural and even physical chasm that opened up between the two Americas for years before the financial collapse.

The private-equity deal makers who bought and sold once-solid companies like trading cards, saddling them with debt, never saw the workers whose jobs were shredded by their cunning games of financial looting. The geniuses in Washington and on Wall Street who invented junk mortgages and then bundled and sold them as securities didn’t live in the same neighborhoods as the mortgagees, small investors and retirees left holding the bag once the housing bubble burst.

Those at the top are separated from the consequences of their actions. They are exemplified by Robert Rubin, formerly of Citigroup and a mentor to both Obama’s Treasury secretary and chief economic adviser. He looked the other way when his bank made ruinous high-risk bets, and then cashed out and split, leaving taxpayers to pay for the wreckage while he escaped any accountability. Such economic wise men peer down at the country from a hermetically sealed bubble of privilege and self-interest, much as Ryan does from the plane flying him to his next mass firing. And they tend to think, as Lloyd Blankfein of Goldman Sachs notoriously put it, that they are doing “God’s work” to sustain our free-market system.

(More after the jump...)
In other words, this movie's going to be the one that pushes America's increasingly angry populist buttons.  Maybe.  I've read Walter Kirn's book that the movie was based on, and it actually made as much sense back in 1992 during the dot-com/9-11 bust as it does now.  Rich's column ends with this:

The rage engendered by this status quo is across the political map. As unlikely as it sounds, Ron Paul and Jim DeMint, political heroes of the tea party right, and Bernie Sanders and Alan Grayson, similarly revered on the left, have found a common cause in vilifying the Federal Reserve Bank and its chairman, Ben Bernanke. The Fed is hardly the root of all evil, but you can see why it is a handy scapegoat. Like the institutions it failed to police during the boom, it wields its power from on high with little transparency to those below.

Meanwhile, at the company where I work, as at many others, the latest round of layoffs will be completed by Christmas. Even for the survivors it feels a little like serial deaths in the family. And who believes we’re near the end of this story? For all of Wall Street’s and Washington’s rumors of a recovery, the fate of Americans on the ground remains very much up in the air.

We'll see.  I have a few movies to check out this holiday season, and this will be one of them.