Why everyone is to blame for the financial crisis?

Today, we were talking about who was really to blame for the financial crisis. There were four different choices: the government, the banker's boss, the individual banker or the general public. In general, there were valuable points for each arguement ; therefore, I decided to make a list of reasons for each person.

The person who was asking for loans could be responsible for the crisis. I believe this because the people could be asking for loans for absurd reasons. For example, they could be asking for a loan to buy an expensive watch. This would be invalid because it is not necessary to have a watch. Also, the person asking for a loan could know they wouldn't be able to repay the loan but could still ask for them. This meant that the banks would run out of money. This would mean that another financial crisis was caused.

However, this could also be blamed on the individual bankers. This is because it would be obvious if a loan was unreasonable. This would cause a financial crisis because there would be everyone getting the loans they wanted and possibly not receiving all of the money (with interest).

Nevertheless, the banker's bosses could also be responsible. This is because they need to be able to keep control of their bankers instead of letting them do whatever they want. Also, because banker's bosses are giving rises and bonus' to the bankers. This implies the bankers are going to take risks with who they are giving loans to to earn more money. Also, the bankers bosses have a responsibility to make sure there bank is running smoothly. This means a financial crisis could be caused because if one bank - that loans to another bank- crashes that could cause another bankn to crash and so on.

On the contrary, the government could have caused the financial crisis. I believe this because the government have no strict rules on banking. This means that it lets the bank do whatever they want. Also, at the previous financial crisis, the government waited for the crisis to become catastrophic before they stepped in or actually took action. This means that the government could, one gain, wait for the situation to get worse before they respond.

Let me know who you think is most responsible for the finanacial crisis ten years ago.

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