Christopher L. Eisgruber

Well, in these circumstances, we're able to do less of that. And that's where you find yourself pulling back from what it is you've been doing.

Well, in these circumstances, we're able to do less of that. And that's where you find yourself pulling back from what it is you've been doing.

No. We are not. But there are new initiatives that get harder to do, areas that you want to see universities move into. That you're not going to be able to do. That people won't be able to move into.

No. We are not. But there are new initiatives that get harder to do, areas that you want to see universities move into. That you're not going to be able to do. That people won't be able to move into.

I'm not saying it's going to be fine, right? I just want to be clear about where are our commitments and our priorities and how are we going to do that. And when I talk to you about what we're doing in the global financial crisis, we were laying off people into the worst economy that existed in the United States since the Great Depression. That's not things being fine as far as I'm concerned.

I'm not saying it's going to be fine, right? I just want to be clear about where are our commitments and our priorities and how are we going to do that. And when I talk to you about what we're doing in the global financial crisis, we were laying off people into the worst economy that existed in the United States since the Great Depression. That's not things being fine as far as I'm concerned.

Eventually, universities will have to make choices about what they do around affordability and what they do around research if things get bad enough, right? So our students right now, because of our endowment, We have 83% graduating with zero debt.

Eventually, universities will have to make choices about what they do around affordability and what they do around research if things get bad enough, right? So our students right now, because of our endowment, We have 83% graduating with zero debt.

At some point, you get to really tough choices about how good does your financial aid program have to be, right, in order to be able to sustain the research that you do.

At some point, you get to really tough choices about how good does your financial aid program have to be, right, in order to be able to sustain the research that you do.

If you get contraction in what research is going on, you get some universities that go to other places, right, that have to make judgments that we don't have to make about whether they're going to continue to accept the grants that support their medical schools or compromise on academic freedom. Neither of those choices is fine.

If you get contraction in what research is going on, you get some universities that go to other places, right, that have to make judgments that we don't have to make about whether they're going to continue to accept the grants that support their medical schools or compromise on academic freedom. Neither of those choices is fine.

There's nothing that's going to be fine if we don't restore simultaneously a respect for academic freedom without which you cannot be a great research university or this funding. I'm just saying our choices are, you know, first of all, we have to protect academic freedom. I do not think we can give up on that.

There's nothing that's going to be fine if we don't restore simultaneously a respect for academic freedom without which you cannot be a great research university or this funding. I'm just saying our choices are, you know, first of all, we have to protect academic freedom. I do not think we can give up on that.

And the right set of choices for us are ones that say, all right, we're going to reallocate around priorities that mean we're going to do research and teaching of the highest quality and but not be able to do as much of it as we would otherwise do. And I don't think that's fine for us, right? And the choices get harder and harder the more the revenue streams come to bear.

And the right set of choices for us are ones that say, all right, we're going to reallocate around priorities that mean we're going to do research and teaching of the highest quality and but not be able to do as much of it as we would otherwise do. And I don't think that's fine for us, right? And the choices get harder and harder the more the revenue streams come to bear.

At some point, you're going to get to places where even what I describe right now is not possible and things are going to get worse. So things can get very bad.

At some point, you're going to get to places where even what I describe right now is not possible and things are going to get worse. So things can get very bad.

Thank you. Thank you.

Thank you. Thank you.