OVERVIEW
• Credit markets continued to be volatile and closed weaker, even as the Fed took
measures to ease liquidity concerns in term funding markets. The CDX IG 11 closed at
approximately 179 bp, 4 bp wider on the day. The high yield market was weaker,
falling $0.57, to close at $72.39. Also, CDX HY 11 widened 15 bp, closing at
$84.25. Meanwhile, LCDX 10 widened 16 bp, closing at $89.60.

INVESTMENT GRADE STRATEGY
• The Federal Reserve announced the establishment of the Commercial Paper Funding
Facility (CPFF), which will provide a liquidity backstop to U.S. issuers of commercial
paper. For more details, please read our intraday note.

这期JPMORGAN VIEW的副标题是
“Wake me up when September ends”

 

眼前的美国金融危机愈演愈烈
我们终于见识到了“美国梦”的实质
——“对内很民主，对外很流氓”

 

眼见美国政府血洗、掠夺债权人
愤怒而无语

 

这个九月，一切真的会结束么？
但我想，一切才刚刚开始
IT'S ONLY A BEGINNING.

 

金融对决的背后
是政治形态和意识形态的对决

 

需要解决的问题还很多
前方的路还很长

 

被叮嘱要好好思考本次的美国金融危机。我初步想了这么几个角度，纯思考的角度～

请大家补充

 

1.美国的货币政策
2.投行模式能否长久
3.救市手段与美国的政治制度
4.美元还能畅行世界么
5.处理危机的能力
6.金融体系在社会中的地位和作用
7.美国金融体系
8.自由市场经济与约束的市场经济体制

 

The following table show a summary of
historical changes in benchmark lending rate, deposit rate and
reserve requirement ratio announced by the People's Bank of China.
*T
===============================================================================
Announced   Effective          Policy          Target      Rate     Direction
Date        Date             Instrument         rate      change
===============================================================================
09/15/08    09/16/08    1-year deposit rate     7.20%    -0.27%       Easing
09/15/08    09/25/08    Reserve requirement    16.50%    -1.00%       Easing
06/07/08    06/25/08    Reserve requirement    17.50%     0.50%     Tightening
06/07/08    06/15/08    Reserve requirement    17.00%     0.50%     Tightening
05/12/08    05/20/08    Reserve requirement    16.50%     0.50%     Tightening
04/16/08    04/25/08    Reserve requirement    16.00%     0.50%     Tightening
03/19/08    03/25/08    Reserve requirement    15.50%     0.50%     Tightening
01/16/08    01/25/08    Reserve requirement    15.00%     0.50%     Tightening

12/20/07    12/21/07    1-year lending rate    7.47%      0.18%     Tightening
12/20/07    12/21/07    1-year deposit rate    4.14%      0.27%     Tightening
===============================================================================
Announced   Effective          Policy          Target      Rate     Direction
Date        Date             Instrument         rate      change
===============================================================================
12/08/07    12/25/07    Reserve requirement    14.50%     1.00%     Tightening
11/10/07    11/26/07    Reserve requirement    13.50%     0.50%     Tightening
10/13/07    10/25/07    Reserve requirement    13.00%     0.50%     Tightening
09/14/07    09/15/07    1-year lending rate    7.29%      0.27%     Tightening
09/14/07    09/15/07    1-year deposit rate    3.87%      0.27%     Tightening
09/06/07    09/25/07    Reserve requirement    12.50%     0.50%     Tightening
08/21/07    08/22/07    1-year lending rate    7.02%      0.18%     Tightening
08/21/07    08/22/07    1-year deposit rate    3.60%      0.27%     Tightening
07/30/07    08/15/07    Reserve requirement    12.00%     0.50%     Tightening
07/20/07    07/21/07    1-year lending rate    6.84%      0.27%     Tightening
07/20/07    07/21/07    1-year deposit rate    3.33%      0.27%     Tightening
05/18/07    06/05/07    Reserve requirement    11.50%     0.50%     Tightening
05/18/07    05/19/07    1-year lending rate    6.57%      0.18%     Tightening
05/18/07    05/19/07    1-year deposit rate    3.06%      0.27%     Tightening
04/29/07    05/15/07    Reserve requirement    11.00%     0.50%     Tightening
04/05/07    04/16/07    Reserve requirement    10.50%     0.50%     Tightening
03/17/07    03/18/07    1-year lending rate    6.39%      0.27%     Tightening
===============================================================================
Announced   Effective          Policy          Target      Rate     Direction
Date        Date             Instrument         rate      change
===============================================================================
03/17/07    03/18/07    1-year deposit rate    2.79%      0.27%     Tightening
02/16/07    02/25/07    Reserve requirement    10.00%     0.50%     Tightening
01/05/07    01/15/07    Reserve requirement    9.50%      0.50%     Tightening

11/03/06    11/15/06    Reserve requirement    9.00%      0.50%     Tightening
08/18/06    08/19/06    1-year lending rate    6.12%      0.27%     Tightening
08/18/06    08/19/06    1-year deposit rate    2.52%      0.27%     Tightening
07/21/06    08/16/06    Reserve requirement    8.50%      0.50%     Tightening
06/16/06    07/05/06    Reserve requirement    8.00%      0.50%     Tightening
04/27/06    04/28/06    1-year lending rate    5.85%      0.27%     Tightening

10/28/04    10/29/04    1-year lending rate    5.58%      0.27%     Tightening
10/28/04    10/29/04    1-year deposit rate    2.25%      0.27%     Tightening
04/11/04    04/25/04    Reserve requirement    7.50%      0.50%     Tightening

03/24/04    Differentiated reserve requirement system based on financial
            institutions' financial performance
===============================================================================
Announced   Effective          Policy          Target      Rate     Direction
Date        Date             Instrument         rate      change
===============================================================================

08/23/03    09/21/03    Reserve requirement    7.00%      1.00%     Tightening

02/21/02    n/a         1-year lending rate    5.31%      -0.54%      Easing
02/21/02    n/a         1-year deposit rate    1.98%      -0.27%      Easing

11/21/99    n/a         Reserve requirement    6.00%      -2.00%      Easing
06/10/99    n/a         1-year lending rate    5.85%      -0.54%      Easing
06/10/99    n/a         1-year deposit rate    2.25%      -1.53%      Easing

12/07/98    n/a         1-year lending rate    6.39%      -0.54%      Easing
12/07/98    n/a         1-year deposit rate    3.78%      -0.99%      Easing
07/01/98    n/a         1-year lending rate    6.93%      -0.99%      Easing
07/01/98    n/a         1-year deposit rate    4.77%      -0.45%      Easing
03/25/98    n/a         1-year lending rate    7.92%      -0.72%      Easing
03/25/98    n/a         1-year deposit rate    5.22%      -0.45%      Easing
03/21/98    n/a         Reserve requirement    8.00%      -5.00%      Easing
===============================================================================
Announced   Effective          Policy          Target      Rate     Direction
Date        Date             Instrument         rate      change
===============================================================================
03/21/98    Combined reserve deposits and provisional deposits into
            one system.

10/23/97    n/a         1-year lending rate    8.64%      -1.44%      Easing
10/23/97    n/a         1-year deposit rate    5.67%      -1.80%      Easing

08/23/96    n/a         1-year lending rate    10.08%     -0.90%      Easing
08/23/96    n/a         1-year deposit rate    7.47%      -1.71%      Easing
05/01/96    n/a         1-year lending rate    10.98%     -1.08%      Easing
05/01/96    n/a         1-year deposit rate    9.18%      -1.80%      Easing

07/01/95    n/a         1-year lending rate    12.06%     1.08%     Tightening
01/01/95    n/a         1-year lending rate    10.98%     0.00%      Maintain

07/11/93    n/a         1-year lending rate    10.98%     1.62%     Tightening
07/11/93    n/a         1-year deposit rate    10.98%     1.80%     Tightening
05/15/93    n/a         1-year lending rate    9.36%      0.72%     Tightening
===============================================================================
Announced   Effective          Policy          Target      Rate     Direction
Date        Date             Instrument         rate      change
===============================================================================
05/15/93    n/a         1-year deposit rate    9.18%      1.62%     Tightening

04/21/91    n/a         1-year lending rate    8.64%       n/a         n/a
04/21/91    n/a         1-year deposit rate    7.56%      -2.52%      Easing

08/21/90    n/a         1-year deposit rate    8.64%      -1.44%      Easing
04/15/90    n/a         1-year deposit rate    10.08%      n/a         n/a
===============================================================================
*T

今天，生活中上了一课
让我明白
仅仅是照顾别人的情绪
设身处地地为别人考虑
还是不够的

要去真正理解别人的经历和处境

真正思考处在这个境界的人
会有什么所求
会有什么反应
进而去引导
这才是一种负责任的态度

1. 8月底和同事们去云南腾冲和瑞丽玩了一趟。

一路很多“活宝”，还有一个天使baby，欢声笑语不断。

景色很美，同事很好，好有很多PP的照片。

生活真美好~

2. 刚刚照了一组艺术照。

其中，有那么一张照片，就那么一张，很文气，很文气。

让我禁不住YY，如果将来我能出书，无论是美食或者是金融评论，是可以用它做封面的。

恩～。哈哈

CM对我的赠言

----------------------------

人生道路除了奋斗

还有放弃甚至牺牲

牺牲比奋斗痛苦的多

----------------------------

如果你决定放弃或者牺牲什么东西

do not sell it too cheap

无事上水木

学习了一下香水的味道——香调

 

水木上将香调分为4种，并举了25个知名典型

发现自己现存香水中，竟有3瓶位列“仙班”，而且都是清新香调

原来我是这个TASTE的

^v^

 

现把这3个“仙班”之选，列写如下：

 

1.香水作坊之清新香调——(DOLCE & GABBANA light blue)
崇尚自然和真实的女人，最喜欢DOLCE&GABBANA那轻柔又强烈的香气。
香调：
前味－－柑桔、九层塔、常春藤、鸢尾草
中味－－玫瑰、柑桔花、茉莉、康乃馨、铃兰、金盏花
后味－－檀香木、香草、麝香、东加豆

2.香水作坊之清新香调——(Lancome Tresor)

　　适于细腻、敏感、柔美优雅的女性。驿动香水可表现你温柔婉约的气质。
香调：
前味－－柑苔、佛手柑、柑桔、茉莉
中味－－玫瑰、依兰、鸢尾花
后味－－木香

3. 香水作坊之清新香调——(CHANEL MISSCOCO)
　　这种由CHANEL香水大师贾克．波巨先生在1884年推出的香水，以香奈尔小名“COCO”
命名，用来纪念香奈尔女士。COCO的香，恰似COCO CHANEL的风格，融合古典优雅的巴洛
克式华丽的矛盾性，浪漫、感性，再带一点点世故与洗练的性感风情，适合成熟、优雅的
摩登女士。
香调：
  前味－－花香、（果香调）白芷、含羞草、赤素馨 中味－－辛辣（花香调）科而摩斯岛
橙花，保加利亚玫瑰、印度茉莉
  后味－－琥珀（香草调）
瓶身：
香奈尔一贯的瓶身设计风格，透明、清澈、优雅

“生命中最美好和最快乐的时光

  来自人们为一个美好的目标而努力奋斗之时

    ——

      与足够多的人一起，追求一次至少有微弱希望的成功。”

 

 

终于到了一种境界

很郁闷

但又不知道如何说起....

 

觉到自己的无力与无助

只能静静等待

 

 

没有那条道路是在你走之前，就精心为你设好的，从体验到适应，到主动，是最有价值的心态

题记：

    everyone want to live not only conventionally successful, but also meaningful.Beside living meaningful,men also want to be happy. This comes to the basis of value.We are lucky, since there are so many possibilities.

Baccalaureate address to Class of 2008

The Memorial Church

Cambridge, Mass.
June 3, 2008

As prepared for delivery

In the curious custom of this venerable institution, I find myself standing before you expected to impart words of lasting wisdom. Here I am in a pulpit, dressed like a Puritan minister — an apparition that would have horrified many of my distinguished forebears and perhaps rededicated some of them to the extirpation of witches. This moment would have propelled Increase and Cotton into a true “Mather lather.” But here I am and there you are and it is the moment of and for Veritas.

You have been undergraduates for four years. I have been president for not quite one. You have known three presidents; I one senior class. Where then lies the voice of experience? Maybe you should be offering the wisdom. Perhaps our roles could be reversed and I could, in Harvard Law School style, do cold calls for the next hour or so.

We all do seem to have made it to this point — more or less in one piece. Though I recently learned that we have not provided you with dinner since May 22. I know we need to wean you from Harvard in a figurative sense. I never knew we took it quite so literally.

But let’s return to that notion of cold calls for a moment. Let’s imagine this were a baccalaureate service in the form of Q & A, and you were asking the questions. “What is the meaning of life, President Faust? What were these four years at Harvard for? President Faust, you must have learned something since you graduated from college exactly 40 years ago?” (Forty years. I’ll say it out loud since every detail of my life — and certainly the year of my Bryn Mawr degree — now seems to be publicly available. But please remember I was young for my class.)

In a way, you have been engaging me in this Q & A for the past year. On just these questions, although you have phrased them a bit more narrowly. And I have been trying to figure out how I might answer and, perhaps more intriguingly, why you were asking.

Let me explain. It actually began when I met with the UC just after my appointment was announced in the winter of 2007. Then the questions continued when I had lunch at Kirkland House, dinner at Leverett, when I met with students in my office hours, even with some recent graduates I encountered abroad. The first thing you asked me about wasn’t the curriculum or advising or faculty contact or even student space. In fact, it wasn’t even alcohol policy. Instead, you repeatedly asked me: Why are so many of us going to Wall Street? Why are we going in such numbers from Harvard to finance, consulting, i-banking?

There are a number of ways to think about this question and how to answer it. There is the Willie Sutton approach. You may know that when he was asked why he robbed banks, he replied, “Because that’s where the money is.” Professors Claudia Goldin and Larry Katz, whom many of you have encountered in your economics concentration, offer a not dissimilar answer based on their study of student career choices since the seventies. They find it notable that, given the very high pecuniary rewards in finance, many students nonetheless still choose to do something else. Indeed, 37 of you have signed on with Teach for America; one of you will dance tango and work in dance therapy in Argentina; another will be engaged in agricultural development in Kenya; another, with an honors degree in math, will study poetry; another will train as a pilot with the USAF; another will work to combat breast cancer. Numbers of you will go to law school, medical school, and graduate school. But, consistent with the pattern Goldin and Katz have documented, a considerable number of you are selecting finance and consulting. The Crimson’s survey of last year’s class reported that 58 percent of men and 43 percent of women entering the workforce made this choice. This year, even in challenging economic times, the figure is 39 percent.

High salaries, the all but irresistible recruiting juggernaut, the reassurance for many of you that you will be in New York working and living and enjoying life alongside your friends, the promise of interesting work — there are lots of ways to explain these choices. For some of you, it is a commitment for only a year or two in any case. Others believe they will best be able to do good by first doing well. Yet, you ask me why you are following this path.

I find myself in some ways less interested in answering your question than in figuring out why you are posing it. If Professors Goldin and Katz have it right; if finance is indeed the “rational choice,” why do you keep raising this issue with me? Why does this seemingly rational choice strike a number of you as not understandable, as not entirely rational, as in some sense less a free choice than a compulsion or necessity? Why does this seem to be troubling so many of you?

You are asking me, I think, about the meaning of life, though you have posed your question in code — in terms of the observable and measurable phenomenon of senior career choice rather than the abstract, unfathomable and almost embarrassing realm of metaphysics. The Meaning of Life — capital M, capital L — is a cliché — easier to deal with as the ironic title of a Monty Python movie or the subject of a Simpsons episode than as a matter about which one would dare admit to harboring serious concern.

But let’s for a moment abandon our Harvard savoir faire, our imperturbability, our pretense of invulnerability, and try to find the beginnings of some answers to your question.

I think you are worried because you want your lives not just to be conventionally successful, but to be meaningful, and you are not sure how those two goals fit together. You are not sure if a generous starting salary at a prestigious brand name organization together with the promise of future wealth will feed your soul.

Why are you worried? Partly it is our fault. We have told you from the moment you arrived here that you will be the leaders responsible for the future, that you are the best and the brightest on whom we will all depend, that you will change the world. We have burdened you with no small expectations. And you have already done remarkable things to fulfill them: your dedication to service demonstrated in your extracurricular engagements, your concern about the future of the planet expressed in your vigorous championing of sustainability, your reinvigoration of American politics through engagement in this year’s presidential contests.

But many of you are now wondering how these commitments fit with a career choice. Is it necessary to decide between remunerative work and meaningful work? If it were to be either/or, which would you choose? Is there a way to have both?

You are asking me and yourselves fundamental questions about values, about trying to reconcile potentially competing goods, about recognizing that it may not be possible to have it all. You are at a moment of transition that requires making choices. And selecting one option — a job, a career, a graduate program — means not selecting others. Every decision means loss as well as gain — possibilities foregone as well as possibilities embraced. Your question to me is partly about that — about loss of roads not taken.

Finance, Wall Street, “recruiting” have become the symbol of this dilemma, representing a set of issues that is much broader and deeper than just one career path. These are issues that in one way or another will at some point face you all — as you graduate from medical school and choose a specialty — family practice or dermatology, as you decide whether to use your law degree to work for a corporate firm or as a public defender, as you decide whether to stay in teaching after your two years with TFA. You are worried because you want to have both a meaningful life and a successful one; you know you were educated to make a difference not just for yourself, for your own comfort and satisfaction, but for the world around you. And now you have to figure out the way to make that possible.

I think there is a second reason you are worried — related to but not entirely distinct from the first. You want to be happy. You have flocked to courses like “Positive Psychology” — Psych 1504 — and “The Science of Happiness” in search of tips. But how do we find happiness? I can offer one encouraging answer: get older. Turns out that survey data show older people — that is, my age — report themselves happier than do younger ones. But perhaps you don’t want to wait.

As I have listened to you talk about the choices ahead of you, I have heard you articulate your worries about the relationship of success and happiness — perhaps, more accurately, how to define success so that it yields and encompasses real happiness, not just money and prestige. The most remunerative choice, you fear, may not be the most meaningful and the most satisfying. But you wonder how you would ever survive as an artist or an actor or a public servant or a high school teacher? How would you ever figure out a path by which to make your way in journalism? Would you ever find a job as an English professor after you finished who knows how many years of graduate school and dissertation writing?

The answer is: you won’t know till you try. But if you don’t try to do what you love — whether it is painting or biology or finance; if you don’t pursue what you think will be most meaningful, you will regret it. Life is long. There is always time for Plan B. But don’t begin with it.

I think of this as my parking space theory of career choice, and I have been sharing it with students for decades. Don’t park 20 blocks from your destination because you think you’ll never find a space. Go where you want to be and then circle back to where you have to be.

You may love investment banking or finance or consulting. It might be just right for you. Or, you might be like the senior I met at lunch at Kirkland who had just returned from an interview on the West Coast with a prestigious consulting firm. “Why am I doing this?” she asked. “I hate flying, I hate hotels, I won’t like this job.” Find work you love. It is hard to be happy if you spend more than half your waking hours doing something you don’t.

But what is ultimately most important here is that you are asking the question — not just of me but of yourselves. You are choosing roads and at the same time challenging your own choices. You have a notion of what you want your life to be and you are not sure the road you are taking is going to get you there. This is the best news. And it is also, I hope, to some degree, our fault. Noticing your life, reflecting upon it, considering how you can live it well, wondering how you can do good: These are perhaps the most valuable things that a liberal arts education has equipped you to do. A liberal education demands that you live self-consciously. It prepares you to seek and define the meaning inherent in all you do. It has made you an analyst and critic of yourself, a person in this way supremely equipped to take charge of your life and how it unfolds. It is in this sense that the liberal arts are liberal — as in liberare — to free. They empower you with the possibility of exercising agency, of discovering meaning, of making choices. The surest way to have a meaningful, happy life is to commit yourself to striving for it. Don’t settle. Be prepared to change routes. Remember the impossible expectations we have of you, and even as you recognize they are impossible, remember how important they are as a lodestar guiding you toward something that matters to you and to the world. The meaning of your life is for you to make.

I can’t wait to see how you all turn out. Do come back, from time to time, and let us know.

“一切有为法，如梦幻泡影；

 

如露亦如电，应作如是观。”

 

                      — 《金刚经》

1.ISDA协议（法律角度）

2.公司信用研究，组织好同事，三天完成一个公司研究

3.自己读完option定价的那本大书，为系统二期上线做准备