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It's hard to think of a good quality American novel that better captured a Zeitgeist. In this case it was NYC in the 80s. When I read Wolfe's descriptions of the upper class women in their Park Avenue apartments, I see Carolyne Roehm with her tiny upturned nose and giant shoulderpads. Wolfe is writing about several classes of people, but his brilliance comes out with the uppers rather than the lowers or middles. In a snooty restaurant: "Fallow could see cluster after cluster of men with bald heads and women with pineapple-colored hair." The thick description of Park Avenue decor, where the mirrored walls of the 70s have been replaced by apricot silk, and the gleams come from candlelight and expensive lamps and silver tableware, and a florist named Huck Thigg creates centerpieces for dinner parties made of hardened wisteria vines in buttercup meadows, might be the best thing in the novel.
Sherman McCoy is a bond trader, but Wolfe skitters fairly lightly over the details of bonds, high finance, and the machinations of Wall Street. There's a bond called a Giscard, which is tied to currency fluctuations, and Sherman makes some big miscalculations on a Giscard deal, but this plotline has nothing to do with his downfall. (Someone - not me...sorry, I'm busy...-should do a study of fictional treatments of high finance.) Wolfe could have made him some kind of corrupt Madoff, or an inept bumbler like Ken Lay. But he chooses rather to enmesh McCoy in a sticky web of race and class, and make him an accidental persecutor of poor black folk, hounded by an Al Sharpton type (the Reverend Bacon).
Since Bonfire, his first novel, the popular and critical acclaim of his subsequent fiction has dropped precipitously. Obviously, if you're only going to read one Wolfe novel, make this the one.