Thanks to Aaron for sharing your table, easel and drawing desk! Here is Sophia playing with ice cubes at her new little table!
Monday, December 8, 2008
Catch-up
It's been a while since I've blogged. A lot has happened since I blogged last. We've got ourselves a new president! YAHOO! and Sophia was left behind in Beijing with the nanny while Josh and I volunteered at the Clinton Global Initiative Asia in Hong Kong and Sophia got lots of cool new toys.
Sophia now says about 20 words, both english and chinese. They include:
1) duck
2) mama
3) baba
4) ball
5) bubble
6) doudou (Gogo, dog)
7) baobao (hold me)
8) xiexie (thank you)
9) bye bye
10) zaijian (bye bye)
11) zuozuo (sit)
12) jiejie (big sister)
13) yeye (grandpa)
14) nainai (milk and grandma depending on tone)
15) jiaojiao (foot)
16) dai (wear)
17) nana (as in Banana)
18) uh-oh
19) dan dan (egg)
20) balloon
Some of her favorite activities are laughing when Josh farts, locating belly buttons, bringing me my donut pajama bottoms and bringing Josh's gorilla slippers to him and standing on them when he walks.
Monday, November 3, 2008
Rumors
If you read my earlier blog you would have read about the job cuts that Motorola announced on the 30th. Well, people in China love to gossip and I think because there are so many people in China, news travels that much quicker! Anyhow, people in our office were speculating about how the announcements would affect Motorola China. The truth is, nobody really knows yet, as the leadership decides how the new platform decisions will impact our China business. There was a townhall meeting with our leaders on Friday where nothing new was announced. However, following the townhall there were two very, very long lines. One was for the elevators. The other, became the source of rumors. At the end of the other line, was a team from our HR dept.
Rumor at the satellite location this morning was that all the people getting laid off were in line at the campus so that they could meet with HR. The reality: HR was handing out gift certificates for birthday cakes to all employees who had a birthday in November and any month before if you didn't have a chance to pick up your certificate earlier! So, think twice about believing any rumor you hear in the future!
Rumor at the satellite location this morning was that all the people getting laid off were in line at the campus so that they could meet with HR. The reality: HR was handing out gift certificates for birthday cakes to all employees who had a birthday in November and any month before if you didn't have a chance to pick up your certificate earlier! So, think twice about believing any rumor you hear in the future!
So it begins...
Well, I think Sophia has started to demonstrate her fashion sense. I tried to put her little brown and pink polka dotted fleece on this morning and she would have none of that! So, I showed her a new pink coat that Puo Puo bought her and she put that on without a fight. Isn't 13 months a bit early for this attitude? Unfortunately, I don't have a photo of her in the coat, but will try to get one soon.
We webcammed with Josh today and Sophia tried to give Josh his ipod through the computer monitor. It was very cute. Every morning Sophia helps Josh put on his gorilla slippers by bringing them to him and then helping to lift up Josh's feet, then Josh let's her stand on the gorillas and they walk around the living room. Well, today, she brought the slipper to me, since Josh was not around. It was adorable and yet another sign that our little baby is growing up! TOO QUICKLY.
We webcammed with Josh today and Sophia tried to give Josh his ipod through the computer monitor. It was very cute. Every morning Sophia helps Josh put on his gorilla slippers by bringing them to him and then helping to lift up Josh's feet, then Josh let's her stand on the gorillas and they walk around the living room. Well, today, she brought the slipper to me, since Josh was not around. It was adorable and yet another sign that our little baby is growing up! TOO QUICKLY.
Sunday, November 2, 2008
Super Sophia Halloween!
It's been a busy couple of days. I was in Singapore from Tuesday and took the redeye back to Beijing on Friday morning. As you may have heard or read, Motorola is cutting jobs and focusing on new platforms for its Mobile Devices. So, it was a difficult couple of days, emotionally, as well as physically to find out your friends were being laid off. But coming home on Halloween was a great treat for me. We invited the neighborhood kids over and we tried to make the best out of being in a non-Halloween celebrating country. Fortunately, for us, our Swedish neighors bucked up and joined in the American festivities. We live in a wonderful compound where it really does seem like a village. I'm currently reading Happiest Toddler on the Block and it really is written for families in the US where there is often little familial support when raising children. I feel so blessed with our wonderful neighbors and ayis that love Sophia. Although our family is not nearby we do have a wonderful village of people who come together and take care of each other.
Here is Super Sophia. Josh and I made the costume one evening after our conference calls. It's not perfect, but it's handmade and made with love! ;)
Trying to get the kids to all look at the camera was tricky. There is actually a very cute little Swedish boy behind the skull!
Even though Sophia was the youngest in the group, she caught on quickly to how this trick-or-treating thing worked!
Monday, October 27, 2008
Scarface
As if that wasn't bad enough, you might be wondering about what happened to her nose and forehead! Well on Sunday morning, Sophia went to the playground in our compound with the ayi. She loves balls and went after one and face planted.
It was not a good weekend for Sophia's face, but she kept her humor and smiled anyway....Lesson for all of us, when you face plant in life, get back up, keep going and smile!
I'm off to Singapore for a few days and plan to fly back on the red eye on Thursday night so I can make it back in time for Halloween. Josh and I made Sophia's costume last night. Stay tuned to see what Sophia will be!
Monday, October 20, 2008
More Firsts
I forgot to mention a few more firsts for Sophia:
- Met my mom's cousins from her hometown of YangZhou, also home of JiangZeMin. They were touring Beijing. Sophia charmed them of course! The gentleman, who was my grandfather's nephew bears a striking resemblence to him.
- Drew blood in a face plant on our hardwood floors. Sophia was going after a ball, when she slipped and cut her lip on one or more of her 12 teeth! After a 30 second cry and some ice, she was fine.
- Tried to open our bedroom door with keys
- Brushes her hair and ours with a comb
- Tried to use the water cooler
- Makes a salty concoction in a bowl
- Tried to use a toothbrush to brush her teeth
- Tried to put on her socks and shoes when she wants to go outside
- Kisses her dad goodnight when she's ready for bed after reading
Sunday, October 19, 2008
Inspired...
Sorry for the lag in postings. I wasn't feeling inspired...BUT, thanks to Facebook, I recently got re-connected with some dear friends from junior high and high school. (You know who you are ;)) They have wonderful blogs that make me feel like I can still stay connected to them even though we live thousands of miles apart and I've never met their wonderful children, but can experience some of the day to day adventures. The wonderful benefits of technology.
Sophia had a few firsts since the last posting:
1) First bouncy castle experience.
She did actually go into the bouncy"gingerbread house," but I couldn't balance Sophia in one hand, jump, protect Sophia from the jumping 5-7 year olds (whose birthdays we were celebrating) and try to take a photo.
2) Her first overnight trip. We went to the countryside of Beijing with 5 other families and rented a courtyard house. It was an exhausting "relaxing" trip. There were 6 babies and 3 dogs. You can check out the resort at http://www.villageviewresort.com.cn/. It's a nice 45-minute drive for some fresh air and nice scenery.
3) Used her first straw. Our friend just returned back from the US and brought us back a straw sippy cup and Sophia's long sleeved bib. For any parents out there, bumkins makes the best bibs, sleeveless and sleeved. Here's a photo of both at work! (That is German yogurt that Sophia is eating since we don't want any melamine!)
4) Had her first candy. I found chewy Gobstoppers in Beijing and had to get some! So I brought them home and left them on the dining table, far from the grasps of little fingers. I was very concerned that these Gobstoppers are the perfect size for choking a 13 month old, so tried to be very careful. Unfortunately, a few rolled out of the box and onto the table. Josh and I thought Sophia was very quiet, so we looked under the dining table and there was Sophia lounging on her side mermaid style, eating, what I thought was a slice of apple. Usually, when she is quiet and under the table, she is pooping! She walked over to the couch and spit out a few little white pieces of food. When I picked it up it didn't feel like apple to me, so I tasted it and it was the chewy part of the Gobstopper. Well, thankfully, tragedy averted and Sophia enjoyed her first Gobstopper.
Sophia had a few firsts since the last posting:
1) First bouncy castle experience.
She did actually go into the bouncy"gingerbread house," but I couldn't balance Sophia in one hand, jump, protect Sophia from the jumping 5-7 year olds (whose birthdays we were celebrating) and try to take a photo.2) Her first overnight trip. We went to the countryside of Beijing with 5 other families and rented a courtyard house. It was an exhausting "relaxing" trip. There were 6 babies and 3 dogs. You can check out the resort at http://www.villageviewresort.com.cn/. It's a nice 45-minute drive for some fresh air and nice scenery.
3) Used her first straw. Our friend just returned back from the US and brought us back a straw sippy cup and Sophia's long sleeved bib. For any parents out there, bumkins makes the best bibs, sleeveless and sleeved. Here's a photo of both at work! (That is German yogurt that Sophia is eating since we don't want any melamine!)
4) Had her first candy. I found chewy Gobstoppers in Beijing and had to get some! So I brought them home and left them on the dining table, far from the grasps of little fingers. I was very concerned that these Gobstoppers are the perfect size for choking a 13 month old, so tried to be very careful. Unfortunately, a few rolled out of the box and onto the table. Josh and I thought Sophia was very quiet, so we looked under the dining table and there was Sophia lounging on her side mermaid style, eating, what I thought was a slice of apple. Usually, when she is quiet and under the table, she is pooping! She walked over to the couch and spit out a few little white pieces of food. When I picked it up it didn't feel like apple to me, so I tasted it and it was the chewy part of the Gobstopper. Well, thankfully, tragedy averted and Sophia enjoyed her first Gobstopper. Hope everyone had a great weekend!
Tuesday, September 30, 2008
Progress
Well, we laid out some chores to be accomplished this week and we are making progress. First, Sophia had her one year check up. She is making great progress, growing 7 cm in 4 months, bringing her into the 97th percentile but thinning out and putting on less than 1 kg, but don't worry, she's still in the 90th percentile for weight. She also had two vaccines and cried for only about 30 seconds after her shots. We then took her to Rosh Hashana services and dinner afterwards and she behaved like an angel, flirting with everyone seated around us and then slept in her stroller as we enjoyed the New Year meal. Don't worry, she got her apples and honey before she fell asleep!
Second area of progress was adding some touches to Sophia's room. Sophia seemed to like the addition. Here are some photos of the progress made
We also cleaned out and organized our closets (We still have not located Mike's black jacket.) We did, however, pull out some pieces that were from Josh's childhood for Sophia to model.
Second area of progress was adding some touches to Sophia's room. Sophia seemed to like the addition. Here are some photos of the progress made
We also cleaned out and organized our closets (We still have not located Mike's black jacket.) We did, however, pull out some pieces that were from Josh's childhood for Sophia to model.
Of course, our ayis (household staff) are not working full time this week, so I've had to do dishes and several loads of laundry and tried to cross off "to do" items on our list. But I've actually enjoyed doing all this housework! I even made a meatloaf tonight for dinner! Off to make more progress......
Monday, September 29, 2008
A 5-star birthday celebration....spitting, unfortunately, not optional
I turned 33 on Saturday. Where does the time go?? Josh and I met just before my 25th birthday! What a wonderful 8+ years we have had together. We never imagined our lives to be as blessed as it is, especially with Sophia.
Celebrations began on Friday when my colleagues surprised me with a birthday lunch at a new 5-star restaurant called Domus. It is in a renovated courtyard filled with fine, gorgeous Italian furniture. The owners of the restaurant area also the distributors of this furniture. We had a delicious eight course meal in one of the nicely appointed interiors I can recall. We were visiting the restaurant for a look-see for an event to launch one of our new phones in the coming months.
On Saturday, Josh and I went to the spa where I was finally able to use my mother's day spa treatment certificate. I joked that Josh got lucky that he could kill two birds with one stone! We also treated ourselves to a wonderful meal at Daniel Boulud's new restaurant in Beijing, Maison Boulud. You can read more about the restaurant, the location and check out the menu at http://www.maisonboulud.com/. It is located in Legation Quarter, next to Tiananmen Square. The interiors were designed by the same designers as The Gramercy Park Hotel and the actual restaurant is located in the former American Embassy building during the Qin Dynasty in 1903. We were also told Kissinger and Zhou Enlai met secretly in that building. Of course, when we were at the current Ambassador's residence we were also told they met there. Maybe they met in several locations. Anyway, it was a delicious meal, topped off with warm madeline cookies and chocolates at the end of the meal.
Just as I was commenting to Josh that I felt like we were in London and not Beijing, a Chinese couple walked in and started complaining to the staff that they didn't like their table. They spoke very loudly and rudely to the staff and needed explanations on the menu. When they came across the cheese platter option, we overheard the waiter ask the guy if he knew what cheese was! We chuckled at that and enjoyed our meal, until the woman dug deeply in her chest and expelled a loogi that is worthy of any coal miner. Then she proceeded to let the loogi hang out of her mouth and shockingly she had the courtesy of spitting it into a napkin. This happened not once, but four times at that table. It was appalling.
Spitting aside, we had a terrific evening of uninterrupted adult conversation and superb food. We topped off the evening by checking ourselves into the JW Marriott and sleeping in until 7:45 the next morning! Even though we were stuffed silly from Maison Boulud, we managed to enjoy the buffet brunch before heading home to see Sophia. It was her first night where neither of us was with her. Not surprisingly, Sophia survived!
It was the perfect celebration. Thanks to all who sent birthday greetings! Now we start our weeklong National Day holiday. We are sticking around Beijing and have many chores on the list. We'll keep you updated on our progress throughout the week! We are also looking forward to the Palin/Biden debate!
Celebrations began on Friday when my colleagues surprised me with a birthday lunch at a new 5-star restaurant called Domus. It is in a renovated courtyard filled with fine, gorgeous Italian furniture. The owners of the restaurant area also the distributors of this furniture. We had a delicious eight course meal in one of the nicely appointed interiors I can recall. We were visiting the restaurant for a look-see for an event to launch one of our new phones in the coming months.
On Saturday, Josh and I went to the spa where I was finally able to use my mother's day spa treatment certificate. I joked that Josh got lucky that he could kill two birds with one stone! We also treated ourselves to a wonderful meal at Daniel Boulud's new restaurant in Beijing, Maison Boulud. You can read more about the restaurant, the location and check out the menu at http://www.maisonboulud.com/. It is located in Legation Quarter, next to Tiananmen Square. The interiors were designed by the same designers as The Gramercy Park Hotel and the actual restaurant is located in the former American Embassy building during the Qin Dynasty in 1903. We were also told Kissinger and Zhou Enlai met secretly in that building. Of course, when we were at the current Ambassador's residence we were also told they met there. Maybe they met in several locations. Anyway, it was a delicious meal, topped off with warm madeline cookies and chocolates at the end of the meal.
Just as I was commenting to Josh that I felt like we were in London and not Beijing, a Chinese couple walked in and started complaining to the staff that they didn't like their table. They spoke very loudly and rudely to the staff and needed explanations on the menu. When they came across the cheese platter option, we overheard the waiter ask the guy if he knew what cheese was! We chuckled at that and enjoyed our meal, until the woman dug deeply in her chest and expelled a loogi that is worthy of any coal miner. Then she proceeded to let the loogi hang out of her mouth and shockingly she had the courtesy of spitting it into a napkin. This happened not once, but four times at that table. It was appalling.
Spitting aside, we had a terrific evening of uninterrupted adult conversation and superb food. We topped off the evening by checking ourselves into the JW Marriott and sleeping in until 7:45 the next morning! Even though we were stuffed silly from Maison Boulud, we managed to enjoy the buffet brunch before heading home to see Sophia. It was her first night where neither of us was with her. Not surprisingly, Sophia survived!
It was the perfect celebration. Thanks to all who sent birthday greetings! Now we start our weeklong National Day holiday. We are sticking around Beijing and have many chores on the list. We'll keep you updated on our progress throughout the week! We are also looking forward to the Palin/Biden debate!
Friday, September 19, 2008
On Bailouts: Chinese and US
This evening, I learned the following:
But it sounds suspicously like another government I know.
In China, the government sets the rates of interest for deposits (effectively guaranteeing those deposits).
In China, the government, in effect, buys distressed debt from banks--I work in this industry.
In China, short selling is banned.
In China this week, the government announced plans to buy stakes in large commercial banks as a way of proping them up. In the US, the government took control of AIG.
In China, the central bank raised rates twice and lifted lending caps on loans to small and medium enterprises. In the US, the central bank (the Fed) provided emergency liquidity to the banking system.
The similarities are striking.
Here, some Chinese officials are almost giddy at America's crisis. After all, Hank Paulson and many before him have made it a habit to come to Beijing and ask the Chinese to reform their financial system (along the lines of what the US has).
I'm for limited bailouts. I agree with Freddie and Fannie--they are quasi-government entities. I disagree with AIG and Bear Stearns. They should have been allowed to fail like Lehman.
I agree with helping people with mortgages, but also ensuring that they don't continue to get into trouble since they know the government will step in (moral hazard).
I'm for free markets, but I'm also for accountability and responsibility for people who run those markets or participate in them. If that requires government intervention, so be it.
And that is all.
- The government is temporarily guaranteeing money market funds so that they don't drop below par value.
- The government is considering buying distressed debt from financial institutions as a way of provident liquidity to the system and shoring up banks' balance sheet.
- The government has banned short selling of securities.
But it sounds suspicously like another government I know.
In China, the government sets the rates of interest for deposits (effectively guaranteeing those deposits).
In China, the government, in effect, buys distressed debt from banks--I work in this industry.
In China, short selling is banned.
In China this week, the government announced plans to buy stakes in large commercial banks as a way of proping them up. In the US, the government took control of AIG.
In China, the central bank raised rates twice and lifted lending caps on loans to small and medium enterprises. In the US, the central bank (the Fed) provided emergency liquidity to the banking system.
The similarities are striking.
Here, some Chinese officials are almost giddy at America's crisis. After all, Hank Paulson and many before him have made it a habit to come to Beijing and ask the Chinese to reform their financial system (along the lines of what the US has).
I'm for limited bailouts. I agree with Freddie and Fannie--they are quasi-government entities. I disagree with AIG and Bear Stearns. They should have been allowed to fail like Lehman.
I agree with helping people with mortgages, but also ensuring that they don't continue to get into trouble since they know the government will step in (moral hazard).
I'm for free markets, but I'm also for accountability and responsibility for people who run those markets or participate in them. If that requires government intervention, so be it.
And that is all.
Thursday, September 18, 2008
Why I love Starbucks...
Just to lighten the mood, and Josh will probably remind me that as we are losing our shirts in the market, I shouldn't be going to Starbucks...BUT I've needed caffeine. Sophia has been waking up around midnight for the last couple of nights (I think due to teething), so I brought her to bed with me since Josh was in Shanghai and I love hearing her breathe next to me and I went to a bachelorette party for our friend Alissa last night...
Two days ago, after I stepped up to order my tall skinny vanilla latte, I looked in my purse and realized I didn't have my wallet and asked the barista to cancel my order. The nice lady probably could tell I was tired, and told me to just enjoy my coffee and pay for it the next time I went in. After the bachelorette party, I needed caffeine again this morning and remembered to pay for my latte. When I told them I needed to pay for two drinks, the lady remembered and said, "Don't worry about paying for the latte yesterday." So, I got to start the day off with a nice taste in my mouth! (pun intended)
One other thought about starbucks...at least in the US, where healthcare is so expensive, they do pay for healthcare for their employees and I think that is to be commended and supported!
So, remember, it's the nice small things in life that can make a difference in someone else's life!
On that note, I never imagined the joy I would experience with all of Sophia's little actions. The other day she took my hand and walked me over to the front door, put her shoes on the floor, tried to put them on and tried to climb into her stroller. Then she put her four piece puzzle together and clapped for herself after she put each piece in its spot. Amazing development in one short year!
Ok, I'll leave you on that thought until Josh depresses us further with economic news.
Wednesday, September 17, 2008
Global Finance a Shambles?
Today, I was contacted by half a dozen people asking for my take on what's going on in the financial world. I thought I would jot down some thoughts quickly.
Like everyone else, I have no idea how this will play out. I'm a retail investor like most of you, and, like most of you, I've been watching the value of my equity decline precipitously over the past nine months. Never gave it much thought, really, except to mutter occasionally and curse my stars.
But this past weekend, we got hit with a much more serious situation.
Our financial system--the one we grew up with, the only one we've known as Americans for the better part of 50 years--seems on the verge of collapse.
Many of our most honored and storied institutions--Merrill Lynch, Lehman Brothers, AIG, Fannie Mae, Freddie Mac, Bear Stearns--are either gone or under government administration. Many others--Washington Mutual, IndyMac, and a dozen other smaller banks--have failed or may do so shortly.
Our famed economists and investors are unsure what tomorrow will bring. Our central bankers are trying everything in their arsenal to calm markets and inject liquidity.
Our politicians seem uncertain how to respond and, worse, it's election season, which means the recriminations will fly around uselessly to try to score political points.
And globally, markets, investors, governments, and pundits are suddenly not sure whether America is really the place to park assets, whether our economic system that supposedly allocates capital most efficiently is the best system, whether we should have more regulation, whether we should just let the market take its course.
So let me take a minute to put these events in perspective--as last as I see it.
First, these financial institutions were not as prudent as they should have been. They engaged in financial innovation (good), syndicated it out by selling these innovative products to other banks and investors (also ok), but then failed to adequately understand or manage the risk inherent in those products (umm...bad). I have no sympathy for the shareholders of these banks and the management teams getting walloped. It's well deserved. (I have some sympathy for regular guys at these banks--my friends among them--who got caught in this once in a lifetime crisis. For most, it has nothing to do with them. And while our 401(k)s take a hit, they are out of a job.)
Second, credit rating agencies have to share some of the blame. They're not going under since they are privately held and small in comparison to the behemoths they rate. Our system relies too heavily on these agencies and they are not accountable to anyone. This has to change.
Third, the carnage on Wall Street reflect to a certain extent the pain being felt in other parts of the economy, notably real estate of course, but also IT and other areas. Largely ignored in the hubbub around Wall Street was HP's announcement that it's laying off 25,000 workers. Ok, part of this is the integration with EDS, but part of it reflects slowing IT spending and weaker corporate earnings. Housing prices have dropped by 10-15% in some parts of the country. The estimated cost for just the housing bust will be about $1 trillion.
Fourth, the crisis is largely a failure of regulation. The federal bailouts and the discussion about Resolution Trust Corporation redux are evidence that Congress and regulators agree that more should have been done ex ante. New government-sponsored accounting and auditing rules were supposed to provide more information to regulators and investors. Nope. The end of Glass-Steagall was supposed to keep the US financial sector competitive. Nope. The myriad financial regulatory agencies were supposed to be minding the shop. Nope.
Now, there is a global crisis of confidence in banks, as one commentator put it. From here in Beijing to Manila to Frankfurt to Tokyo to Johannesburg, Tel Aviv and Dubai, central bankers and finance ministers are working around the clock to calm their markets. So far, no luck.
In 1997, the IMF with the explicit support of the US, bailed out Korea in the face of the Asian Financial Crisis. It's not lost on anyone that Korea Development Bank was the final would-be bidder for Lehman Brothers.
In tomorrow's post: what's coming next and what it means for us.
Like everyone else, I have no idea how this will play out. I'm a retail investor like most of you, and, like most of you, I've been watching the value of my equity decline precipitously over the past nine months. Never gave it much thought, really, except to mutter occasionally and curse my stars.
But this past weekend, we got hit with a much more serious situation.
Our financial system--the one we grew up with, the only one we've known as Americans for the better part of 50 years--seems on the verge of collapse.
Many of our most honored and storied institutions--Merrill Lynch, Lehman Brothers, AIG, Fannie Mae, Freddie Mac, Bear Stearns--are either gone or under government administration. Many others--Washington Mutual, IndyMac, and a dozen other smaller banks--have failed or may do so shortly.
Our famed economists and investors are unsure what tomorrow will bring. Our central bankers are trying everything in their arsenal to calm markets and inject liquidity.
Our politicians seem uncertain how to respond and, worse, it's election season, which means the recriminations will fly around uselessly to try to score political points.
And globally, markets, investors, governments, and pundits are suddenly not sure whether America is really the place to park assets, whether our economic system that supposedly allocates capital most efficiently is the best system, whether we should have more regulation, whether we should just let the market take its course.
So let me take a minute to put these events in perspective--as last as I see it.
First, these financial institutions were not as prudent as they should have been. They engaged in financial innovation (good), syndicated it out by selling these innovative products to other banks and investors (also ok), but then failed to adequately understand or manage the risk inherent in those products (umm...bad). I have no sympathy for the shareholders of these banks and the management teams getting walloped. It's well deserved. (I have some sympathy for regular guys at these banks--my friends among them--who got caught in this once in a lifetime crisis. For most, it has nothing to do with them. And while our 401(k)s take a hit, they are out of a job.)
Second, credit rating agencies have to share some of the blame. They're not going under since they are privately held and small in comparison to the behemoths they rate. Our system relies too heavily on these agencies and they are not accountable to anyone. This has to change.
Third, the carnage on Wall Street reflect to a certain extent the pain being felt in other parts of the economy, notably real estate of course, but also IT and other areas. Largely ignored in the hubbub around Wall Street was HP's announcement that it's laying off 25,000 workers. Ok, part of this is the integration with EDS, but part of it reflects slowing IT spending and weaker corporate earnings. Housing prices have dropped by 10-15% in some parts of the country. The estimated cost for just the housing bust will be about $1 trillion.
Fourth, the crisis is largely a failure of regulation. The federal bailouts and the discussion about Resolution Trust Corporation redux are evidence that Congress and regulators agree that more should have been done ex ante. New government-sponsored accounting and auditing rules were supposed to provide more information to regulators and investors. Nope. The end of Glass-Steagall was supposed to keep the US financial sector competitive. Nope. The myriad financial regulatory agencies were supposed to be minding the shop. Nope.
Now, there is a global crisis of confidence in banks, as one commentator put it. From here in Beijing to Manila to Frankfurt to Tokyo to Johannesburg, Tel Aviv and Dubai, central bankers and finance ministers are working around the clock to calm their markets. So far, no luck.
In 1997, the IMF with the explicit support of the US, bailed out Korea in the face of the Asian Financial Crisis. It's not lost on anyone that Korea Development Bank was the final would-be bidder for Lehman Brothers.
In tomorrow's post: what's coming next and what it means for us.
Monday, September 15, 2008
Visiting Nai Nai in Shanghai
Three generatations of Wu women. We are rare commodities in the male heavy (not-dominated ;)) family! We had a wonderful long weekend in Shanghai celebrating mid-autumn festival. Or mooncake holiday. If you don't know what mooncakes are, Josh will tell you that they are like fruit cake, not tasty but something you have to eat on the holiday. My biggest complaint about them are the wasteful packaging that is used for the mooncakes. Mooncakes are generally quite greasy, very sweet, filled with red bean paste or lotus seed and many have salty dehydrated egg yolks in the middle. These days you can also get Haagen-Daaz ice cream filled and green tea flavored. I can eat a few bites, but after that it just makes you fat and feeling gross. 
Waiting for our numerous bags in Shanghai. Josh and I rarely checked bags before Sophia arrived! We had two checked bags, one car seat, one stroller and the Ergo Baby Carrier (pictured above)
Sophia's first car ride without a car seat, yes, she is feeding her addiction in this photo.
You don't really need toys on a plane when you have a bag of peanuts...
a paper cup....
and a barf bag!
We also got to spend some time with some friends from our days in Shanghai. Our friends hosted a lovely BBQ in their old lane home. Unfortunately, Shanghai was on the receiving end of a Taiwanese typhoon so we were drenched all weekend. Nevertheless, it was wonderful to see old friends and meet new ones. There were 7 children, all girls, except the host, Liam. He was a lucky little boy! We were spoiled with 3 ayis (nannies) at the party so we actually got to have some adult conversation!
After being offline for most of the weekend, I caught up on some news. If you haven't had a chance to read the recent NY Times ops-ed, "Blizzard of Lies," "Governor Palin's Worldview," "Making America Stupid," by Thomas Friedman, "Bering Straight Talk," by Maureen Dowd and many others posted on my Facebook page, I highly recommend that you do. They shed light on the reckless nature in which McCain has chosen his VP candidate. It also shows the very ugly side of politics. While I never supported McCain for President, I did respect him for his service to our country. However, after reading more about Palin, I sincerely doubt his judgement and his intergrity.
Alright, off to bed before the princess awakes at dawn or earlier....
Friday, September 12, 2008
A busy week of friends going and coming.
On Sunday, we said goodbye to our neighbors and Sophia's playmates, Kitty, Mat, Sam and Lucas who were off to Hong Kong and on Monday we said goodbye to our friends Michael, Cara and Tovina who moved back to Ohio where they will be helping to swing the vote towards Obama! It's really the only good part about their move. It was very sad and another part of expat living. We, especially Sophia, are going to miss her friends Tovina and Lucas.
I had a business trip to Singapore Mon-Wed. I got to fly business class on the reconfigured 777 on Singapore Air, the best airline around! I think Josh, Sophia and I could have all fit on the seat. It was by far the widest seat I have ever been in on an airplane and the huge piece of succulent baked cod I got for dinner made it a wonderful trip. Meanwhile, Josh and Sophia held down the fort. Sophia took this job so seriously, she decided to wake her dad up at 4:30 Tuesday morning. Since she's still a bit boob-addicted, she was not in a good mood, since her drug of choice (me) was in Singapore. Josh was only able to calm her by driving around Beijing. Thank goodness we got our Chinese driver's licenses. I got home at midnight on Wed./Thursday. My head hit the pillow at 1 AM and Sophia decided to greet me at 1:30 AM. Unfortunately, she had her first fever and was not a happy camper, so the three of us had some good family bonding! Fortunately, she's doing much better now, except a snotty nose and a horrible mosquito bite on her eyelid which is making it droopy. I'll try to get a photo, although, that is also getting better.
Thursday was another busy day. I had a friend from my Claremont days and another from my White House days in town visiting, so we had them over for dinner along with another couple who live in Beijing. It was a wonderful evening of new and old friends. Another friend from the White House was also in town, so Josh and I got to lunch with her today. Beijing definitely is the place to be!
Today is the start of the mid-autumn festival holiday weekend. The year's largest and brightest moon will be making its showing this weekend sometime. We are hoping to have clear skies so we can witness this. Tradition calls for eating mooncakes and spending time with family. My grandmother is visiting my aunt and uncle in Shanghai so we are off to Shanghai in the morning to visit them.
We'll share those adventures with you later.
I had a business trip to Singapore Mon-Wed. I got to fly business class on the reconfigured 777 on Singapore Air, the best airline around! I think Josh, Sophia and I could have all fit on the seat. It was by far the widest seat I have ever been in on an airplane and the huge piece of succulent baked cod I got for dinner made it a wonderful trip. Meanwhile, Josh and Sophia held down the fort. Sophia took this job so seriously, she decided to wake her dad up at 4:30 Tuesday morning. Since she's still a bit boob-addicted, she was not in a good mood, since her drug of choice (me) was in Singapore. Josh was only able to calm her by driving around Beijing. Thank goodness we got our Chinese driver's licenses. I got home at midnight on Wed./Thursday. My head hit the pillow at 1 AM and Sophia decided to greet me at 1:30 AM. Unfortunately, she had her first fever and was not a happy camper, so the three of us had some good family bonding! Fortunately, she's doing much better now, except a snotty nose and a horrible mosquito bite on her eyelid which is making it droopy. I'll try to get a photo, although, that is also getting better.
Thursday was another busy day. I had a friend from my Claremont days and another from my White House days in town visiting, so we had them over for dinner along with another couple who live in Beijing. It was a wonderful evening of new and old friends. Another friend from the White House was also in town, so Josh and I got to lunch with her today. Beijing definitely is the place to be!
Today is the start of the mid-autumn festival holiday weekend. The year's largest and brightest moon will be making its showing this weekend sometime. We are hoping to have clear skies so we can witness this. Tradition calls for eating mooncakes and spending time with family. My grandmother is visiting my aunt and uncle in Shanghai so we are off to Shanghai in the morning to visit them.
We'll share those adventures with you later.
Sunday, September 7, 2008
Sophia's First Birthday
It's hard to believe, but Sophia is officially a toddler. It's been a busy summer, without a lot of time to see our friends, so we thought it was time to gather our friends. With 15 children, 30 adults and 3 babies in the belly, we celebrated Sophia's birthday. We hired chefs from the Italian embassy to cook for the occasion. Josh and I did, however, bake and decorate the cupcakes.
This year flew by. I don't think any of us realizes the importance of savoring every moment with your children until you have your own. We can't believe that the tiny little infant we brought home just one year ago, is now this amazing little person that reacts, inspires, giggles, entertains and can bring so much joy into our lives. We are so grateful for our little blessing, Sophia.
Thank you to all our friends and family for helping us get through the first year. We couldn't have done it without your love.
This year flew by. I don't think any of us realizes the importance of savoring every moment with your children until you have your own. We can't believe that the tiny little infant we brought home just one year ago, is now this amazing little person that reacts, inspires, giggles, entertains and can bring so much joy into our lives. We are so grateful for our little blessing, Sophia.
Thank you to all our friends and family for helping us get through the first year. We couldn't have done it without your love.
Thursday, September 4, 2008
On Joe Lieberman
We interrupt this blog to bring you a brief rant on Joe Lieberman.
I watched Lieberman's speech at the RNC yesterday and it made me furious with him. It's not that he's wrong about John McCain. Lieberman correctly pointed out that McCain has reached across party lines during his time in the Senate; that he has, on occasion, broken ranks with the Republican establishment--including President Bush; that he served his country with honor. None of that is in dispute, and Lieberman should not be taken to task for pointing it out.
Where Lieberman is wrong is to claim that McCain is the candidate of change and the candidate who can get the most done for Americans who are suffering due to high costs of health care, declining wages (in real terms), rising unemployment, a broken education system, and a soaring budget deficit. He doesn't believe that. He can't believe that.
What he may believe is that McCain is the better choice for Iraq, the better choice for securing access to sources of foreign and domestic oil and protecting big business (and, therefore, of trickle-down economics), and, of course, securing the status quo for long-serving Senators like Lieberman himself. (Note: he would be wrong about believing any of these things, but he can be forgiven for being so misguided.)
But if that's what he believes, and he feels strongly, he should stand up and say that. Don't dare claim that McCain is the candidate of change, the candidate of national unity, the candidate of energy independence, the candidate of economic recovery or of reconciliation with allies and engagement with adversaries.
McCain is the candidate of the status quo: of big oil, of ruinous economic policies, of misguided foreign ventures, of another four years.
I'm disappointed in Lieberman not because he supports McCain or because he crossed party lines. I'm disappointed because he got up at the RNC and misled the American people about why he supports McCain.
And that is inexcusable.
Monday, September 1, 2008
A picture perfect day in Beijing
Sunday was the most beautiful day in the entire four years that we have been in China, so we decided to head to Chaoyang Park, (of Olympic beach volleyball fame) and take a stroll and conduct our own photoshoot.
Enjoy a sample of our work!
Sunday, August 31, 2008
It's time to change our air filters
Even though today is the most gorgeous day I can remember seeing in Beijing and we've been spoiled with blue skies and relatively clean air during the Olympics, we still use heavy duty air purifiers in our apartment. We have to change the filters every six months, so today was the day. Thankfully, we had Sophia around who could help direct our handy man, Grandpa!
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