Who is to blame?

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?

Comments (5)

  • 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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  • Ormiston-Bushfield-logo-250x250.jpg persuasive_moth
    Ormiston Bushfield Academy5 days ago in reply to efficient_information's comment

    I agree with what your saying but when you say the government could set a limit about how much money could be lent to you at a time do you mean, you would only have a certain amount you can take out at a time or do you mean you have a certain amount you can take out altogether?

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  • Streatham-Wells-logo-250x250.jpg communicative_outcome
    Streatham Wells Primary School5 days ago

    I think everyone is to blame because the governor did not stop the bankers bosses from giving rewards which made bankers take risks with the money and the people who borrow the money ask for about 500,000 and the bankers give it to them they cant pay it back.

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

    I think the bank of England is to blame because they should be responsible for the amount of money that the other banks give away.

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  • Crampton-logo-250x250.jpg excited_spring
    Crampton Primary School2 days ago

    I think the bankers bosses are to blame because if they didn't give out the money then none of this would have happened and the situation would have been enclosed,if we knew a bit more information then we might be able to go a bit deeper in this issue but we have only have a tiny it bit of information.

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