به روز شده:  11:05 گرينويچ - جمعه 01 آوريل 2011 - 12 فروردین 1390

Seat on the Street

مدیا پلیر

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پخش با "ریل پلیر" یا "ویندوز میدیا پلیر"

Welcome to Seat on the Street

RP: Hello

Please identify yourself

RP: I’m Russell Padmore, BBC Business Reporter

Q1: What is the credit crunch?

For several years banks had been making risky loans to people to buy houses in America; people who could not really afford to pay back those loans. The banks started suffering huge losses. By 2007, 2008 banks started worrying about those losses and they stopped lending to each other. The end of lending was the beginning of the credit crunch

Q2: Why did it happen?

For a long time we had an economic boom. Bankers enjoyed making big profits by taking big risks. While the regulators had ‘light touch‘; the regulators or the supervisors did not intervene to control matters

Q3: Whose fault is it?

There are several parties to blame the heads of the banks did not look at their junior staff taking big risks. The shareholders in the banks did not hold the board at the bank to account. Governments and regulators also failed to supervise the financial markets properly

Q4: What does it mean for the average person?

In a time of recession or economic downturn both governments and companies cut spending - that means higher unemployment. If you have a job, you are worried for the future and you may be tempted to save money rather than spend it.

Q5: Are there any countries that aren’t affected?

We now live in a global economy. Everywhere on the planet was affected. However, countries in Asia escaped a lot of the impact of the economic downturn because banks in that region did not take so many risks and the economies themselves benefit from trading with links China.

Q6: What lessons have been learned?

Governments have learned that you must tightly regulate the behaviour of banks and the financial markets. And banks have learned if you take too many risks, you can suffer huge losses.

Thank you for taking part in Seat on the Street

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