Wednesday, December 16, 2009

Pot Meet Kettle II

Well this article just grows in irony as you read it.

It starts:
In the wake of the worst financial crisis in generations, the Obama administration today announced a new campaign to promote financial education for high school students nationwide...The first step in this effort, the administration said, will be the National Financial Capability Challenge, a national award program designed to encourage financial education in schools nationwide.
Is that an 'incentive'?
But wait:
"The reality is that all children don't know the basics of saving and investing," Education Secretary Arne Duncan said in a statement. "It's a skill they need to be successful in our economy."
Oh and the government is the prime example of who should be lecturing us... to say balance our budgets...

Oh but it doesn't end...
""We must also do a better job making sure our students graduate from high school with a better understanding of basic economics, basic finance, and the benefits and risks associated with debt," Geithner stated.

Geithner also pointed to a lack of financial education as one of the many causes of the economic crisis."

Did anybody tell him when you point one finger you have three more aiming back at you? Will politician be forced to take this class as a sort of remedial work? So we will teach the risks associated with debt? Err... no comment.

Finally:
"The failures that led to this financial crisis were many. Banks and investors took on large risks, risks they did not understand. Washington allowed those risks to build up unchecked. And in communities across the country, Americans borrowed too much in part because they did not understand how to save prudently, how to borrow responsibly, and they did not understand fully that pension values and house prices, equity prices will not always rise," he told reporters today."
What about government medaling in Fannie Mae and Freddie Mac before the crises started? I'm guessing the 'economic' picture will have a certain 'slant'.

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