Last May I suggested to our graduates that they live in interesting times. They’ve become even more interesting…and serious. The world economy’s capital infrastructure is undergoing seismic change.  At the same time, and in part because of the financial disruption, the U.S. economy is in recession.  The length and depth of the recession is likely tied to the extent of the credit debacle.  While overall corporate earnings, lower consumer demand and the weakness of the auto industry all contribute to recession, I believe it is the flow and accessibility of capital that is the larger economic issue.  And, all of this is impacting higher education. Two-thirds of lending institutions who previously made college loans are exiting or will exit that business.  Unemployment is likely to rise and family income growth may suffer. Yet, with all of that as a backdrop I am more bullish on Philadelphia University than ever. We have just completed a world class strategic plan that is unequivocally focused on taking what we do best to the next level – educating students to be professionals and leaders ready to address the emerging challenges in the workplace, both today and in the future.  Interdisciplinary, collaborative work on real-world issues is central to the strategic plan and our faculty and staff are actively engaged in its implementation. We have record enrollment and continued strong applications for the coming year.  Moreover, the University is operating on a solid financial base. I have been through several recessions (with 1976-1980 a particularly challenging time during which indexed gas prices, interest rates and unemployment were all higher than they are today).  Well-managed institutions that focus on their core mission will emerge stronger and grow healthier when the recession ends.  And it will end. Philadelphia University is poised for greatness.