American novel “more or less washed up”?

From this week’s Private Eye, courtesy of Joe Bloggs, here’s an invective against U.S. novels:

No current British writer worries about his or her inferiority to Yankee competition for the simple reason that the American novel has been more or less washed up since the early 1990s – old stagers such as Roth (American Pastoral notwithstanding) and Mailer (and Mr U[pdike] himself, I fear) sunk in torpor, newcomers like the Dave Eggers-fathered McSweeney’s crowd more interested in back-slapping group promotion….


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