js-2434: The Honorable John W. Snow <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://treasury.gov/press/releases/js2434.htm time: 8:01:34 Jan 09, 2009"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <br>Prepared Remarks<br>James Madison University Commencement<br>Harrisonburg, VA



	FROM THE OFFICE OF PUBLIC AFFAIRS May 9, 2005 js-2434 The Honorable John W. Snow Prepared Remarks James Madison University Commencement Harrisonburg, VA Thank you so much for having me here on what is one of the most significant days of your lives... and of your parents' lives. For you, today is about the future, and the enormous possibilities it holds. For those of you entering the world of work, yesterday's employment numbers bode well for you: with 274,000 jobs created in April, and the economy has created 3.5 million new jobs since May of 2003. This is an excellent time to be entering the workforce; job creation is strong. Your futures are bright, indeed. I love what former New York Mayor Ed Koch once said in a commencement speech: "The fireworks begin today. Each diploma is a lighted match. Each one of you is a fuse." For your parents, today is also about the future… one without tuition payments. So congratulations to one and all. I promise you that the future of my remarks… is a short one. It has been said that the greatest achievement of graduates is sitting through the commencement address, and that's not the challenge I want you to face today. So I'll simply offer you a few thoughts and then let you get those diplomas that you have worked so very hard for. I propose to you three things to think about today and in the months ahead as you set out into this wonderful world: First, a way of looking at your education and what it means. Second, a little bit of advice about living life to its fullest. And third, a touch of inter-generational perspective. In terms of your education… what does it mean, this diploma, these years of classes, papers and exams? This is very important: *Education is not the knowledge you gain. It is the ability to learn.* Your years at JMU have developed your ability to learn, to look hard at questions and have a disciplined mind. An educated person has a spirit of inquiry... and that is far more important than a body of knowledge. Because ultimately one must find answers through that spirit of inquiry, self-reliance and self-confidence – the things that lie at the heart of a good liberal arts education. You're now equipped to enter into the unknown and use your critical mind to determine the best course. Your education here has exposed you to so many different areas – from music to physics, poetry to psychology – you have by now learned how all facets of this life are somehow connected, and that will help you draw conclusions and make critical decisions. Take your ability to learn and decide to use it pursuing a *lifetime of learning.* As an illustration of that, let me mention Alan Greenspan, the eminent chairman of the Federal Reserve, a man noted for his deep erudition and mastery of financial matters. In talking with Alan some years back, he told me he had gone back to the books, the mathematics books, and he was working hard to master some elements of mathematical theory. He explained that he felt compelled to do so because of the development of the derivatives market, which had taken on far reaching significance in the financial world. Alan explained that derivatives were becoming a bigger and bigger part of what the Federal Reserve System needed to be concerned about. And derivatives -- really sophisticated hedging on risks -- is based on a system of underlying set of mathematical constructs. Now think of that, the Chairman of the Federal Reserve Board, who years ago got a PhD in economics, and one of the leading financial figures in the world, going back to the books. But that is the world we are in, that is the world you are entering, so you can never be satisfied with what you know, but rather must draw strength from what you have learned about how to learn. Let me put it this way: there's no roadmap for success. But you do have to know how to drive. And it doesn't hurt to know how to change a flat tire once in a while. You've earned your driver's license; you've gassed up the car. It's time to hit the road. Keep your spirit of inquiry sharp. Learn about each place that you visit, and each person that you meet, each situation that you encounter.