Autumn 2008 witnessed a global financial crisis with governments worldwide taking emergency action to prevent a collapse of the banking system. The aftermath of the worst financial crisis since the 1930s saw economic activity slump. In the UK, higher unem
Transcript -- A short introduction to this album.
Banks were once the corner stone of modern British society, but by September 2005 banks stopped lending to each other overnight. What happened? What caused this credit crisis?
Transcript -- Banks were once the corner stone of modern British society, but by September 2005 banks stopped lending to each other overnight. What happened? What caused this credit crisis?
As banks were pressured to increase returns, the age of casino banking was born. Along with it came ever more complex forms of securitised debt.
Transcript -- As banks were pressured to increase returns, the age of casino banking was born. Along with it came ever more complex forms of securitised debt.
By the end of 2004 people were offered more money and a larger choice in financial products. Ken Jones explains how cheap credit helped his business go from strength to strength.
Transcript -- By the end of 2004 people were offered more money and a larger choice in financial products. Ken Jones explains how cheap credit helped his business go from strength to strength.
Were the rating agencies too lenient? Should these private companies have seen the crisis coming?
Transcript -- Were the rating agencies too lenient? Should these private companies have seen the crisis coming?
In early 2007 Northern Rock were the first of the UK retail banks to seek emergency funding from the Bank of England.
Transcript -- In early 2007 Northern Rock were the first of the UK retail banks to seek emergency funding from the Bank of England.
Twelve months after the fall of Northern Rock the UK Government intervene with fresh capital for an otherwise failed banking system. Never the less the country plunged head on into a recession.
Transcript -- Twelve months after the fall of Northern Rock the UK Government intervene with fresh capital for an otherwise failed banking system. Never the less the country plunged head on into a recession.
What does the future hold for the retail banking system? Will we be forced to revert back to more a traditional, low profit approach to lending?
Transcript -- What does the future hold for the retail banking system? Will we be forced to revert back to more a traditional, low profit approach to lending?
The Open University's Martin Upton, Jonquil Lowe and Alan Shipman look back and reflect on the global effects of the banking crisis of 2008-09.
Transcript -- The Open University's Martin Upton, Jonquil Lowe and Alan Shipman look back and reflect on the global effects of the banking crisis of 2008-09.
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