Banks closed and millions of people became jobless and homeless when the markets collapsed that was the most stressing collapsed in history many businesses borrowed money to try to keep their business open but wasnt gone be able to pay it back so the businesses ended up getting shut down because everyone was building up on credit. The goal was to protect american farmers but it backfired farmers were not able to sale their goods or anything so farmers couldnt even keep there farms going or produce goods. 659 banks were closed in 1969 only a handful of wealthy people lasted through the collapse but not for long.
Where the homeless people was staying when the great depression was going on because people had nowhere to stay because everyone lost all their money and couldnt live in a house because they couldnt pay no bills in these shackhomes it was horrible people were not safe but they had to maintain because they had no where else to live !
The industry is shedding bad loans the banks money really aint right but there trying to maintain , the banks are going through a struggle right now. and it has been going on for a couple of years now from 2008- till now !
This was a world wide business slump , everything was going down hill banks , business , people wasnt getting enough income to even purchsse anything like farmers how are they going to keep a farm open and dont have enough money to buy the stuff to keep the farm going.
The consequences of bank distress for the economy during the Depression remain an area of unresolved controversy. Since John M. Keynes (1931) and Irving Fisher (1933), mac- roeconomists have argued that bank distress magnified the extent of the economic decline during the Depression. As the intermediaries controlling money and credit, banks were in a special position to transmit their distress to other sectors. But the mechanism through which banking distress mattered for the economy has been hotly contested.
Milton Friedman and Anna J. Schwartz (1963) saw the contraction in the money multi- plier— driven, in their view, by panicked depos- itors’ withdrawals of deposits—as the primary mechanism through which banking distress af- fected the real economy. They described the mechanism transmitting banking distress to the real sector as operating at the national level through changes in the aggregate supply of money and interest rates. Bank distress reduced the money supply available to the public either through the closure of banks and the consequent freezing of bank deposits, or the withdrawals of deposits by depositors that feared bank failure.
Ben S. Bernanke (1983), building on Fisher (1933), emphasized the transmission of mone- tary shocks via their effects on the balance sheets of borrowers and on the supply of credit by banks. Borrowers’ balance sheets were wors- ened by debt deflation as the result of fixed.
Letter from when the great depression was going on. when the great depression was going on people couldnt not control what was going on in the systems at all not even the people that wereworking at the banks they were just as lost as everyone else and nobody knew what to do so thats when people start to panic and when everyone started to panic things start to get worse and thats when braws started mobs were at banking doors trying to get there money but the money was already gone nobody could change that and thats when everything started to go downhill.
In the 1920s nebraska had 1.3 million people and there was only one bank for 1000 people in each town the banks were struggling trying to loan out money to the farmers and a couple businesses. Farmers had less and less money to spend and thats when banks started to fail when the farmers didnt have enough money to spend in the town banks were failing at alarming rates.
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