Waffle Street on IMDb

It really is going to be a movie and how I know is because it is now up on the IMDb website. The movie is, of course, Waffle Street and this is the plot line as described:

Waffle Street’s riches-to-rags tale is an adaptation of James Adams’ 2010 memoir of the same name (published by Sourced Media Books), which chronicles the financier’s foray into the food industry. After being laid off at the hedge fund where he worked, and further jaded by his culpability in the crisis, Adams chose to work at a popular 24-hour diner where he claims “most of his financial knowledge has been gleaned.” Offering a fresh take on the fallout of corporate greed, Adams’ is a tale of the redemption and unlikely friendship found under the tutelage of Glover’s character Edward, the best short-order cook in town.

My own way of thinking about it, however, is how a bond trader at the top of the income tree is felled by the GFC and finds himself a few weeks later as the night manager of a Waffle House. He therefore enters a world that until then had only been seen at a distance but is now his daily presence. Part of what he learns is the up-close reality behind the kinds of things that are taught in economics and finance courses – things such as Say’s Law – discovering their deeper meaning by seeing them as an inseparable part of the way in which the world works. But the most astonishing lesson is embodied in the person of Edward Collins, an ex-convict who has found his own productive meaning in life by becoming not just a Waffle House cook but a moral philosopher. It is Jean Valjean again except rather than Collins being a character from a novel, he is someone from real life.

The story is exceptional, but a movie is not a book. They have the makings for the film of the year but we shall see. Release date is 2015 so it’s not long to go. I’ll let you know how well it’s been done right after the premier.

And then this: The liberty quote of the moment was this, very appropriate I thought:

The fallacies implied in the Keynesian full-employment doctrine are, in a new attire, essentially the same errors which Smith and Say long since demolished.
— Ludwig von Mises

It is true that in 1814 and 1914 these were ideas in the dustbin of history. As for 2014, they are alive and while a bit under the weather, still doing OK.

This entry was posted in Cultural Issues. Bookmark the permalink.

6 Responses to Waffle Street on IMDb

  1. JC

    Steve, I read the book and it does quite a good job explaining how production has to occur in order to allow for consumption. It’s far easier to see Says Law in action when there are physical things being made compared to the service side of the economy.

    But, there is always a but… Lol..Adams ended up at Waffle house because the Fed misunderstanding what was going on, tightened monetary policy too much, kept it too tight for too long and collapsed demand. I know you don’t like hearing that, but that’s how it is. :-)
    As for the movie… i can’t quite see how they can make it to resemble the thrust of the book. Invariably they will end up hollywoodizing it and that’s bad.

  2. Steve Kates

    JC – Why would I not like to hear it? If you tell me that a credit squeeze caused a fall off in consumer demand and in productive investment, why would I disagree. That’s what happened and it is straight out of the classical theory of the cycle. But to be a Keynesian you have to think that it was the fall in demand that came first, on a sky blue day, people just stopped buying and investing. That’s why saving is so important in a Keynesian model because it is an over-saving theory of recession. Anyone who thinks the GFC was caused by too much saving is bonkers. As for services contributing to income-earning activity, who could deny it and why would anyone bother? But irrespective of what you may think of all that, the true failure of Keynesian economics has been shown by the stimulus which has stimulated nothing but deficits and debt.

  3. JC

    JC – Why would I not like to hear it? If you tell me that a credit squeeze caused a fall off in consumer demand and in productive investment, why would I disagree. That’s what happened and it is straight out of the classical theory of the cycle.

    Oh good , fair enough then.

    As for services contributing to income-earning activity, who could deny it and why would anyone bother?

    I may not have been clear, Steve. I was trying to explain that it’s harder for people to see Says Law in action when looking at it though the service economy. I wasn’t making any judgement or offering an opinion on services. In fact, I think Adams made the same point in his book a few times.

  4. Brett_McS

    I’m about half way through the book. I must admit I hadn’t envisaged Danny Glover as the lead. But then I know nothing about making movies.

  5. Craig Mc

    That’s OK, neither does he.

  6. JC

    Hey Steve.

    James put out a tweet about you.. nice stuff.

    James Adams @WaffleStreet · Jul 19

    Nice blog post re @WaffleStMovie by my good friend and university economics professor Dr. Steve Kates http://lawofmarkets.com/2014/07/18/says-law-goes-to-the-movies/

Comments are closed.