Charles Bernstein, "Poetry Bailout Will Restore Confidence of Readers":
Cultural leaders have come together to announce a massive poetry buyout: leveraged and unsecured poems, poetry derivatives, delinquent poems, and subprime poems will be removed from circulation in the biggest poetry bailout since the Victorian era. We believe the plan is a comprehensive approach to relieving the stresses on our literary institutions and markets...Or as I wrote to Charles, instead of trading mortgage-backed-securities, we should be dealing in high-energy poetic constructs, like Charles Olson advocated back in 1950 in "Projective Verse." On Citizen!
Illiquid poetry assets are choking off the flow of imagination that is so vital to our literature. When the literary system works as it should, poetry and poetry assets flow to and from readers and writers to create a productive part of the cultural field. As toxic poetry assets block the system, the poisoning of literary markets has the potential to damage our cultural institutions irreparably.
As we know, lax composition practices since the advent of modernism led to irresponsible poets and irresponsible readers. Simply put, too many poets composed works they could not justify. We are seeing the impact on poetry, with a massive loss of confidence on the part of readers. What began as a subprime poetry problem on essentially unregulated poetry websites has spread to other, more stable, literary magazines and presses and contributed to excess poetry inventories that have pushed down the value of responsible poems...
We are convinced that once we have removed these troubled and distressed poems from circulation, our cultural sector will stabilize and readers will regain confidence in American literature. We estimate that for the buyout to be successful, we will need to remove from circulation all poems written after 1904.