What are we teaching our children?

I'm an English teacher, not a financial guy, but, as an educator, I find the latest government bailout of a major financial institution both concerning and embarrassing--I have a feeling we've just given the rest of the world (the world that sees America as entitled snobs) more fodder to work with.

Sometimes you have to ask: Is it any wonder that we complain about kids today being spoiled, entitled, and apathetic when it comes to handling their own responsibilities? From airlines being "bailed out" to the latest AIG takeover, we are sending the message that its okay to be reckless, irresponsible, and selfish when it comes to doing whatever we want to GET what we want; someone (the fed, the government, China) will come to the rescue and take care of the mess you've made. Dont get me wrong--its a difficult situation. NOT bailing these companies out would undoubtedly send the national economy into disarray...so the government "seemingly" has the nations best interest at heart. But what about penalties (of any type) for these companies? And I wonder if the CEOs, CFOs, and high level management are feeling the ill effects of their selfish actions as much as investors are....

AIGs latest blunder is a result of something called "credit bond default" insurance, and their failure as a business is no doubt a prime example of America's selfishness and ardent desire for MORE MORE MORE. AIG is probably the largest insurer in the nation, and they probably do it better than anyone. But, recently, they began getting into this business of credit bond default insurance (or something like that) and what it means is this: Banks lend out money to private institutions (and, arguably, institutions who have a "higher" level of having to declare bankruptcy). Feeling "scared" of these institutions defaulting on their loans, banks seek out AIG to insure them against these types of defaults. I read today that this relatively new manner of adding to the already rape-like state of insurance premiums is itself a 70 TRILLION dollar business. But AIG, obviously, had no idea what they were getting into.

I know this might not sound very exciting, but consider this: the business of credit bond default insurance is a business that profits from other people's misfortunes (and actually HOPES for other people's misfortunes), and AIG waited, like a shark sitting under a fishing boat, for private businesses to become caught in their nets. The only problem was, of course, they were sharks with the brain capacity of Periwinkles.....and they had no idea what they were getting into to.

In my English class this week, we are examining the story of Beowulf, and discussing how his death--the death of a valiant epic hero--was absolutely preventable, since it resulted from his extreme HUBRIS. Hubris, of course, is a literary word for "excessive and life-damaging pride." And we see it all over the place today--from people like MC Hammer going bankrupt due to irresponsible money management because they spent millions on things like solid gold toilet seats, to Dennis Kozlowski, the former CEO of Tyco, who, days before it was revealed that he was embezzling millions to buy things like...um...solid gold showers (what is it with solid gold things??), spoke to my sister's graduating class at St. Anselm's college about the importance of integrity and honesty, to the latest classic American blunder of AIG, trying to make MORE MORE MORE by biting off more than they could chew in this world of boring, inconsequential, and devious insurance schemes; can Americans ever be complacent with what they have??

I leave you with two final thought: First of all, is it even shocking that yet another large conglomerate has done this? Why arent we absolutely outraged at the way in which they go to the "Old Country Buffet" of finances, eat and drink all they want, let out a disgusting and smelly burp....and then let someone else pick up the tab. And why should they even be concerned? In the liberal society in which we live, consequences are virtually unheard of. The second question is this: How are we supposed to educate our children (both parentally and in school) on ethics, responsibility, and morals, when society is constantly letting them know they dont need them. So, the next time you get fed up with kids skateboarding at Wal-Mart instead of getting part time jobs, or teens protesting just how difficult school is, or a little girl in the store whining and crying because they can't have BOTH toys they want, ask yourself: Are you surprised?