fundamental finance

We have the Lehman brothers vanishing with bankruptcy ,and now recently the NRI (Non resident indian) DRAMA / SCENE killing his entire family and then himself. I seriously don't pity both, both met their greed. The first thought struck my mind when i read the Karthik's (NRI) news on the headline is, was our education system not strong enough to teach that dumb head to be patient with hard times, that he could not even sustain the mere thought of starting back again from scratch. being a graduate from IIT chennai and a MBA, what the hell was that education use of, which could not even teach him sustenance. Well this is just one perspective of how far our education systems our, where lacs of students every year go through those age old theory books, absolutely in a conventional manner, and presume all that they have learnt will reflect the same in the real world.

I also had some discussions with my friends ,about Lehman going bankrupt, of course needless to say that Lehman had the best financial graduates, MBA's, PHD's deployed to manage it. And still it failed. THEN Where did it go wrong.
1. Is it our conventional crapy education system,
2. may be the wrong people(MBA's, PHD's) hired ,
3. or is it the GREED that these people bring along.

I personally concluded it to this basic fundamental observed, Kill your desire and fulfill the need (utility). and when it comes to spending money, this is exactly where it boils down, when you spend money make sure you are buying utility when its a need, and when its a DESIRE, think a million times.

Its pretty simple, i need a cell phone to call, i dont need a IPhone, unless that Iphone is going to give me more business with my calls :) because Nobody gives the dam which cellphone you are calling from. So stick to the fundamental. Another reason why Warren Buffet still lives in a modest apartment, because he understands this.