Lack of COMMON SENSE

I grew up at a time when you had to have common sense to survive and prosper.

In simple terms this meant that you looked at the world critically and objectively and concluded: "if it is too good to be true, it is probably not".

I majored in Russian Language and Area studies and since I went to FORDHAM a Jesuit University, I spent more time learning logic and philosophy than trying to learn the fundamentals of finance.

I did graduate from GE's prestigous FINANCIAL MANAGEMENT PROGRAM but even there I was taught to be a critique and not an enthusiastic number manipulator.

Today, most of our leaders have had the opposite experience. They have spent more time learning how to interpret and even manipulate the numbers than on asking the simple questions: "if it is so easy to do why isn't everyone doing it, or if the numbers are so good why and will they last forever?"

I am amazed at the sudden surprise about the "sub-primes" and the fact that so many SMART (?) people are losing their jobs and don't even know how deep the problem is. Isn't "common sense" that if you give money to people who can't afford to pay the monthly payments that they will fail?

We need to teach LOGIC, COMMON SENSE and the simple question "does it make sense?"

If we do, we may cause a major decline in the enrollment in EXPENSIVE MBA programs and for the need to have "high paid" consultants and experts... but it will be worth it since we will get back to what makes sense and not create unreal, non-achievable expectations.

We need to get back to teaching fundamental logic, critical thinking and logic and forget teaching the art and science of "making numbers create a "feel good" environment.