2008年12月24日 星期三

Wall Street Christmas Carols: ‘Now, Summers! Now, Geithner!’

Wall Street Christmas Carols: ‘Now, Summers! Now, Geithner!’

Deal Journal has been collecting various examples of Wall Street witticisms and holiday verse, so we give a tip of the hat to Cindy Shaw, a global investment strategist with based in San Francisco. Her well-metered take on Clement Clarke Moore’s “Night Before Christmas” is a reminder of what there is to be grateful for this year. Deal Journal reprints Ms. Shaw’s version to pay forward a little of her holiday spirit.

‘Twas the months before Christmas, when all through the land,
A financial crisis got way out of hand;
Bernanke and Paulson to the rescue did sail,
And yet nonetheless, Lehman Brothers did fail.

The fed-funds rate was quite aggressively cut,
Yet consumers’ pocketbooks still were snapped shut;
As Congress approved hundreds of billions for TARP,
The taxpayers did most vociferously carp;
Financial firm bail-outs happened throughout the land,

Auto CEOs, too, asked for a big helping hand;
But flying to D.C. in their corporate jets,
Was a gaffe with Congress, which soon caused regrets.
Helicopter Ben tried quantitative easing,
Yet credit markets remained quite close to freezing;

When, who to our wondering eyes should appear,
But Senator Obama, dispelling some fear,
On infrastructure and more, he said he would spend,
So the battered economy could start to mend.

The new president-elect swiftly took aim,
And Cabinet and staffers he began to name;
“Now, Summers! now, Geithner! now, Holder and Bob Gates!
On, Hillary Clinton, for Secretary of State!”

Though Obama’s announcements could make markets rally,
During George W.’s White House finale;
Fear and deleveraging caused investors to sell,
Prices of stocks and other risky assets fell;
And flights to safety made Treasury prices soar,

Sending T-bill and -bond yields down through the floor.
As is common in the bursting of bubbles,
What was hottest had the biggest troubles;

Politicians called for more stringent regulations,
And the FBI launched fraud investigations.
Helping out now are the prices of gas and food,
Which recently had consumers coming unglued;

Though as of late a respite in inflation,
Provides to consumers a bit of salvation;
Yet with the economy on a slippery slope,
We worry about the future, and how we’ll cope;

After more than a year of gloom, doom and fear,
It can be hard to feel any holiday cheer;
Stock prices ‘round the world went down by nigh half,
Leaving many frightened and unable to laugh;

And while your 401k may be in tatters,
For happiness, money is not what most matters;
For retailers, yes, this holiday will be tough,
But the holiday spirit is not about “stuff”;

Enjoying the company of loved ones and friends,
Is worth far more than a new Mercedes Benz.
Remember billions are hungry or at war,
To understand you’re the opposite of poor;

Try giving money or time to charity,
To gain perspective and priceless clarity;
In spite of this economy, which truly is dour,
Feeling holiday joy is within your power;

So then let us exclaim, “In this season delight,
Happy Holidays to all, and to all a good night.”

2008 年 12 月 25 日 10:20
華爾街聖誕禮讚
D
eal Journal專欄一直在搜集華爾街上流傳的各種連珠妙語和假日詩句﹐因此我們應該向Mellon Capital Management的首席策略師辛迪•肖(Cindy Shaw)致意。她模仿克萊蒙特•克拉克•莫爾(Clement Clarke Moore)《平安夜》(Night Before Christmas)的詩句讓我們看到了今年應該禮讚的地方。Deal Journal再次刊登她改寫的詩句﹐讓她的假日精神廣為傳播。

在聖誕節到來前的幾個月﹐

金融危機正在這片土地上肆虐﹔

貝南克和鮑爾森的確伸出了援手﹐

雷曼兄弟依然難逃倒閉厄運。

聯邦基金利率降了又降﹐

消費者依舊是囊中羞澀﹔

國會批准了數千億美金的救助方案﹐

納稅人指手畫腳地大加挑剔﹔

對金融機構的救助如火如荼﹐

汽車公司的老板伸手求救﹔

但乘坐著公司專機來到華盛頓﹐

他們在國會遭到羞辱﹐只能匆匆道歉祈求。

“直升機貝南克”極力嘗試定量寬鬆﹐

信貸市場依然一片冰凍﹔

就在這時﹐我充滿疑惑的眼前會有什麼出現?

噢﹐原來是參議員奧巴馬﹐他讓陰霾有所消散﹐

在基礎設施等諸多領域﹐他說他將增加支出﹐

羸弱的經濟將得到修復。

當選總統很快心有所向﹐

開始著手調兵遣將﹔

薩默斯、蓋納、霍爾德和鮑勃•蓋茨聽令!

還有希拉里﹐你來擔任國務卿!

就在布什總統的最後一班﹐

儘管奧巴馬的講話讓市場短暫反彈﹔

但恐慌和去槓桿化讓投資者大肆拋售﹐

股票和其它風險資產仍跌跌不休﹔

尋找避風港灣讓國債價格飆升﹐

它們的收益率跌至了谷底。

最火爆的也暗藏最大的麻煩﹐

這在泡沫破裂時屢見不鮮﹔

FBI展開了欺詐調查﹐

政客們也紛紛要求加強監管。

汽油和食品價格終於回落﹐

不久前它們還令消費者心煩意亂﹔

通脹壓力暫時消退﹐

消費者不再對此長吁短嘆﹔

不過經濟出現了滑坡﹐

我們擔心未來﹐將如何應對挑戰﹔

經過一年多的壓抑、苦悶和恐慌﹐

可能很難感受到節日的陽光﹔

全球的股價都已腰斬﹐

驚懼之下怎能露出笑臉﹔

儘管你的退休計劃可能會很受傷﹐

但相對於快樂﹐金錢卻並非至上﹔

零售商的這個假期的確艱難﹐

但假日精神卻不應遺忘﹔

與你的至愛親朋共度美好時光﹐

這比奔馳車更加值得擁有。

請記住還有幾十億人面臨飢餓和戰火﹐

要看到你比他們更為富有﹔

為慈善獻上點時間或金錢﹐

換個角度﹐心中就會打開另一片空間﹔

經濟儘管依然黯淡﹐

感受假日快樂卻掌握在你的手間﹔

因此讓我們大聲祝禱﹐在這個快樂的季節裡﹐祝大家聖誕快樂﹐孩子們晚安。

Heidi Moore

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