Why did the financial crisis happen?
As we already know the financial crisis was a chaotic turn of events in 2008 which put many people into debt and had many banks close down due to the lack of money they had. Why did the financial crisis happen though? What was the cause of it? Well in my opinion these are some reasons why I think it took a toll in history:
1. Bankers were paid rewards by their bosses for making lots of money for their bank. That tempted them to take risks to try and get more money.
2. People took loans when they could not always repay them and banks lent money to people even though they knew they might not be able to repay it.
3. The Government didn't set strict rules for the banks, which meant the banks could take more risks with people's money.
To summarise everything I personally think these are some key reasons the Financial Crisis happened and it affected us so greatly.
To find out more about this please go to this link:https://www.investopedia.com/terms/f/financial-crisis.asp