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The Great Depression


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Bank Runs

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Crowd at New York's American Union Bank during a bank run early in the Great Depression. The Bank opened in 1917 and went out of business on June 30, 1931. From: http://www.ssa.gov/history/bank.html

After the stock market crash on Black Tuesday, October 29, 1929, frightened depositors rushed to banks to claim their savings. These “bank runs” actually accelerated bank closures across the country. For every bank that closed, hundreds of people lost their life savings. This photo of a bank run in New York displays the public panic the stock market crash created. In response, many banks across the country set up regulations for how much an individual could withdraw per day. Banks tried to stay afloat, and with President Roosevelt’s “Bank Holiday” on March 6, 1933, banks were able to finally start recovering from the damages of the Great Crash. Restoring confidence in the American banking system became Roosevelt’s first priority in his plan to fix the economic depression of the 1930s.

Contributor: Clio
Created: September 11, 2008 · Modified: May 16, 2009

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