Hi Inventive_Bat Here! I want to see what you think think about how the financial crisis started and whose fault it was. I have included two different descriptions for the bank being a good thing and a bad thing.
The Financial crisis started started by to things, housing prices dropping and loans. People started getting unemployed. Over 9% of people where unemployed! The first sign that the economy was in trouble occurred in 2006. That's when housing prices started to fall. Banks let people take out more than they had. They where accspecting it back. The 2008 financial crisis timeline began in March 2018.
How Has It Ended?
It was ended by President Obama payed 831 billion dollars!
More Info -> https://www.thebalance.com/2008-financial-crisis-3305679
It isn`t the banks fault!
I think it isn`t the banks fault. I think it was the neatrual people. I think this because many people knew that they wouldnt be able to pay it back so why would they take that money.
It Is The Banks Fault!
Bigger banks should have done more about this issue. This is because they could have looked at their revenue wich would be verry low and they just ignored it
What do you think, is it the banks fault?
How this could happen again!
This could happen again asfThe 2008 crisis was caused by excessive debt levels, with low interest rates enabling households to borrow to consume while financial institutions borrowed to speculate. The banks may die out as many people have been borowing and not returning. This may happen again as they may not check their revenue as it goes down.
Is their anything I missed out. Is it fair for the people to take advantage of the bank or is it the banks fault?