Future rules for crisis to happen never again

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I am very concerned about the financial crisis that happened in the early months of 2008: the crisis should never be allowed to happen again. After a debate with my challenging classmates, I thought that the strongest argument held was: Stricter rules for banks. I personally think that we should have stricter rules because if we don't then we could have another financial crisis. This isn't right. Is it? Some of the rules include:

  • Don't give out loans to people who can't repay them as they will go further in debt. check their bank account to do so
  • Don't give out loans to people who have a credit score of under 600 because if they have a low credit score then they have had loans in the past and have not been able to pay it back

An example of the banks having stricter rules would be:

My dad's friend is saving for a car which is 5,000 pounds but he has only 1,000 pounds in his bank account so he asks the bank to lend him some money. The Bank lends him money and he buys the car. He has to pay the money back otherwise the Bank will take away the car from him. This is a problem because then he won't be able to drive anywhere. He didn't pay the money back because he doesn't have the money to do so. The bank takes away the car and he is carless. That is why the banks should have stricter rules.

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