Anthony and Gloria Patch, a wealthy and charismatic couple, find their extravagant lifestyle and marriage unraveling as they wait for a family inheritance that remains perpetually out of reach.

Set against the backdrop of 1920s New York, the narrative follows the couple as they navigate a cycle of social climbing, excessive drinking, and financial mismanagement. Their primary objective is to maintain their status and comfort, yet they are constantly thwarted by their own lack of discipline and the harsh realities of a changing economic landscape. The story is presented through a third-person perspective that captures the slow decay of their ambitions and the eventual erosion of their once-vibrant relationship. The world is defined by the rigid social hierarchies of the Jazz Age, where the characters' inability to adapt to adult responsibilities leads to their inevitable downfall.

Discussion often centers on the stark contrast between the characters' initial allure and their eventual moral and financial bankruptcy. Readers frequently highlight the novel's cynical tone, noting how it serves as a critique of the aimless hedonism prevalent during the Jazz Age. Critics often debate the effectiveness of the pacing, with some finding the slow decline of the protagonists to be a deliberate stylistic choice that emphasizes their stagnation. The work is frequently compared to the author's other writings, with many readers observing that it provides a more raw and less polished look at the themes of wealth and disillusionment. Ultimately, the book is recognized for its ability to capture the specific atmosphere of its era while maintaining a focus on the universal consequences of personal irresponsibility.