For description see 2nd picture below the first
This installation addresses "cheap money," inflation, and the Federal Reserve (in finance, "cheap money" is a monetary policy where the Federal Reserve sets low-interest rates.)
The work features an old-school gumball machine filled with $10 bills offered for 50 cents – literally cheap money.
The choice of $10 notes is a nod to Alexander Hamilton, the face on the bill, who was a huge advocate for a "national bank." As well, his ideas provided the foundation for the creation of the Federal Reserve a century later.
The “out of order” sign raises fundamental questions about the Fed over the last several years both economically and ethically.
Q/A
Why was it installed at night?
To hint at the overnight borrowing rate which the Fed plays a major role in establishing its level.
Was there a second related installation?
Yes to more thoroughly explain some of the issues a second sculpture was exhibited several weeks later called:
Cheap Money Is Out Of Order no. 2
Arbitrage focuses on a violent short squeeze in October 2008 that caused Volkswagen stock to climb 400 percent in two days making it the world's largest company by market capitalization, eclipsing Exxon Mobil. Short sellers had to scramble to cover their positions in VW (or VWO, which is the stock symbol) after fellow auto maker Porsche announced a substantial holding of stock and options in the Bug maker. Indeed, the stock climb had nothing to do with the fundamentals of Volkswagen’s business or the global auto industry (which was simultaneously getting hammered requiring the U.S. government to bail out GM), but it did serve as a lesson to the possible risk of losing great sums of money when a trader engages in short selling (or arbitrage). In the sculpture, Volkswagen’s superior size is represented by the two scales which pit the company’s weight against that of an apple (since Apple Computer is currently the largest company in the world by market capitalization) and a comment on the gas tank (“XOM only”) as Exxon fit inside Volkswagen. The graffiti on the car comments on situations, people and events related to shorting and squeezes.
The monolines (eg, Ambac and MBIA) provided insurance to help guarantee many of the complex products constructed from "crappy" subprime mortgages e.g. RMBS. In essence these companies provided protection which helped many of these products to be rated investment grade. While their potential obligations were massive these companies were relatively tiny (market capitalization) and almost unheard of (they were not Apple, Google or Exxon). In the sculpture you see a beautiful marble toilet with one glaring flaw: its bowl is a tiny thimble (an object which is way to small for its intended purpose). To reflect on the abundantly obvious, the toilet may look nice, but when its used its going to get really messy.
Here $10 bills are for "sale" for 50 cents. Alexander Hamilton, whose image adorns the $10 was a huge advocate for a "national bank". His ideas provided the foundation for the creation of the Federal Reserve a century later. Cheap Money (low interest rates which are often impacted by the FED) was a central cause of 2008 Crash.
Cheap Money Is Out Order
The “out of order” sign raises fundamental questions about the Fed over the last several years both economically and ethically. It also relates to the Fed’s hawkish turn (Jerome Powell’s remark about retiring “transitory”, and tapering), which means it may soon be harder to get cheap cash.
