The Financial Crisis - Who is to blame?

In 2008 the Financial crisis caused a lot of choas around the globe. There were many reasons for this crisis. In England, I think that there were two major parties who were to blame. These were the bankers bosses and the Government.

The banks were taking big risks to get more money. They were lending too much money and people could not pay this back. They were also awarding some staff extra pay for decisions that were not sensible.

The Government is supposed to supervise all banks through the Bank of England. The Government did not have strict enough rules or enough supervisors to prevent the crisis from happening.

Comments (25)

  • Bruche-logo-250x250.jpg cheerful_river
    Bruche Primary School1 week ago

    I think every one is to blame.If every one was truthful this would not be that bad .

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  • Bruche-logo-250x250.jpg rational_deer
    Bruche Primary School1 week ago

    I think that it’s the bosses of the bankers fault because they are taking the risk because they are trying to convince the bankers to get more money so that they get more money and the public people start to lose all of there money

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  • CuddingtonCroft-logo-250x250.jpg loyal_rabbit
    Cuddington Croft Primary School6 days ago

    I think everyone is to blame because it isn't one person only

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  • Arnhem-Wharf-logo-250x250.jpg frank_goat
    Arnhem Wharf Primary School5 days ago

    I think the bank manager's are to blame because they couldn't keep control of their money and also I think the goverment are to blame because

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  • Arnhem-Wharf-logo-250x250.jpg stellar_lion
    Arnhem Wharf Primary School5 days ago

    I think the bank is to blame because they gave away too much money to other people and banks.I also think the Government is to blame because they didn't tell the banks to make sure they didn't give away too much money.The individual bankers should have kept on using the same method because they were already earning lots of money without taking any risks.

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  • Arnhem-Wharf-logo-250x250.jpg lively_cheetah
    Arnhem Wharf Primary School5 days ago

    I think it's the governments and the bankers bosses fault because because they should have set strict rules and they should have more control on the bankers.

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  • Arnhem-Wharf-logo-250x250.jpg plucky_petal
    Arnhem Wharf Primary School5 days ago

    I think that the Government is to blame because they should have made the rules stricter and they should have looked after the banks more carefully. Also, the Bank of England is to blame because they should have made sure that the smaller banks followed the rules.

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  • Arnhem-Wharf-logo-250x250.jpg radical_reality
    Arnhem Wharf Primary School5 days ago

    i think the government is to blame because they could have set strict rules for the bankers' bosses. Then the bosses could have told the bankers , then the bankers could have told the general public which means the general public could follow those rules . Then also I think it is the bankers' bosses' fault because they were giving the bankers rewards for earning money for the bank .The bankers were being irresponsible with the money there bosses were giving them .

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  • Arnhem-Wharf-logo-250x250.jpg genius_chameleon
    Arnhem Wharf Primary School5 days ago

    I think it's the government's fault because they left the bankers' bosses do what they wanted and did not keep an eye on them. The government should have taken charge and made stricter rules. On the other hand I think its the Bank of England's fault because they should have warned the government that they were low in money before all this happened.

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  • Arnhem-Wharf-logo-250x250.jpg best_lion
    Arnhem Wharf Primary School5 days ago

    I agree that the Goverment and the bankers' bosses.The reason why is because the goverment should have set strict rules for the banks and those rules would have been followed.Also,the goverment should have took more control of the banks.As a result,the bankers' bosses are the ones to blame too because they were awarding the bankers with money to the individual bankers to motivate them to take more risks.

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  • Arnhem-Wharf-logo-250x250.jpg frank_goat
    Arnhem Wharf Primary School5 days ago

    I think the bank manager's are to blame because they couldn't keep control of their money and also I think the goverment are to blame because they couldn't keep an eye on the banks and they were not aware of what was going to happen. Also the general public because they shouldn't take loans if they cannot repay the banks. This leads to the banks being bankrupt in the future.

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  • Arnhem-Wharf-logo-250x250.jpg smart_journalist
    Arnhem Wharf Primary School5 days ago

    I actually agree with the fact that you think it's the government's fault since they have the biggest chance of trying to sort things out. Instead they weren't bothered to even make rules for the bank! This caused the bank to let people borrow extra money to get interest. Then soon after the bank ran low on money and could not pay businesses and they had to close the businesses. If the government had at least made a few rules, then the bank would not have gotten carried away. Just saying!

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  • Arnhem-Wharf-logo-250x250.jpg efficient_information
    Arnhem Wharf Primary School5 days ago

    I think the individual bankers are to blame because they were the people who were taking risks because they were getting more rewards from their bosses and they were also lending people money when they new they couldn't pay back. I also think that the government is to blame due to the fact that they were not watching over the individual banks and should have set more strict rules for how much money banks were allowed to lend to people.

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  • Arnhem-Wharf-logo-250x250.jpg artistic_opinion
    Arnhem Wharf Primary School5 days ago

    I agree with you because I think that the government and the bankers bosses are to blame because the government should of kept more of an eye on the banks and should of had someone check in at least every month and the government should of talked to all the bosses about what people you should give loans and telling their staff. Going to the point, the bankers bosses should not of been giving extra money to the individual bankers ans should of kept some for an emergency. To conclude i think that the the banks and the government were taking a risk.

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  • Arnhem-Wharf-logo-250x250.jpg happy_guava
    Arnhem Wharf Primary School5 days ago

    I agree with you because I think the bankers' bosses and the Government are to blame because the bankers' bosses reward the individual bankers with a lot of money and the individual bankers are giving too much money to the general public. In addition, the public did not have enough to pay back the money that they owed or the interest. Secondly, the government are also to blame because they were not giving strict enough rules which means that the bankers' bosses just gave more and more money to the bankers' bosses which means that they they were giving more and more money to the independent bankers and it wasted more of the governments money.

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  • Olivia-Avatar.jpg Olivia @ the BNC
    5 days ago in reply to happy_guava's comment

    Well done for listing out lots of reasons for the crisis here! Do you have any evidence to support your suggestions? It would be great if you could add some real life examples to make your reasons stronger.

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  • Arnhem-Wharf-logo-250x250.jpg plucky_petal
    Arnhem Wharf Primary School5 days ago in reply to frank_goat's comment

    I agree with you . the bank managers didnt look after their people propaly.

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  • Graveney-logo-250x250.jpg beloved_chocolate
    Graveney School5 days ago

    I think that the bosses of the banks are to blame because they chose to lend money to people who probably could not pay it back. This meant that they lost a lot of money, causing them to shut down. Yet they made the choice, and so I think that they are to blame. The banks just wanted to make more money, so they chose to take the risk, which put both themselves and the borrowers in danger. Also, the banks borrowed a lot of money themselves, so that they could carry on lending, which made them lose lots as they could not receive money from the people they had lent, so did not have anything to pay back with. This meant that many banks shut down including the Lehman brothers. This all stemmed from the choice they made to loan money to people who could not repay it.

    On the other hand, the people who the banks loaned to needed that money, otherwise they may not have been able to live with all of their daily needs. This problem could have been solved by the government, who were supposed to be overseeing the workings and dealings of the banks. They could have invested more in tackling poverty, which would not have led the borrowers to borrow money and the banks to make the choice to lend money to those people.

    Overall, I think that it is both the banks' and the government's fault because both made bad choices or did bad things which negatively impacted the economy and kicked off the financial crisis.

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  • Streatham-Wells-logo-250x250.jpg easygoing_coyote
    Streatham Wells Primary School3 days ago

    I think everyone is to blame because the government gave out no rules to banks witch made them greedy and lend out to much money to people who cant pay it back and they did this because the bank boss cave out more money to the bankers who get more money back from people so they lent out to much money and people could not pay it back.

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  • Bruche-logo-250x250.jpg enigmatic_newspaper
    Bruche Primary School2 days ago

    I think that it is the just the bankers bosses fault because there saying to the workers at the bank that they can get a pay rise if they get people to borrow money from the bank, which firstly is going to make the employees to rush to get there pay rise and that might end up with the employees giving out to much money plus the person borrowing the money might not be able to pay it back when they have to pay it to the bank.

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  • Michael-Faraday-logo-250x250.jpg brilliant_lime
    Michael Faraday School1 day ago

    The government is to blame because if they made a law saying you shouldn't always give away money and always expect to get some money back.

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  • Morley-Newlands-logo-250x250.jpg majestic_bat
    Morley Newlands Academy1 day ago

    I think the bank is to blame because their bosses are giving them extra money and the bank is just giving it to anyone and they know that people sometimes can't pay back so then they are losing even more money.

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  • Morley-Newlands-logo-250x250.jpg friendly_llama
    Morley Newlands Academy1 day ago

    I think it's the governments problem because they think that the boss of the bank has lots of lots of time to make rules, but they don't even have one sec of time.

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  • Claire @ the BNC
    1 day ago in reply to friendly_llama's comment

    Hi friendly_llama, you say that the boss of the the bank doesn't have a lot of time to make rules, but I'd be interested to know what they do every day! Can you do some research and let us know?

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  • St-Gregorys-logo-250x250.jpg inventive_bat
    St Gregory's Catholic Primary School A8 hours ago

    In my opinion I think that it is the governments fault. I think this because they didn't set any rules - that we have now - so people could take out as much money they wanted
    Here is an example
    Bobby is a banker Janny is a customer Janny said " I'll pay you 150000 if I get 100000 and ill pay you 15000 by the next months" Bobby agreed to this.
    ONE MONTH LATER
    Janny calls again "I'm sorry I cant pay you back".

    This example shows how Janny wanted such a ridiculous amount of money but never paid it back so the bank instantly lost 100000

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