Living and working in the New York region’s financial-media complex in 2009 means daily, compulsory attendance at a gathering of the glum. The economy may be shrinking at a 6 percent annual rate, but finance and media have contracted by about 30 percent. For the past year, the daily routine has meant sitting in a depopulated office (assuming you still have a job); following the latest grim news of magazine closings, buyouts, and layoffs; and commiserating with friends, family, and neighbors. And, of course, the angst extends far beyond directly affected companies. Finance dominates the area’s economy to such a degree that everybody–lawyers, accountants, real estate brokers, waiters, retailers, and cab drivers–have all been affected.
Of course, one can try to get away to sunnier, more mellow climes. But the usual havens aren’t offering much succor. Florida–like New York, except the catastrophe is real estate. Mexico? Um, not now. But last month, I found an unexpected haven: the Midwest. Each semester, the University of Wisconsin School of Business brings in a journalist-in-residence for a week, usually from New York. The theory: Students and professors benefit from the perspective of someone who is chronicling the workings of the world they are studying remotely.
But the benefit was greater for me than for the students. The four days in Madison functioned as a kind of detox. I left thinking the university should turn the Fluno Center for Executive Education into a sort of clinic. It could do for stressed-out financial and media types what Minneapolis’ Hazelden does for the drugged-out: offer a safe, friendly (if chilly) place to escape the toxic influence of New York.