Paulson keeps economic talk mostly non-partisan

Former U.S. Secretary of the Treasury Henry Paulson enraptured audiences Monday with his account of and predictions for the global economy.

William B. Harrison Jr., a 1966 UNC graduate, the retired chief executive officer of JPMorgan Chase & Co. and a friend of Paulson, moderated the discussion and directed questions to him.

Paulson said he remains confident, and he stressed the importance of optimism in the face of a lagging global economy.

“We certainly can fix these problems,” Paulson said.

Paulson gained prominence largely for his role in quelling the credit crisis in 2008. Through the use of bank bailouts and efforts to cut taxes, Paulson worked to salvage the financial system and endured large amounts of criticism in the process.

His talk signified the launch of the University’s new Global Research Institute, a center for scholarly research on key international questions. Paulson’s program hinges on the Institute’s inaugural theme: “At the Crossroads: Globalization, the Economic Crisis and the Future of North Carolina.”

For all of the highly controversial topics Paulson touched on, such as bank bailouts and national debt, his rhetoric was largely non-partisan. Instead, Paulson’s answers were based purely in economic thought.

When asked about health care, he said he was not going to stray into economic issues that are also heated political issues.

Many audience members, including sophomore business major Bobby Humen, said they enjoyed this aspect of the discussion.

“He was more about doing the work and not pushing his views on us,” Humen said.

The large number of audience members filled the 250-seat Nelson Mandela Auditorium of the Global Education Center, and many resigned to watch the speech on television in a satellite location in the Tate-Turner-Kuralt Building.

Among those in the crowd were Erskine Bowles, president of the UNC system and Bruce Carney, the recently selected executive vice chancellor and provost.

Some viewers were also pleased that Paulson did more than steep his words in economic jargon. A large portion of his talk was centered on students.

When Harrison asked Paulson if he had any career advice for the many students in the audience, Paulson thought for a moment, then offered three suggestions for how to lead a balanced life.

“First,” Paulson said, “a recently hired college graduate can afford anything other than not to learn.

“Second, you need to pick something you’re going to enjoy and do well. Finally, as much time as you spend with your career, you’ve got to take some percentage of that time and devote it to your family life.”

Leena Patel, a freshman, said she agrees that balance is important.

“Often times, people forget in the race to achieve that there are more important aspects of life that they are missing out on,” she said. “Hearing that from someone that has had such a great career was really meaningful.”


Contact the University Editor at udesk@unc.edu.