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Housing Bubble & Financial Crisis – Who’s to Blame? Part 3 of 3

Almost everyone is searching for someone to blame for the current economic crisis. The problem is, most of the people looking to point the finger, are actually the ones who should be looking in the mirror when it comes to who is really at fault. Unfortunately, the American consumers put themselves in this situation through a combination of greed and lack of personal financial knowledge. Sure, greedy corporations and lending institutions played a role as well, especially if they deceived unwitting borrowers, but there again, the key word is “unwitting”. Buyer beware is still the mantra, even when it comes to purchasing a home.

While I’m hesitant to heap any more problems on this country’s already struggling educational system, I think the root issue lies there within. Almost all of us spend four years in high school, and a large portion of us attend post-secondary educational institutions, yet I would venture to say virtually none of us have ever taken a personal finance class at any point during the educational process.

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In high school, I was lucky enough to have taken an elective course entitled “It’s Your Money”. The brief, nine-week class, focused on teaching students personal finance. We learned how to balance a checkbook, create a budget, review a credit card statement, understand state and federal income taxes, and studied various investment options. Until I began to work on my MBA, I took more lessons and everyday knowledge away from that nine-week class than any other course.

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What’s worse is that it wasn’t a required course and this may be a contributing factor to the housing bubble /credit crisis facing society today. “It’s Your Money” wasn’t an English, math, or science course. It wasn’t a history class, or a foreign language. It didn’t even warrant a full semester’s worth of study. Just think, with an additional nine weeks my classmates and I might have learned about purchasing a home and the variety of mortgages available. But we were too busy with algebra, biology, world history, chemistry, and various other subjects that most of us now only use when watching television quiz shows.

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Don’t get me wrong, I’m not saying these are not good subjects to study or don’t add to the cognitive process. It’s important to be able to recall American history when we studied the Great Depression and say, “Yep, we’re headed there again.” Remember algebra? It tells us that a + b = c. Well, right now that formula represents, ignorance of personal finance + corporate greed = crumbling economy.

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It’s time to look at what we are teaching our children and how we are teaching it. Maybe we should make chemistry and calculus elective courses and a personal finance class a requirement. I guarantee even chemists will need to know how to understand their paychecks and read their credit card statements, but very few of us will ever need to know the chart of elements or the atomic number of uranium.

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We’ve provided an entertaining look at the housing bubble /financial crisis, which can be viewed via this link:, and if you enjoy the video, please give us a “digg”.

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[tags] finance, income taxes, housing bubble, credit crisis, mortgages, Great Depression, personal finance, 401K, covered call investment strategy, investment strategy, iron condor, option income, personal stock portfolio, poweroptions, stock option trading, stock options [/tags]

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