How Did People Lose Their Jobs From The Financial Crisis?
How Did People Lose Their Jobs From The Financial Crisis?
The Financial Crisis Was a very chaotic turn of events causing people extreme money problems. A lot of people lost their jobs from this because the place were they worked at had to close down due to the lack of money the bosses had to pay them! I was curious on how this could affect the world not just Great Britain and found out that the money problems spread across the globe because many banks where losing money and not being able to help other banks which led to them to closing down and that affected the money others where getting. You may ask about the people the Goverment where paying well this did not affect them as much because there are always going to be Binmen, Doctors etc. Those running a business where more at risk because how would they get money to pay their workers let alone themselves and they could not borrow from the bank because they would not have enough money to give them so of course the business had to close down and all the workers would lose their jobs leaving it very hard to find a new one.
This is what i think about ithow they lost their jobs, I am very curious to know your opinions please leave them in the comments bellow!
Comments (52)
08 Nov 2018
Thank you ,
gave me a good brief on the financial crisis
09 Nov 2018
No Problem I am happy to help!
09 Nov 2018
My opinions on this is that the people are asking for a lot of money for a loan to pay up something that they didn't have the money for. So they couldn't pay it back.That happened many times where people couldn't pay it back and then the money starting decreasing and it was so hard to pay the NHS, the jobs and because that the money was going so quickly that means there wasn't enough money so the factories shut down. An example of where that happened is if there was 148 builders on a building sight then there would only be enough money to pay 4 people.
Very good reasons,I agree with you.If there was not enough money to pay the hospitals,there were more people getting sick because they did not have a house but there might not have been enough money to buy medicine for the people that are sick.
Well if there was no money they couldn't get paid .Then they wouldn't want to work because they are not getting paid and most people only want it for the money. If that happens then loads and loads of people are going to get ill. What happens if they have cancer how is it going to be treated also loads of people can get the flu . How about cancer how are they going to have treatment of no one is working .
I agree with you if that was happening then the population would be dying down.
Also if no one is working then how are we going to get our free health treatments. When people work they pay for our health with their tax's if there was no one working there would be no tax so no money would go towards are health.
it was really dreadful 10 years ago and i always wonder if the financial crisis will ever happen again
09 Nov 2018
They lost there jobs because the bank didn’t have enough money 💰 because people wouldn’t give lots of money 💰 to the bank.
09 Nov 2018
Well this helps people realise how bad it was because it is really important to learn about it.
I agree with you
09 Nov 2018
Thank you for all your opinions on this chaotic crisis and I'm happy that this helped you understand it a bit more!
10 Nov 2018
how do they close down ? who closes it down?
11 Nov 2018
Personally, I disagree with what you said. I think that people lost their jobs because when people took loans from the banking system and didn't pay back the banks used to lose money. When they lost money they couldn't give loans to businesses that might have been able to afford it . This meant that the businesses had to lose down. Due to the closing down of businesses, other businesses that bought from the closed-down businesses couldn't buy from them any more and had to, therefore, close down.
How can you back up this answer though? I Understand what you mean and where you're coming from!
I agree your point is very strong and respect it.
12 Nov 2018
Great job
12 Nov 2018
Nice Job
12 Nov 2018
I'm feel sorry for people who has lost there jobs and houses bad bad
12 Nov 2018
I am enjoying this topic and you realy helped me understand it even more
12 Nov 2018
People lost their jobs from the crisis because banks were not able to lend them money and people refused to pay money back.
12 Nov 2018
I agree with the fact that you say that people lost their jobs because they worked for business who weren't paid by the government, but I have something to add. This isn't necessarily how the Financial Crisis started as there's a chain of events before businesses became bankrupt and people lost their jobs. I have written down roughly what I think had happened, in consecutive (time) order:
1a. People overspending-This lead to people losing money and becoming poor, spending less...
2a. Banks weren't careful-Some people that loaned money weren't necessarily able to pay back...
1b. Business started becoming bankrupt-Less people had the money to buy the things they sold...
2b. The Government Pays Banks-The Government failed in their effort to help with too many banks bankrupt...
1c. People lost their jobs-The businesses just didn't have enough money to pay their workers...
2c. It's a Financial Crisis.
Hope you can understand they layout I have written this and that you also understand my point of view.
We've given this a star because you've used reasoning to break down the steps that led to the crisis.
Why is it dangerous when banks lend to people who can't pay them back?
The Individual Banker would be in risk of losing his job by being fired by the Boss of The Bank.
The Loaners could lose almost of all of what they have, including the thing they're loaning.
The Bank could lose some money due to the forever unpaid loan.
I think It is dangerous because the people they lent too can not pay them back and this effects them in the long run. The people they have to pay back won't get their money because of the little mistake the banks made were they lent money to the wrong people. But I agree with Energetic Conversation's Comment this is not necessarily how the main crisis started only a brief explanation. In the long run It is dangerous because the banks could shut down due to lack of money, and people might not want to go to that bank because of the experience they had when the banks could not pay them back they cash the owed. This is my opinion why I think It is dangerous.
this is dangerous for if you dont have enough money you will have to give all you have then pay the extra bit the second you get money
13 Nov 2018
They lose there jobs because there wasn`t enough money for the job to give to the man or woman for working there.Thear wasn`t enough money because the bank lent to much money and the people don`t have any money to pay the bank back.
13 Nov 2018
If banks lend money to people who can’t pay them back then the banks could take repossession of their home or their belongings to gain the money they need
14 Nov 2018
my opinions on the financial crisis are that people who needed a loan shouldn't of asked for one if they couldn't pay the money back. As well as this, it was harder for the NHS because people at the top of the money chain got more money than the people that were actually doing the jobs.
15 Nov 2018
They have lost their money
15 Nov 2018
in my opinion I think it's quite dangerous because the people that give people a loan know that they will not be able to pay it back.
15 Nov 2018
I believe that they lost their jobs because I think that they would of lost a lot of money one of my teaches lost over 8000 pound
15 Nov 2018
During the financial crisis, many adults lost their jobs due to the lack of money. Bosses of large and small companies had to pay their employs less since there was not enough money to keep their business up and running.
15 Nov 2018
Well done on the the post it was great. I can’t do one myself.👍
I'm sure you can. Maybe wait a few more weeks until you have learnt more about the topic and then give it a go.
15 Nov 2018
I agree thanks a lot 😜
15 Nov 2018
Very good, i fully agree. A-M-A-Z-I-N-G!
15 Nov 2018
How do they do that ?!=(
15 Nov 2018
I agree as well
Please give reasons why!
15 Nov 2018
In my opinion people are losing their jobs to fast now that the financial crisis has begun but its not just jobs its also
houses and cars.They should not be able to lose there jobs , money and cars .
16 Nov 2018
in mt opinion that is a good set of words
16 Nov 2018
During the financial crisis it is very likely for people to lose their jobs because the owner or manager is not getting pained so therefore it is extremely hard for employee's or new workers to get paid and if they do not have enough money to pay the people then they would have to get fired or quit as no money is being given to them.
16 Nov 2018
I think that the financial crisis had a colossal economic impact because the government weren't able to pay the workers wages and as a result, many people lost their jobs.
18 Nov 2018
In my opinion The Financial Crisis did do that I agree with you
20 Nov 2018
This is a very good question,in my opinion I don’t think everyone is to blame because the banks lend money to people and some do not pay back but some do and they end up in the worst position they can be !!
22 Nov 2018
So first,people try so hard to get their jobs that isn’t paid by the government. Then they lose the job that they have tried so hard to earn. This is the final crisis.
23 Nov 2018
In 2008, many people lost their jobs from the financial crisis, so how did this happen😯 well, many people borrowed lots of money from many banks to start their own businesses, buy houses ect. Because of this, nearly all banks got bankrupt, which means that their out of money, and no one was able to borrow any more money. All because of this, most people lost their houses, businesses, and pretty much everything they had.
23 Nov 2018
In 2008 people lost their jobs because they trusted the bank to keep their money safe but instead of doing that they gave it to other people to buy homes and jobs so it’s the banks fault that tje financial crisis happened in 2008
23 Nov 2018
Thank you taught me about the financial crisis but what will happen if the boss runs out money?
27 Nov 2018
Good brief beginning
I totally agree with you
29 Nov 2018
Fanical crisis can happen anytime anywhere it can be when you have lost a loved one or stopped working because of medical issues
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