OPINION
THE CORNELL DAILY SUN | Wednesday, October 29, 2008 11
A BUSINESS PROPOSITION
REQUIRING PERSONAL FINANCE CLASSES
s incoming provost Kent Fuchs begins his transition to his new post I call upon him to consider a new graduation requirement for seniors: a workshop in personal finance. The changing of the guard at the University’s highest academic office offers a unique opportunity for Cornell to become a leader among its peer institutions by educating its students in not only the writings of philosophers, the theories of physicists, or the greatest works of artists and architects, but also in pertinent subjects such as credit card debt, mortgages, and saving for retirement. Currently, personal finance is not a requirement for any major in the seven undergraduate colleges. In the 2008-
A
Laura Temel
The Girl With Kaleidoscope Eyes
2009 Courses of Study catalogue, the only personal finance offering listed is a 2-credit course in the School of Hotel Administration and is limited to 120 non-Hotel students each semester. This offering is completely inadequate. I firmly believe Cornell University should mandate a sufficient understanding of the basic tenets of personal finance for its undergraduate community. Misconceptions of fundamental economic instruments such as mortgages and loans have led us to the current crisis. Many Americans do not have a complete understanding of personal savings and money management. Cornell has taught hundreds of students how to work on Wall Street. Why has it fallen
short in teaching personal finance? The Treasury Department has recognized that Americans between the ages of 18-24 are key targets to educate in financial matters and has designed a financial education campaign (www.controlyourcredit.gov) directed towards college students. But instead of relying on the indiscriminate efforts of the federal government, Cornell should provide workshops personalized for students of the Big Red. In constructing a syllabus for such a workshop, I would be certain to include sections on the pillars of personal finance, specifically mortgages, use of credit, insurance, money management, repayment of student loans, and retirement planning. Especially in light of the ongoing meltdown, the lesson plan should address the questions: what criteria are important in obtaining a mortgage? How can we protect ourselves from a bad credit score? In college, we are well-equipped to learn such real life concepts. Within an academic environment, this type of workshop could come in various forms. Similar to AlcoholEdu, the personal finance workshop could be online and structured in the form of tutorials and cumulative pass/fail quizzes. Conversely, the workshop could resemble the New Student Reading Project and comprise of a series of discussions over the course of one or two days. Workshops could be offered on multiple occasions throughout the semester and seniors could sign up at a time convenient to them. Cornell could bring in visiting lecturers with expertise in any of these fields, or recruit professors from within the business-oriented majors. Cornell currently has a handful of University-wide graduation requirements including the swim test, AlcoholEdu, and the freshman writing seminars. It is clear that Cornell has continued to emphasize these critical life skills, and I argue that matters of personal finance are equally important. In particular, undergraduates with heavy students loans may graduate with an incomplete understanding of how to properly manage the debt they
have incurred while at Cornell. Like the swim test, a workshop of this nature will help to keep students afloat. It is possible that the faculty will not look favorably upon this idea. Creating an additional University-wide requirement could turn some heads, but that does not negate its importance, nor suggest that such a workshop would be impossible to implement. I encourage other undergraduates and student organizations to propel this effort forward for implementation in the near future. At the end of the day, responsibility for oneself ultimately lies within the hands of the individual. In this financial crisis many Americans did not clearly understand what kind of financial obligations they were entering. There is plenty of blame to go around in this volatile financial environment, but moving forward it is evident that there is a way to avert another crisis: better education in personal finance. In Monday’s Sun, President Skorton wrote, “challenging times require creative thinking and flexibility, but that’s what Cornell and Cornellians do best.” I agree with President Skorton. The requirement I have proposed is a creative way for Cornell to do its part in forestalling another crisis. The administration is certainly addressing the short-term consequences attached to the economic situation, but what will our University do to help prevent a future collapse? Cornell should take it upon itself to educate its own students not to fall prey to financial ignorance. Like swimming or writing, these are basic life skills. Let’s avert the next financial crisis one Cornellian at a time.
Laura Temel is a senior in the College of Arts and Sciences. She can be reached at ltemel@cornellsun.com. The Girl With Kaleidoscope eyes appears alternate Wednesdays.
BFFAE? BARRY WRITES JOHNNY A LETTER
Dear Sen. McCain,
As we approach what many will call the final stretch of an historic campaign, I would like to formally commend you for your valiant effort. You may be aware, as it is widely accepted, that I posses a significant lead in all polls, to be the next President of the United States. Now let us not get ahead of ourselves; the race is far from over. However, I believe that the American people are ready for change and that I will soon be elected President of the United States of America. John, it is natto comment on a few aspects of your campaign. I believe that it is absolutely necessary for Democrats and Republicans to work together. I will therefore discuss where your fatal errors occurred, and provide some advice as to what Republicans should avoid when attempting to run a successful campaign in the future. In what appears to have been a premature move, you decided to choose Governor Sarah Palin as your running mate. Although Hillary and I have had our differences, it was foolish of you to believe that Gov. Palin could actually attract the female vote. During my time as a community organizer, I was able to connect with the average American. Not once during my efforts to create jobs, improve education, and generate social Second welfare did I hear talk of Opinion “hockey moms”, “pit bulls with makeup”, or of this “Joe with a six-pack”. It was also questionable to choose a running mate who had actually never, not once, traveled outside of the United States. She seems to have become an extreme distraction, and has generated negative publicity for your campaign. America does not want an unrefined “Maverick” hunting around the White House. Let me now discuss the only issue of substance that has been brought up during your campaign. John, you are absolutely right that the surge has had a positive effect on the war. However, you like to pretend that the war started in 2007. Unlike you, I voted against the war from the beginning. Meanwhile, violence in Afghanistan is escalating, and we still have not captured Osama bin Laden. Had you actually voted against the Iraq war, your party might not have such abysmal approval ratings. I fully support our troops; however, it is time to help them return home. Today, Americans are actually faced with two wars. Although you have claimed that our economy is fundamentally sound, the people I confer with, including my friend Warren Buffett, disagree. From Wall Street to Main Street, Americans are feeling the pain of the greatest financial crisis since the Great Depression. Along with President Bush, you have voted continuously for the deregulation of big business. It is time to aid the average American, not the privileged American. I am talking about the police officer, the schoolteacher and the farmer who are trying to save their homes and their pensions. Perhaps it would have been useful to actually speak to these Americans or anyone besides Joe the Plumber. The last critique that I have is somewhat more personal, something that has directly offended me and my campaign. It appears that Mr. Ayers and Acorn have become the centerpieces of your campaign. Unlike what you would have people believe, Mr. Ayers is not running my campaign, and will not be advising me in the White House. I have clarified, on numerous occasions, that I supported Mr. Ayers in his educational efforts, not his radical beliefs. Furthermore, my ties with Acorn are in no way connected to the recent improprieties by a few individuals that organization. I am extremely disappointed, and did not believe that you, a man of such character, would turn to such negative and untruthful tactics. As November 4th approaches, I felt it necessary to speak with you directly. You are a respectable senator, and I am honored to have run beside you. However, the American people are ready for change, and I will be the one to bring that change that we desperately need. Under my leadership, America will move forward. I will fight to restore the values and beliefs of this great nation. I would like to praise you again Senator McCain, and I wish you well in your future political career. It is time for a new page in politics, and it is time for a new era in Washington. God Bless America.
Shaun Werbelow
ural that following a loss you may ask yourself, “Where did I go wrong?” The simple answer is that the American people recognize the failed policies of your campaign, and do not want another eight years of George W. Bush. Along with your running mate Governor Palin, you have attempted to cast me as an extreme liberal, not to mention a Muslim terrorist. It is clear that this negative campaign, and the lack of an actual plan for change, have cost you any chance at this election. As an effort to unite our country and reach across the aisle, I would like
Yours Truly,
Sen. Barack Obama
Shaun Werbelow is a senior in the School of Industrial and Labor Relations. He can be reached at swerbelow@cornellsun.com. Second Opinion appears alternate Wednesdays this semester.