"The most significant threat to our national security is our debt," Admiral Michael Mullen, Chairman, Joint Chiefs of Staff, August 27, 2010


Monday, September 20, 2010

Leadership Series: Real Experience Required

Meredith Whitney is a young woman who figured something out before others figured it out. She was a guest on a show we catch from time to time – CSPAN’s Q and A. We have no observations about Ms. Whitney’s specific professional skills. What caught our attention was her list of most influential financial personnel in this administration. We caught the list and we were both shocked and incredulous about what has happened to the adults when we most need them. It reminded us of the story, Lord of the Flies, of the young boys shipwrecked and the unfortunate havoc they wreak on each other until the adults arrive.

Well, here is Meredith’s list:

1. BBernanke
2. TGeithner
3. SBair
4. EWarren
5. LSummers
6. BFrank
7. CDodd

Just think these are the gals and guys who are making the decisions about fiscal and monetary policy as well as financial regulation. They are not newcomers on the scene.  Many have been in government positions for years.   In other words, to use their leader’s metaphor, they drove the car in the ditch. Why are they still behind the wheel?

Here is a very brief work experience bio on each of these influential financial gurus. At the end of each recap we note the time spent working in a real life job which, if you read TheFundamentals thoughtful and well researched essays, you know simply means the opportunity to be terminated without any reason or accommodation. Five years minimum required to warrant reference.

BBernanke. Summer work at a restaurant. Balance in either government or academic. Zero.

TGeithner. 3 years at Kissinger Associates. Balance in either government or think tank. Zero.

SBair. All government/academic. Zero.

EWarren. Summer law firm work. Balance in academic/government. Zero.

LSummers. Limited hedge fund work. Balance in academic/government. Zero ( Harvard fired him)

BFrank. Virtually all government. Zero.

CDodd. US Army Reserve. All rest government. Zero.

These folks have combined, barely a smidgen, of real life experience. Real life experience in the private sector. Think about it. They write the laws, set up the bureaucracies and oversee the bureaucrats that now dominate the private sector and dominate its ability to compete and they have no real experience in the private sector.

Now what does this have to do with TheFundamentals, you ask?  Experience is a fundamental.  We accept that some individuals are born with certain characteristics that support their leadership propensity.  These characteristics may include their competitiveness; intelligence; ability to think strategically and charisma.  But without experience they flail with theories and concepts.

We are not kidding when we say it is time, way past time as a matter of fact, to get back to TheFundamentals. What fundamental are we talking about? Try this one: don’t send a boy to do a man’s job. Don’t like that one. How about this one? If you want to get something done, give it to a busy man. Sorry folks. Academicians, bureaucrats and politicians just don’t qualify for this definition of busy. America was not built on the accomplishments of academicians, bureaucrats and politicians. We did not become a competitive commercial society based on their direction or leadership. We have lost our way with their meddling and their disconnect between theory and getting something done. If we want to get back in the game, if we want to get something done, it is time to find a busy man and a busy woman or two to do the job. It’s that simple. It’s that fundamental. Many jobs require experience as a prerequisite for employment. It is time to require some real life experience when we hire our politicians and bureaucrats.  Not much we can do about the academics but in the college towns their damage is limited to students.  When they go to Washington they damage America's competitive capability.  All government job descriptions need one basic change.  They need to require at least 5 years experience in the private sector in a job where the employee could be terminated at any time for any reason.  Real experience in a real competitive environment.  It's a fundamental of leadership.

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Perhaps an addendum to your 5yr. experience requirement:
Lawyers, earning their living by instigating frivolous lawsuits are banned from public office.

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