Thomas Sowell on Banks and Teachers

Thomas Sowell was in his usually brilliant form yesterday with his comparison of U.S. banks to U.S. teachers. Sowell states that one reason that banks unload foreclosed homes at a steep discount is that banks do not possess the marketing abilities of real-estate companies:

Banks in general try to get rid of the homes they acquire by foreclosure by selling them quickly for whatever they can get. Why? Because banks are forced by economic realities to realize that they are not real estate companies.

No matter how much expertise bank officials may have in financial transactions, that is very different from knowing the best ways to maintain and market empty houses.

On the other hand, Sowell state, K–12 teachers are (somewhat) trained to teach in reading, writing, and math, but they overreach their expertise by venturing into questionable topics like sex education and politicized sustainability.

Anyone familiar with the low standards and mushy notions in the schools and departments of education that turn out our public school teachers might think that these teachers would have all they can handle in making American children competent in reading, writing and math.

Teachers and schools that are failing to provide the basics of education are branching out into all sorts of other areas, where they have even less competence.

Does lack of accountability account for teacher behavior? Sowell thinks so:

Why are teachers so bold when banks are so cautious? The banks pay a price for being wrong. Teachers don’t.