Why Did the Financial Crisis Occur - Again?
Did you know that there were more Financial Crisises before 2008's?
There were quite a bit, actually. But if you dig deeper, all those facts show that the government were to blame. But how?
At least 3 financial crisises happened before the previous one and the government acknowledged that for a fact yet still hadn't set straight rules for the UK. They let the individual bankers' bosses tempt them to risk tons of money, allowed residents of the United Kingdom to ask for loans they were very sure they would not be capable to pay back. They have had 10 years to create those rules but no members of parliament have warned David Cameron or Theresa May (the prime ministers in that space of time) that something needs to be done.
If our prime ministers had done what really needed to be done, what would our community be like today?
The amount of money that we had lost when the financial crisis happened was colosal. My school's city, London, has a lot of buildings being refurbished and renovated. We have taken a lot of time to do this and still - we need more money. The loss has affected us a lot and London could have been modern and its population could have increased massively! Thank you for reading my post! Please comment below if you agree or disagree with what I've said and why!
Comments (10)
19 Nov 2018
I've awarded you a star for writing an original post that shows great curiosity.
You mention how where you live has been affected by the 2008 crisis. How have other people's areas been affected by the crisis?
According to the news, the North of England is slowly slipping away as the rest of Great Britain develop and recover from the horror of 2008. They are struggling hard with money and it will be extremely difficult for them to keep up with the others. Their communities will not be as advanced as The City, where I am from, so it is not so likely that improve as well as others.
22 Nov 2018
Will the financial crisises happen agian
23 Nov 2018
How did the financial begin?
It began in December 2007 and ended in the June of 2008, meaning it lasted for Eighteen months. However, the first signs of its occurrence was in 2006, in which housing prices dropped drastically
Eighteen months is a long time for many people to be scarce of money for important things like food.
The financial crisis happened because Bankers were lending out to much money so they ended up running out of money because people couldn't pay back the lend so the bank run out of money. This meant the Government had to give money to the bank's so they didn't have to close the bank's. People got annoyed because they didn't fund school and hospitals this is why we need safer lending and stricter rules so the financial crisis won't happen again.
America has the largest economy. Americans:
- Took loans and didn't pay them back
- Paid individual bankers to take risks
- Didn't try to make stricter banking rules
If America falls, all the others will go down with it.
24 Nov 2018
Do you think that the financial crisis will happen again ?
02 Dec 2018
I wonder wether this will happen again
You must be logged in with Student Hub access to post a comment. Sign up now!