Our Infantile Economy

When my kids started playing soccer at around the ages of six or seven, winning and losing didn't matter. At the end of the season, every kid received a trophy regardless of their team's record. This continued until they reached their teens. (The trophies became worthless dust collectors and eventually ended up in the garbage.)

In elementary school, their so called self-esteemed was enhanced by telling them that all their answers to questions were okay if they were well expressed. Communicating and collaboration were more important than correct answers (good skills - yes, but right answers do count.)

What's missing? Responsibility for training, learning, educating yourself to do well and know the right things to do. Self-esteem has replaced self-reliance as a goal of our education and society. What failed to be recognized is that self-reliance and responsibility lead to a level of justified self-esteem.

What does this have to do with the market and the economy? With bank bailouts, mortgage bailouts, automaker bailouts - is no one willing to accept responsibility for their actions? In the long run, is our society stronger or weaker if no one fails for their poor decisions and (I'm sorry to say this) their lack of financial knowledge.