at the same time, because i appreciate the role of chance and contingency in human events, i try to be appropriately realistic about my own capabilities. i know there is much that i don't know. i consequently try to be attentive to all points of view, to work collaboratively, and to involve as many smart people in policy decisions as possible. fortunately, my colleagues and the staff at the federal reserve are outstanding. and indeed, many of them have demonstrated their own breadth and flexibility, moving well beyond their previous training and experience to tackle a wide range of novel and daunting issues, usually with great success. law is like economics in that, although it has its own esoterica known only to initiates, it is at bottom a craft whose value lies primarily in its practical application. you cannot know today what problems or challenges you will face in the course of your professional lives. thus, i hope that, even as you continue to acquire expertise in specific and sometimes narrow aspects of the law, you will continue to maintain a broad perspective and willingness, indeed an eagerness, to expand the range of your knowledge and experience. i have spoken a bit about the economic and financial challenges that we face. how do these challenges bear on the prospects of the graduates of 2009? the economic situation is a trying one, as you know. we are in a recession, and the labor market is weak. many of you may not have gotten the job you wanted ; some may have had offers rescinded or the start of employment delayed. i do not minimize those constraints and disappointments in any way. restoring economic prosperity and maximizing economic opportunity are the central focus of our efforts at the fed. nevertheless, you are in some ways very lucky. you have been trained in a field, law, that is exceptionally broad in its compass. at the federal reserve, lawyers are involved in every aspect of our policies and operations – not just because they know the legal niceties, but because they possess analytical tools that bear on almost any problem. in law school you have honed your skills in reasoning, reading, and writing. many of you have work experience or bring backgrounds to bear ranging from history to political science to the humanities to science. there will always be a need for people with your abilities and talents. so, my advice to you is to stay optimistic. things usually have a way of working out. my second piece of advice is to be flexible, even adventurous

as you begin your careers. as i have tried to illustrate today, you are much less able than you think to foresee how your life, both professional and personal, will play out. the world changes too fast, and too many accidents and unpredictable events occur. it will pay, therefore, to be creative and openminded as you search for and consider professional opportunities. look most carefully at those options that will give you a chance to learn new things, explore new areas, and grow as a person. think of every job as a potential investment in yourself. will it prepare your mind for the opportunities that chance will provide? you are lucky also to be living and studying in the united states. there is a lot of pessimistic talk now about the future of america's economy and its role in the world. such talk accompanies every period of economic weakness. the united states endured a decade - long great depression and returned to prosperity and global leadership. when i graduated from college in 1975, and from graduate school in 1979, the economy was sputtering, gas prices and inflation were high, and pessimism – malaise, president carter called it – was rampant. the u. s. economy subsequently entered more than two decades of growth and prosperity. the economy will recover – it has too many fundamental strengths to be kept down for too long – and the mood will brighten. this is not to ignore real challenges. our society is aging, implying higher health - care costs and fiscal burdens. we need to save more as a country, to reduce global imbalances in saving and investment, and to set the stage for continued growth. our educational system is strong in some areas, including our university system, but does not serve everyone equally well, contributing to slower growth and greater income disparities. in the diverse capacities for which your training has prepared you, many of you will play a vital role in addressing these problems, both in the public and private spheres. i conclude with congratulations to the graduates, your families, and friends. you have worked hard and accomplished much. you have a great deal to look forward to, as many interesting and gratifying opportunities await you. i hope that as you enter or re - enter the working world, you make sure to stay flexible and open - minded and to learn whenever you can. that's the best way to deal with the unpredictabilities that are inherent in life. i wish