I'll extend my best wishes to the seniors later, but first I want to congratulate the parents and families here. As a parent myself, I know that putting your kid through college these days is no walk in the park. Some years ago I had a colleague who sent three kids through Princeton even though neither he nor his wife attended this university. He and his spouse were very proud of that accomplishment, as they should have been. But my colleague also used to say that, from a financial perspective, the experience was like buying a new Cadillac every year and then driving it off a cliff. I should say that he always added that he would do it all over again in a minute. So, well done, moms, dads, and families.

This is indeed an impressive and appropriate setting for a commencement. I am sure that, from this lectern, any number of distinguished spiritual leaders have ruminated on the lessons of the Ten Commandments. I don't have that kind of confidence, and, anyway, coveting your neighbor's ox or donkey is not the problem it used to be, so I thought I would use my few minutes today to make Ten Suggestions, or maybe just Ten Observations, about the world and your lives after Princeton. Please note, these points have nothing whatsoever to do with interest rates. My qualification for making such suggestions, or observations, besides having kindly been invited to speak today by President Tilghman, is the same as the reason that your obnoxious brother or sister got to go to bed later—I am older than you. All of what follows has been road- tested in real-life situations, but past performance is no guarantee of future results.

1. The poet Robert Burns once said something about the best-laid plans of mice and men ganging aft agley, whatever "agley" means. A more contemporary philosopher, Forrest Gump, said something similar about life and boxes of chocolates and not knowing what you are going to get. They were both right. Life is amazingly unpredictable; any 22-year-old who thinks he or she knows where they will be in 10 years, much less in 30, is simply lacking imagination. Look what happened to me: A dozen years ago I was minding my own business teaching Economics 101 in Alexander Hall and trying to think of good excuses for avoiding faculty meetings. Then I got a phone call . . . In case you are skeptical of Forrest Gump's insight, here's a concrete suggestion for each of the graduating seniors. Take a few minutes the first chance you get and talk to an alum participating in his or her 25th, or 30th, or 40th reunion—you know, somebody who was near the front of the P-rade. Ask them, back when they were graduating 25, 30, or 40 years ago, where they expected to be today. If you can get them to open up, they will tell you that today they are happy and satisfied in various measures, or not, and their personal stories will be filled with highs and lows and in-betweens. But, I am willing to bet, those life stories will in almost all cases be quite different, in large and small ways, from what they expected when they started out. This is a good thing, not a bad thing; who wants to know the end of a story that's only in its early chapters? Don't be afraid to let the drama play out.

2. Does the fact that our lives are so influenced by chance and seemingly small decisions and actions mean that there is no point to planning, to striving? Not at all. Whatever life may have in store for you, each of you has a grand, lifelong project, and that is the development of yourself as a human being. Your family and friends and your time at Princeton have given you a good start. What will you do with it? Will you keep learning and thinking hard and critically about the most important questions? Will you become an emotionally stronger person, more generous, more loving, more ethical? Will you involve yourself actively and constructively in the world? Many things will happen in your lives, pleasant and not so pleasant, but, paraphrasing a Woodrow Wilson School adage from the time I was here, "Wherever you go, there you are." If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

3. The concept of success leads me to consider so-called meritocracies and their implications. We have been taught that meritocratic institutions and societies are fair. Putting aside the reality that no system, including our own, is really entirely meritocratic, meritocracies may be fairer and more efficient than some alternatives. But fair in an absolute sense? Think about it. A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate—these are the folks who reap the largest rewards. The only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others. As the Gospel of Luke says (and I am sure my rabbi will forgive me for quoting the New Testament in a good cause): "From everyone to whom much has been given, much will be required; and from the one to whom much has been entrusted, even more will be demanded" (Luke 12:48, New Revised Standard Version Bible). Kind of grading on the curve, you might say.

4. Who is worthy of admiration? The admonition from Luke—which is shared by most ethical and philosophical traditions, by the way—helps with this question as well. Those most worthy of admiration are those who have made the best use of their advantages or, alternatively, coped most courageously with their adversities. I think most of us would agree that people who have, say, little formal schooling but labor honestly and diligently to help feed, clothe, and educate their families are deserving of greater respect—and help, if necessary—than many people who are superficially more successful. They're more fun to have a beer with, too. That's all that I know about sociology.

5. Since I have covered what I know about sociology, I might as well say something about political science as well. In regard to politics, I have always liked Lily Tomlin's line, in paraphrase: "I try to be cynical, but I just can't keep up." We all feel that way sometime. Actually, having been in Washington now for almost 11 years, as I mentioned, I feel that way quite a bit. Ultimately, though, cynicism is a poor substitute for critical thought and constructive action. Sure, interests and money and ideology all matter, as you learned in political science. But my experience is that most of our politicians and policymakers are trying to do the right thing, according to their own views and consciences, most of the time. If you think that the bad or indifferent results that too often come out of Washington are due to base motives and bad intentions, you are giving politicians and policymakers way too much credit for being effective. Honest error in the face of complex and possibly intractable problems is a far more important source of bad results than are bad motives. For these reasons, the greatest forces in Washington are ideas, and people prepared to act on those ideas. Public service isn't easy. But, in the end, if you are inclined in that direction, it is a worthy and challenging pursuit.

6. Having taken a stab at sociology and political science, let me wrap up economics while I'm at it. Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data. This insight covers at least 90 percent of proposed economic policies.

7. I'm not going to tell you that money doesn't matter, because you wouldn't believe me anyway. In fact, for too many people around the world, money is literally a life-or-death proposition. But if you are part of the lucky minority with the ability to choose, remember that money is a means, not an end. A career decision based only on money and not on love of the work or a desire to make a difference is a recipe for unhappiness.

8. Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.

9. I spoke earlier about definitions of personal success in an unpredictable world. I hope that as you develop your own definition of success, you will be able to do so, if you wish, with a close companion on your journey. In making that choice, remember that physical beauty is evolution's way of assuring us that the other person doesn't have too many intestinal parasites. Don't get me wrong, I am all for beauty, romance, and sexual attraction—where would Hollywood and Madison Avenue be without them? But while important, those are not the only things to look for in a partner. The two of you will have a long trip together, I hope, and you will need each other's support and sympathy more times than you can count. Speaking as somebody who has been happily married for 35 years, I can't imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.

10. Call your mom and dad once in a while. A time will come when you will want your own grown-up, busy, hyper- successful children to call you. Also, remember who paid your tuition to Princeton.

Those are my suggestions. They're probably worth exactly what you paid for them. But they come from someone who shares your affection for this great institution and who wishes you the best for the future.

Congratulations, graduates. Give `em hell.

President Walsh, trustees, faculty, friends, noble parents...and dear class of 1996, I am so proud of you. Thank you for asking me to speak to you today. I had a wonderful time trying to imagine who had been ahead of me on the list and had said no; I was positive you'd have to have gone to Martha Stewart first. And I meant to call her to see what she would have said, but I forgot. She would probably be up here telling you how to turn your lovely black robes into tents. I will try to be at least as helpful, if not quite as specific as that.

I'm very conscious of how easy it is to let people down on a day like this, because I remember my own graduation from Wellesley very, very well, I am sorry to say. The speaker was Santha Rama Rau who was a woman writer, and I was going to be a woman writer. And in fact, I had spent four years at Wellesley going to lectures by women writers hoping that I would be the beneficiary of some terrific secret—which I never was. And now here I was at graduation, under these very trees, absolutely terrified. Something was over. Something safe and protected. And something else was about to begin. I was heading off to New York and I was sure that I would live there forever and never meet anyone and end up dying one of those New York deaths where no one even notices you're missing until the smell drifts into the hallway weeks later. And I sat here thinking, "OK, Santha, this is my last chance for a really terrific secret, lay it on me," and she spoke about the need to place friendship over love of country, which I must tell you had never crossed my mind one way or the other.

I want to tell you a little bit about my class, the class of 1962. When we came to Wellesley in the fall of 1958, there was an article in the Harvard Crimson about the women's colleges, one of those stupid mean little articles full of stereotypes, like girls at Bryn Mawr wear black. We were girls then, by the way, Wellesley girls. How long ago was it? It was so long ago that while I was here, Wellesley actually threw six young women out for lesbianism. It was so long ago that we had curfews. It was so long ago that if you had a boy in your room, you had to leave the door open six inches, and if you closed the door you had to put a sock on the doorknob. In my class of, I don't know, maybe 375 young women, there were six Asians and 5 Blacks. There was a strict quota on the number of Jews. Tuition was $2,000 a year and in my junior year it was raised to $2,250 and my parents practically had a heart attack.

How long ago? If you needed an abortion, you drove to a gas station in Union, New Jersey, with $500 in cash in an envelope and you were taken, blindfolded, to a motel room and operated on without an anesthetic. On the lighter side, and as you no doubt read in the New York Times magazine, and were flabbergasted to learn, there were the posture pictures. We not only took off most of our clothes to have our posture pictures taken, we took them off without ever even thinking, this is weird, why are we doing this?—not only that, we had also had speech therapy—I was told I had a New Jersey accent I really ought to do something about, which was a shock to me since I was from Beverly Hills, California, and had never set foot in the state of New Jersey... not only that, we were required to take a course called Fundamentals, Fundies, where we actually were taught how to get in and out of the back seat of the car. Some of us were named things like Winkie. We all parted our hair in the middle. How long ago was it? It was so long ago that among the things that I honestly cannot conceive of life without, that had not yet been invented: panty hose, lattes, Advil, pasta (there was no pasta then, there was only spaghetti and macaroni)—I sit here writing this speech on a computer next to a touch tone phone with an answering machine and a Rolodex, there are several CDs on my desk, a bottle of Snapple, there are felt-tip pens and an electric pencil sharpener... well, you get the point, it was a long time ago.

Anyway, as I was saying, the Crimson had this snippy article which said that Wellesley was a school for tunicata—tunicata apparently being small fish who spend the first part of their lives frantically swimming around the ocean floor exploring their environment, and the second part of their lives just lying there breeding. It was mean and snippy, but it had the horrible ring of truth, it was one of those do-not-ask-for-whom-the-bell-tolls things, and it burned itself into our brains. Years later, at my 25th reunion, one of my classmates mentioned it, and everyone remembered what tunacata were, word for word.

My class went to college in the era when you got a masters degrees in teaching because it was "something to fall back on" in the worst case scenario, the worst case scenario being that no one married you and you actually had to go to work. As this same classmate said at our reunion, "Our education was a dress rehearsal for a life we never led." Isn't that the saddest line? We weren't meant to have futures, we were meant to marry them. We weren't' meant to have politics, or careers that mattered, or opinions, or lives; we were meant to marry them. If you wanted to be an architect, you married an architect. Non Ministrare sed Ministrari—you know the old joke, not to be ministers but to be ministers' wives.

I've written about my years at Wellesley, and I don't want to repeat myself any more than is necessary. But I do want to retell one anecdote from the piece I did about my 10th Wellesley reunion. I'll tell it a little differently for those of you who read it. Which was that, during my junior year, when I was engaged for a very short period of time, I thought I might transfer to Barnard my senior year. I went to see my class dean and she said to me, "Let me give you some advice. You've worked so hard at Wellesley, when you marry, take a year off. Devote yourself to your husband and your marriage." Of course it was stunning piece of advice to give me because I'd always intended to work after college. My mother was a career woman, and all of us, her four daughters, grew up understanding that the question, "What do you want to be when you grow up?" was as valid for girls as for boys. Take a year off being a wife. I always wondered what I was supposed to do in that year. Iron? I repeated the story for years, as proof that Wellesley wanted its graduates to be merely housewives. But I turned out to be wrong, because years later I met another Wellesley graduate who had been as hell-bent on domesticity as I had been on a career. And she had gone to the same dean with the same problem, and the dean had said to her, "Don't have children right away. Take a year to work." And so I saw that what Wellesley wanted was for us to avoid the extremes. To be instead, that thing in the middle. A lady. We were to take the fabulous education we had received here and use it to preside at dinner table or at a committee meeting, and when two people disagreed we would be intelligent enough to step in and point out the remarkable similarities between their two opposing positions. We were to spend our lives making nice.

Many of my classmates did exactly what they were supposed to when they graduated from Wellesley, and some of them, by the way, lived happily ever after. But many of them didn't. All sorts of things happened that no one expected. They needed money so they had to work. They got divorced so they had to work. They were bored witless so they had to work. The women's movement came along and made harsh value judgments about their lives—judgments that caught them by surprise, because they were doing what they were supposed to be doing, weren't they? The rules had changed, they were caught in some kind of strange time warp. They had never intended to be the heroines of their own lives, they'd intended to be—what?—First Ladies, I guess, first ladies in the lives of big men. They ended up feeling like victims. They ended up, and this is really sad, thinking that their years in college were the best years of their lives.

Why am I telling you this? It was a long time ago, right? Things have changed, haven't they? Yes, they have. But I mention it because I want to remind you of the undertow, of the specific gravity. American society has a remarkable ability to resist change, or to take whatever change has taken place and attempt to make it go away. Things are different for you than they were for us. Just the fact that you chose to come to a single-sex college makes you smarter than we were—we came because it's what you did in those days—and the college you are graduating from is a very different place. All sorts of things caused Wellesley to change, but it did change, and today it's a place that understands its obligations to women in today's world. The women's movement has made a huge difference, too, particularly for young women like you. There are women doctors and women lawyers. There are anchorwomen, although most of them are blonde. But at the same time, the pay differential between men and women has barely changed. In my business, the movie business, there are many more women directors, but it's just as hard to make a movie about women as it ever was, and look at the parts the Oscar-nominated actresses played this year: hooker, hooker, hooker, hooker, and nun. It's 1996, and you are graduating from Wellesley in the Year of the Wonderbra. The Wonderbra is not a step forward for women. Nothing that hurts that much is a step forward for women.

What I'm saying is, don't delude yourself that the powerful cultural values that wrecked the lives of so many of my classmates have vanished from the earth. Don't let the New York Times article about the brilliant success of Wellesley graduates in the business world fool you—there's still a glass ceiling. Don't let the number of women in the work force trick you—there are still lots of magazines devoted almost exclusively to making perfect casseroles and turning various things into tents.

Don't underestimate how much antagonism there is toward women and how many people wish we could turn the clock back. One of the things people always say to you if you get upset is, don't take it personally, but listen hard to what's going on and, please, I beg you, take it personally. Understand: Every attack on Hillary Clinton for not knowing her place is an attack on you. Underneath almost all those attacks are the words: Get back, get back to where you once belonged. When Elizabeth Dole pretends that she isn't serious about her career, that is an attack on you. The acquittal of O.J. Simpson is an attack on you. Any move to limit abortion rights is an attack on you—whether or not you believe in abortion. The fact that Clarence Thomas is sitting on the Supreme Court today is an attack on you.

Above all, be the heroine of your life, not the victim. Because you don't have the alibi my class had—this is one of the great achievements and mixed blessings you inherit: Unlike us, you can't say nobody told you there were other options. Your education is a dress rehearsal for a life that is yours to lead. Twenty-five years from now, you won't have as easy a time making excuses as my class did. You won't be able to blame the deans, or the culture, or anyone else: you will have no one to blame but yourselves. Whoa.

So what are you going to do? This is the season when a clutch of successful women—who have it all—give speeches to women like you and say, to be perfectly honest, you can't have it all. Maybe young women don't wonder whether they can have it all any longer, but in case any of you are wondering, of course you can have it all. What are you going to do? Everything, is my guess. It will be a little messy, but embrace the mess. It will be complicated, but rejoice in the complications. It will not be anything like what you think it will be like, but surprises are good for you. And don't be frightened: you can always change your mind. I know: I've had four careers and three husbands. And this is something else I want to tell you, one of the hundreds of things I didn't know when I was sitting here so many years ago: you are not going to be you, fixed and immutable you, forever. We have a game we play when we're waiting for tables in restaurants, where you have to write the five things that describe yourself on a piece of paper. When I was your age, I would have put: ambitious, Wellesley graduate, daughter, Democrat, single. Ten years later not one of those five things turned up on my list. I was: journalist, feminist, New Yorker, divorced, funny. Today not one of those five things turns up in my list: writer, director, mother, sister, happy. Whatever those five things are for you today, they won't make the list in ten years—not that you still won't be some of those things, but they won't be the five most important things about you. Which is one of the most delicious things available to women, and more particularly to women than to men. I think. It's slightly easier for us to shift, to change our minds, to take another path. Yogi Berra, the former New York Yankee who made a specialty of saying things that were famously maladroit, quoted himself at a recent commencement speech he gave. "When you see a fork in the road," he said, "take it." Yes, it's supposed to be a joke, but as someone said in a movie I made, don't laugh this is my life, this is the life many women lead: Two paths diverge in a wood, and we get to take them both. It's another of the nicest things about being women; we can do that. Did I say it was hard? Yes, but let me say it again so that none of you can ever say the words, nobody said it was so hard. But it's also incredibly interesting. You are so lucky to have that life as an option.

Whatever you choose, however many roads you travel, I hope that you choose not to be a lady. I hope you will find some way to break the rules and make a little trouble out there. And I also hope that you will choose to make some of that trouble on behalf of women. Thank you. Good luck. The first act of your life is over. Welcome to the best years of your lives.