Effects of the Financial Crisis

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Past

The financial crisis meant that many people lost their jobs and/or homes. It left somepeople on the streets or in serious debt. Many banks crashed and the government had to pay to help some of the banks so they didn't pay for education and NHS as much as thay could've

Present

Children born in the financial crisis are supposed to go to secondary school in September 2019. Because of the financial crisis they won't be able to have the same educational opportunities as they would have had if they were born at a different time. Is this fair?

Future

Will people's lives be the same? Many people lost money in the financial crisis. Those who planning to move couldn't move, those who were planning to buy couldn't buy.

I have some questions for you:

1) Can you think of any reasons why the financial crisis was good? If so, what are they?

2) Do you think another financial crisis will happen ? Please explain when and why?

3) If you could summarise the financial crisis in 1 word what would it be?

Comments (25)

  • Olivia-Avatar.jpg Olivia @ the BNC
    09 Nov 2018

    This post shows excellent curiosity. Well done for researching beyond the sessions and asking such interesting questions. I think my answer to Q3 would be COMPLICATED!
    I'm keen to hear what other people think!

    Reply to this comment
  • Graveney-logo-250x250.jpg beloved_chocolate | Graveney School
    09 Nov 2018

    1. I think that the financial crisis was good in some ways. For one, it is a lesson to banks not to gamble and loan money to those who would probably not be able to pay it back. Also, it is an opportunity to put in new rules to stop it happening again and to fix an economic system which was already decrepit. As well as this, it has taught not just the banks but the public to play it more safe and contemplate financial choices more before carrying them out. Another thing is that both consumers and the banks will think of the long term future, not just the near future.

    2. I think that another financial crisis may happen, because banks think they can take advantage of things such as rising house prices. Also, some companies and banks, such as Carillion, have been collapsing. As well as this, I think that Brexit will have a negative impact on our economy, as we will not have the same trade agreement with Europe, which could completely change the way our country deals with money.

    3. Chaos

    Reply to this comment
    1. Ravenscroft-logo-250x250.jpg communicative_bird | Ravenscroft Primary School
      beloved_chocolate's comment 16 Nov 2018

      beloved_chocolate, if I were to say that there is any easy way to get a raise would you not take the opportunity? Now, I understand that the choices the made were naive and unconsidered but those who dare, win so we can't blame them.

      Reply to this comment
  • Morley-Newlands-logo-250x250.jpg blissful_apricot | Morley Newlands Academy
    13 Nov 2018

    1)I think some reasons are good ,for one it is a thing for the banks to learn not to loan money to the people who would not be able to pay it back.

    Reply to this comment
  • Elaine-logo-250x250.jpg harmonious_snail | Elaine Primary School
    13 Nov 2018

    1) I think the financial crisis was good to show people to be protective and wise with their money when they found out about the awful issue that once happened.

    2) I think another financial crisis may happen because within the Brexit situation, they announced items will become more expensive which is quite worrying and with the increase of bankruptcies across the years, it will be no surprise if a financial crisis occurs in the future.

    3) One word which describes the financial crisis is devastating.

    I am curious about whether the banks recognised a dramatic decrease in the money they received or if it was just was a sudden problem which they encountered rapidly?

    Reply to this comment
  • Ormiston-Bushfield-logo-250x250.jpg persuasive_moth | Ormiston Bushfield Academy
    14 Nov 2018

    1) I think one good thing that came out of the financial crisis was the fact that people learnt from it. From now on people have been more careful when taking out money and making sure they know that they will be able to pay it back. It has also taught the Banker Bosses to be a bit more careful when handing out the money and be careful with the money they have already.

    2)At this moment in time I don't believe that another financial crisis would happen but I'm definitely not denying that it will never happen. But right now I believe that most people, the government, the banker bosses and the banks are being more careful with the money knowing what happened 10 years ago but there are many years left and I do believe that many one day in the future it will happen again.

    3)One word I would use to describe the financial crisis would be tragic

    I am very curious to see what other people think about these questions and I love the fact that you have involved questions into your post.

    Reply to this comment
  • Bruche-logo-250x250.jpg forceful_papaya | Bruche Primary School
    15 Nov 2018

    this is definetly not fair for my sister that was born 2010 and thats when I am supposed to go because I am in year 5,Its obviously not just her I was lucky enough to be born just befor the inncedent happened (sorry about spelling)

    Reply to this comment
  • Boston-Spa-logo-250x250.jpg invigorated_glacier | Boston Spa Academy
    15 Nov 2018

    1) I can't think of any reasons it was good, it ruined many people's lives and even to this day people are poorer than they used to be. People lost jobs, lots of money and even houses.
    2) Unfortunately I think it's likely another financial crisis will happen. This is because things like this can happen often. In my opinion it's up to the government.
    3) I would describe it with the word, terrible

    Reply to this comment
  • Elaine-logo-250x250.jpg successful_snake | Elaine Primary School
    19 Nov 2018

    No as so much people lost so much money they couldn't buy or do anything like give their children a good life or give them a head-start in life and their future.

    Reply to this comment
  • Millbank-logo-250x250.jpg content_road | Millbank Academy A
    19 Nov 2018

    I don't know number 1, it's complicated.

    Reply to this comment
  • The-Ruth-Gorse-logo-250x250.jpg balanced_singer | The Ruth Gorse Academy
    21 Nov 2018

    One positive of the financial crisis is that , because of how many people were effected by it, people have become more aware of its value and not to waste it. After all money doesn't grow on trees.

    I believe that the financial crisis will not happen again because, if we come back to the first question, many people have learnt from the financial crisis and have started to spend it on more important things. Like paying for energy and water. However it may come back if people start to think the financial crisis is over and that they should spent money on things they don't need.
    Perplexing

    Reply to this comment
  • The-Ruth-Gorse-logo-250x250.jpg creative_sparrow | The Ruth Gorse Academy
    22 Nov 2018

    1. House prices just before financial crisis were going up and up and up. This was led by the greedy bankers getting as much money as they could by irresponsible lending to as many people as they could, even to those that would have had trouble paying the loans back. Not only that, the bankers wanted bigger returns by investing on riskier investments so as a result this is one of the reasons why many people lost their homes and the banks got into deep trouble. I think the only upside I can see during the financial crisis is perhaps the fall in the house prices probably stop it becoming too expensive. If it kept on soaring then only the rich would have been able to buy the properties, and then there would be more landlords than people owning their own homes.

    2. I think there is a chance of another financial crisis, especially now that Brexit is looming. There are huge uncertainties to the economy, companies have collapsed like BHS and there are many well known companies which want to relocate outside of the UK, causing fear of more job losses.

    3. Gloom

    Reply to this comment
  • Millbank-logo-250x250.jpg supportive_guineapig | Millbank Academy A
    23 Nov 2018

    2]I think the financial crisis will happen again in 2025 because people are very greedy about money and spend it on stupid things.
    3] nightmare

    Reply to this comment
  • Millbank-logo-250x250.jpg poetic_camel | Millbank Academy A
    24 Nov 2018

    I think this will happen again as taxes are raised and the bank is raising more money an so i think they should get rid of the bank and replace it with something that is more reliable and confident.

    Reply to this comment
  • RockcliffeManor-logo-250x250.jpg grateful_chicken | Rockliffe Manor Primary School
    13 Dec 2018

    THANK YOU !!! Very much . I am very grateful communicative_bird because you have tort me a lot of new thing.

    Reply to this comment

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