There has been a lot of discussion over the years about who is to blame for the financial crisis; there have even been books written about it...but who is who is actually to blame?
Firstly, I believe the government is to blame; they are meant to be the ones controlling and managing the Bank Of England. Maybe they weren’t being strict enough on how things were being done.Why didn’t they do anything when things began to decline? They should’ve stepped is as they are the ones who have autonomy over them.
Secondly, it is clear that some of the blame lies with the general public. They were taking out loans and mortgages that couldn’t be repaid. For example say I take out £25,000 I will at some point every month have to repay that money but say I couldn’t...this would mean I would be in debt. This means that the bank is slowly losing it’s money and the bank was becoming bankrupt. Now multiply this by 1000. Therein lies the problem.
And finally, are the bankers the one who should be blamed? Did they do enough? Were the bankers asking whether they would have the money to repay each month? Even though they did try to do something it took a year for it to end but took three to four years to recover. I believe the bankers should’ve had stricter regulations for loaning money; they should’ve financially screened people against their wages to ensure that the money would be paid back prior to the loan being allowed.
I personally believe that the general public is to blame. They should have been more careful with their money and making sure they have the money to repay. They didn’t try to help but do you think if they had the chance, would they?