Can good sense be taught?

I was recently watching this special report on CNBC about how we got into the current economic mess. The cause of the mess seems to be basic human flaws – greed, lack of judgment and jumping on the bandwagon. If Tom was making money flipping houses then, Jerry wanted to too. People knew they were making bad loans but they still continued to make them. A factory worker never stopped to think "can I really afford this house, ever?".

I felt this anxiety during the housing boom too – the prices are going up, we should buy soon. My husband, however, kept saying that the house prices are rising too fast and don’t make sense, and held off on buying a house then. And I used to think the best decision in life he made was by marrying me! I am really impressed by his judgment, skeptical mind and the fact that he never felt the need to do what everybody else was doing.

Now I wonder, if judgment can be taught? Can we take active steps now to teach our kids, and not just mouth the words but actually instill the fact, if something looks too good to be true, it probably is. Can we teach them that we don't have to keep up with anybody, and buy a fancier car just because our friends have one? Or is it just nature - some are born with it and some are not.