Banks Closing!! - In the 1930's Banks hit a dry spell, due to the The Great Depression in 1930-41 Stock Market Crashes, Preisdent Hooever, Trickle Down ecomincs. Almost every bank stuggled to give loans to businesses and farmers, Farmers began to have less and lessmoney to spend in town for crops during the first 10 months of the great depression 744 banks had failed because they give loans out, this autommaclly put the people in scare, scared to were they started taking money out of banks and out in other banks becaus they were doing so well. There was no such thing as bank insurnce so some people lost there money if the banks failed you lost that money and the their family's intire saving was gone.
The Reconstruction Finance Corporation (RFC) was an independent agency of the United States government, established and chartered by the US Congress in 1932, Act of January 22, 1932, c. 8, 47 Stat. 5, during the administration of President Herbert Hoover. It was modeled after the War Finance Corporation of World War I. The agency gave $2 billion in aid to state and local governments and made loans to banks, railroads, mortgage associations and other businesses. The loans were nearly all repaid. It was continued by the New Deal and played a major role in handling the Great Depression in the United States and setting up the relief programs that were taken over by the New Deal in 1933.
The Reconstruction Finance Corporation spent $1.5 billion in 1932, $1.8 billion in 1933, and $1.8 billion in 1934. Then it dropped to about $350 million a year. On the eve of World War II (August 31, 1939), it greatly expanded to build munitions factories, disbursing $1.8 billion in 1941. The total loaned or otherwise disbursed by the RFC from 1932 through 1941 was $9.465 billion.
Hoover appointed Atlee Pomerene of Ohio to head the agency in July 1932. Hoover's reasons for his surprising reorganization of the RFC included: the broken health and resignations of Eugene Meyer, Paul Bestor, and Charles Gates Dawes; the failure of banks to perform their duties to their clientele or to aid American industry; the country's general lack of confidence in the current board; and Hoover's inability to find any other man who had the ability and was both nationally respected and available. (Shriver 1982)
Hooverviles also known has Shanty Town made by the homeless during the great depression made there home out of old shacks, train carts made from there hands, Shanty town Also named after Herbert Hoover were to held responsible for the econimic crsis and blamed fot the problems that led to the Great Depression. Homeowners lost property when they couldnt afforad to pay mortgages n pay taxes. Many would try and move in with there relatives. As the depression got wrost causing of hardships for million americans, they looked for govermnet assistance and they didn't provide relief.
In this picture you will see lots of people all in on spot and that is because of the Stock Market Crashes. this crisis lasted for four days but it was deifnilty the worst Bear Market of the 1929. October 24,1929 also known as Black Tuesday, OPened 305.85 and it all fell to 11% during the day trade.During the four days the stock markket crash dropped 25% loosing almost 30 Billion in the market vaule. which this made it hard for Banks to stay open becucase of this HUGE drop. Its casued panic on the people, evenually they started to take there money out the banks anf this is what led to more and mpre banks to close.
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