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 (19)

  • Arnhem-Wharf-logo-250x250.jpg efficient_information | Arnhem Wharf Primary School
    08 Nov 2018

    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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    1. Ormiston-Bushfield-logo-250x250.jpg persuasive_moth | Ormiston Bushfield Academy
      efficient_information's comment 08 Nov 2018

      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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      1. Arnhem-Wharf-logo-250x250.jpg efficient_information | Arnhem Wharf Primary School
        persuasive_moth's comment 27 Nov 2018

        i was saying about how much you can take out all together

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  • Streatham-Wells-logo-250x250.jpg communicative_outcome | Streatham Wells Primary School A
    08 Nov 2018

    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 School
    09 Nov 2018

    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 School
    11 Nov 2018

    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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  • Ormiston-Bushfield-logo-250x250.jpg fearless_conversation | Ormiston Bushfield Academy
    14 Nov 2018

    I personally think that the bank is to blame. Although I do agree with your point that the general public should of been more careful with the money they were taking out. The bank should of checked their money and then told the public that they would probably not have enough to pay it back. But instead they decided that they wanted more money, and gave more money than they actually could hand out. Also you said yourself that perhaps they weren't strict enough. Which I believe to be true. They wanted more money and they took a risk. In this case it didn't turn out very well, in which they can learn from but many people of the public trusted the bank with their money, and suddenly some were kicked out of their own homes. Although you could say that the blame lies at the government. But all in all I think there are more reasons as to why the blame lies with the government.

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    1. Ormiston-Bushfield-logo-250x250.jpg persuasive_moth | Ormiston Bushfield Academy
      fearless_conversation's comment 15 Nov 2018

      I agree with what your saying but I do have a few questions.
      1)Why was the bank to blame, the people working there had no control of how things happened so wouldn't it be the people in charge of all that?
      2)How would they check whether they had the money to give back?
      3) Why does most of the blame lie towards the government?

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      1. Ormiston-Bushfield-logo-250x250.jpg fearless_conversation | Ormiston Bushfield Academy
        persuasive_moth's comment 17 Nov 2018

        1)This is why I think the blame lies to the government because they are in charge of the bank. Meaning they should of had more control.
        2)If the bank knows who much is in your bank account then surely a database would be able to tell them whether they had enough money to pay it back.
        3)The government has full control over the Bank of England and at no point did they say that maybe they should take a different approach to earning money.

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  • Notley-Green-logo-250x250.jpg selfassured_starfish | Notley Green Primary School
    15 Nov 2018

    I disagree that the general puplic is to blame because the Bankers where the ones that gave the loans to people and they knew that they could not pay it back. The people just wanted to have a good life and keep their family happy.

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    1. Beverley-St-Nicholas-logo-250x250.jpg enlightened_mood | Beverley St Nicholas Primary School
      selfassured_starfish's comment 30 Nov 2018

      But don’t forget that the general public know they can’t pay the money back as well not just the bankers who know this problem

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  • Ormiston-Bushfield-logo-250x250.jpg fearless_conversation | Ormiston Bushfield Academy
    17 Nov 2018

    *how much is in your bank account.

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  • Millbank-logo-250x250.jpg supportive_guineapig | Millbank Academy A
    19 Nov 2018

    I dissagree I think its the bankers fault I think that because they were making risky loans which people couldnt pay back but still made profits and knew the goverment would bail them out.

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  • Ben-Jonson-logo-250x250.jpg inquisitive_dog | Ben Jonson Primary School
    20 Nov 2018

    i belive its the bankers AND the government becouse firstly the bankers should be blamed becouse they should know what is going to happen....for exanple if they are getting low on money they should have stoped giving money out...but i also think its the governments falt because, where was he when this happend like did he stop? did he see what happend??

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  • Ormiston-Bushfield-logo-250x250.jpg persuasive_moth | Ormiston Bushfield Academy
    21 Nov 2018

    For your answer to the second question, don't we have bank accounts to keep our money safe and you could only access it so I'm going to ask you another question, what's keeping people from releasing how much money you have and finding a way to steal it?

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  • Beverley-St-Nicholas-logo-250x250.jpg enlightened_mood | Beverley St Nicholas Primary School
    30 Nov 2018

    I don’t think there is anyone one to blame, they all took a risk it’s not like one person made a mistake or a risk and the whole thing happened just cause of this one mistake it’s all of them
    It’s the bankers bosses fault because: they took a risk of telling the bankers that they could have a bonus if they gave out more loans to people
    It’s the bankers fault because: they took that risk for more money
    And last but not least there’s the people who take out the loans because If they know that they can’t give the money back plus some more so why do they take it out in the first place and they have to give back a bit more
    So that’s why everyone is to blame.

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  • Notley-Green-logo-250x250.jpg noble_nectarine | Notley Green Primary School B
    02 Dec 2018

    I think that two people are to blame for the financial crisis :The bankers' bosses and the government.I think this because if government set stricter rules then the banks would never have risked as much with money in 2008. Also, if the Bankers' bosses let them get higher amounts of money for lending bigger loans. The reason i think both are to blame is because they could have stopped the financial crisis by setting rules. The government are in charge of Europe's laws, this means they could prevent the financial crisis.The bankers' bosses are in charge of the bankers, this means they also could have. Why did they not? Reply and tell me if you know.

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    1. Olivia-Avatar.jpg Olivia @ the BNC
      noble_nectarine's comment 03 Dec 2018

      Are the government in charge of Europe's laws? See if you can add some evidence to support this claim!

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      1. Notley-Green-logo-250x250.jpg noble_nectarine | Notley Green Primary School B
        Olivia @ the BNC's comment 09 Dec 2018

        I believe that The Government aren’t
        in charge of Europe’s laws because they made only the UK’s laws. Our House of Lords and our House of Commons are only the UK’s government. For example, France (which is in Europe) has another government. France and The UK also have different prime ministers: Édouard Philipe and Theresa May, further proving that other countries have other governments. Finally, this proves the UK are not in charge of all Europe’s laws.-

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