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One Nation Under the Market: Mediated Narratives of the 2008 Crisis in America

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One Nation Under the Market: Mediated Narratives of the 2008 Crisis in America One Nation Under the Market: Mediated Narratives of the 2008 Crisis in America MICHAEL CURRAN A DISSERTATION SUBMITTED TO THE FACULTY OF GRADUATE STUDIES IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY GRADUATE PROGRAM IN COMMUNICATION AND CULTURE YORK UNIVERSITY/RYERSON UNIVERSITY TORONTO, ONTARIO June 2015 © Michael Curran, 2015 Abstract This dissertation examines the construction of the 2008 economic crisis in American media through a comparative analysis of three case studies, each involving a different medium and each involving a distinct implied public. I have approached this subject from a rhetorically-inclined hermeneutical and phenomenological perspective that conceptualizes texts as manifestations of symbolic practices which reflect social reality as well as construct it, and I explore how the texts of each case study simultaneously reflect and conjure both the 2008 crisis and their imagined publics. In order to explore the some of the various ways the 2008 crisis has been constructed in American media, this research deploys three primary lines of investigation: the examination of radio broadcasts of speeches by American presidents during the crisis, the analysis of a selection of documentary and fictional films on or related to the crisis, and the evaluation of periodical articles from The New Yorker and The New York Review of Books. The findings of the research reveal that the three case studies examined offer particularly distinct and elastic depictions of the 2008 crisis. The presidential radio addresses depicted the crisis in a predominantly metaphorical manner as a painful event experienced by a national public through their rhetorical invocation of a particular and patriotic mytho-ideological imaginary of America and its history. The films portrayed the crisis primarily as the dramatic unfolding of a traumatic narrative, emphasizing the character-driven nature of this dramatic unfolding and frequently highlighting the moral ambiguity of agents and characters. The periodical articles largely constructed the crisis as principally related to matters of governance, finance and economics in both its precipitation and in its assuagement or resolution, conspicuously paying scant attention to the affective dimensions of its impact. Collectively, the ii case studies evidence that the multiform and dynamic character of the depictions of the 2008 crisis in American media are significantly shaped by the combinative overlap of the particularity of the crisis as a complex and ambiguous phenomena, the dominant modes of address and distinct properties of each media type, and the particular implied publics to which each body of texts corresponded. iii Acknowledgements “I will not follow where the path may lead, but I will go where there is no path, and I will leave a trail.” Muriel Strode, Wind-Wafted Wild Flowers It is sometimes said that perspective is everything. Although I cannot say that I believe this wholeheartedly and without reservations, I would agree with the thrust of the sentiment behind it: without perspective, there is undoubtedly very little. As the horizon of the end of this journey comes into shape, still mirage-like yet nonetheless palpable to me, I have come to realize that I am privileged for having been able to walk the path I have been on. The perspective I have gained in this journey has come to shape me deeply, and the roads I have traveled on it have become etched in my heart and in my memory. There are too many to give thanks to at this point to fit here in a becoming way, but I would nevertheless like to express my thanks to a handful of people who have helped me along my way. First and foremost, I must thank my dissertation supervisor, Dr. Steve Bailey, for his unwavering and immense support. I could not have asked for a more encouraging and helpful supervisor and I feel the deepest sense of gratitude that the universe saw it fit that I would be so incredibly fortunate to have him in my corner. I am also exceedingly grateful to the members of my dissertation committee, Dr. Paul Moore and Dr. Kevin Dowler, for their constructive suggestions, thoughtful guidance, and commitment to my cause. Warm thanks go out as well to my fellow doctoral travelers in the Communication and Culture Program (both former and current), including Christian Oquendo, Mike Thorn, Yukari Seko, Boris Pantev, Luba Encheva, Erika Biddle-Stavrakos, Sara Martel, and Sara Swain. Whether it was attending lectures and seminars together, talking academic shop over pints, or sharing (and occasionally, commiserating) over life as doctoral students, these persons were part of a very special group of individuals whose companionship and collegiality I am extremely iv grateful for. Also very deserving of many thanks are the unsurpassed program assistants, Diane Jenner and Stephanie Margetts, who were both of great assistance in helping me to navigate my way through the bureaucratic side of the Communication and Culture program and whose tireless responses to my not insignificant number of inquiries over the years I am very grateful for. Not to be missed amongst those I must give particular thanks to is a special set of people who were instrumental in me having taken the path towards my doctorate. My former supervisors Dr. Nick Baxter-Moore and Dr. Juris Dreifelds played a huge role in advancing me along this path, as did my steadfast friends Caroline Stikkelbroeck and Terry French. I am also grateful for the guidance of Terrance Cox, whose inimitable person always supported me; and for the encouragement of Martin Streek, who called me ‘Professor Mike’ over the airways long before the day I had ever begun my Ph.D. journey. I regret that I cannot thank Terrance and Martin in person for their help, but I know that they smile down upon me and wish me well. Last, but certainly not least, I shall express my deepest gratitude to my family. Their love and encouragement helped me push forward, and I am thankful to them for their support of my work and my aspirations: I know that they will stand with me in all my journeys that are to come. v Table of Contents Abstract..........................................................................................................................................ii Acknowledgements ...................................................................................................................... iv Table of Contents ......................................................................................................................... vi List of Figures.............................................................................................................................viii Chapter 1 – Introduction ............................................................................................................. 1 Economic Crises: Calamitas Distinctivus ................................................................................... 6 The Current Study ..................................................................................................................... 11 Chapter Outline ......................................................................................................................... 24 Chapter 2 – History, Memory, & Crisis: The 2008 Economic Crisis in the United States’ Presidential Radio Addresses ................................................................................ 32 The Rhetoric of the Presidential Pulpit ..................................................................................... 34 1929: The Inaugural Economic Crisis of Modernity ................................................................ 38 ‘We Shall Weather This Storm’ or ‘Unity, Freedom, History’ ................................................. 49 ‘The Locus of the Irreparable’ or ‘State of Exception’ ............................................................. 63 ‘The Blame Game’ or ‘It’s Mostly Not Us’ .............................................................................. 68 ‘The House Built on Sand’ or ‘The Metaphor of Architecture’ ................................................ 79 ‘The Pain of Exchange Value’ or ‘Empty Buildings & Idle Bodies’ ........................................ 84 Chapter 3 – Screened Crisis: The 2008 Crisis in Cinema ..................................................... 105 Of Frames and Fragments: Cinema, Representation, & History ............................................ 106 Political Cinema Revisited: New Documentary & New Hollywood ...................................... 110 Margin Call ............................................................................................................................. 115 ‘Deux Ex Numeris’ or ‘The Semi-Autonomy of the Economic’ ........................................ 117 Inside Job................................................................................................................................. 128 ‘The Politics of Excess and Duplicity’ or ‘Death of the Fetters’ ........................................ 130 ‘A Thirty Year Heist?’ or ‘Histoire Court Durée’ ............................................................... 140 Arbitrage.................................................................................................................................. 149 ‘Intimations of Crisis’ or ‘Asleep at the Wheel’ ................................................................. 150 ‘Subjectivity and Ambiguity’ or ‘Whose Thousand Shades of Grey’................................
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