Would women have prevented the economic meltdown?

Would women have prevented the economic meltdown? As controversial as this question might be there’s a report recently released by the National Council for Research on Women that argues more women at the top echelons of certain businesses could have possibly prevented the economic implosion. I’ve written about this before. The presumption in these debates is women tend to make less risky financial moves, and have a more conservative investment style then men. The report titled Women in Fund Management: A Road Map for Achieving Critical Mass – and Why it Matters, makes the case for diversification among money managers, big power brokers, etc, citing the masculine agenda that is currently running amuck in the financial institutions will keep us mired in our current economic situation. The report asks some probing questions like where are the women? It looks at the rise and fall of the market, and reviews some of the barriers and biases in the financial services industry.

Personally, I could care less who will get us out of this economic crisis just as long somebody does. For me the crisis isn’t about gender, and never will be. It’s about the people who have been thrown into extremely dire circumstances, or are losing everything they’ve worked for. The crisis is about a generation of crooks that have made bad decisions, stole an untold number of assets, and crashed Wall Street. In my experience diversity is important, because it seems to have a neutralizing effect. Without it the opinions by the same class of people prevail, stymieing ingenuity and keeping business static. Women and men do view situations through difference lenses whether it comes to love, relationships, parenting, or money. But too many women who are corporate executives reached the top fully supporting the ruthless attitudes of their male counterparts. Consequently such women have just as much capacity to wreak havoc with their financial decisions as men. Sex is no guarantee, nor barrier against greed, and as we’ve seen now unbridled greed can rear its ugly head regardless of a person’s gender, race, or religion. Therefore, this report’s argument that more women in decision making positions, and more women who are able to control the resources in the financial services industry will somehow insulate us from the calamities in our world seems totally misconceived.