From the Barry Hannah interview in Paris Review:
“Third-person singular, past tense, is most natural and inevitable, I guess. But you’d best beware the monotone in it and the temptations toward false wisdom, cleverness. First person is where you can be more interesting as a fool, and I find this often leads to the more delightful expedition. You don’t have to be much but a stumbling fool. The wisdom there is more precious than in the sage overview, which in many writers makes me nearly puke. I’m also wary of the glibness that third person invites.”
