Banking Closures
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Banking Closures
During the great depression a lot of banks had to close! But many survived.
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The failure of many banks, runs on banks, and a general climate of financial panic played an important role in the Great Depression. After taking office in e...
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This is a radio speech that President Franklin D. Roosevelt gave over the bank run.

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Letter

letter

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Dear Banker,

           

            I am writing this letter to let you know that our bank is closing down. We are truly sorry to give you this news. We had troubles and couldn’t survive the great depression. All our money is lost and we are sorry but your money has been lost. We ran out of business.  We haven’t received our money back.

 

Understand that we as a bank had to do business so we rotated money around. The way we did this was by giving loans and putting interest on the loan. So every time some one received a loan they had to pay back more money. This is how we the bank made money.  So when the bank run happened we didn’t have enough money to pay everyone their money.  This has not only affected you or our bank but the whole economy.

 

Again I am truly sorry for this inconvenience. During the bank run every one of our customers panicked and attacked the bank. Everyone came and took out their money at the same time. It was difficult for us to survive since we didn’t have enough money to pay everyone. So now we can not come back into business since all the loans have been lost. That means we have no money to keep going with our bank business. 

 

People should of taken this situation more calmly and not rush things.  If that would of happen we would of have had more possibility to have had survive the bank run. All our money we had in the bank all the people took it. But he had no money for the rest of the people. You where one of those people that couldn’t get there money since you where to late. We apologize but since we had no insurance on the money, the money was lost.

Yes it may seem a bit wrong just saying that the money disappeared. But that’s the only thing we can say. We are not obligated to return your money. If you’re looking for someone to blame! Blame the farmers and all the people asking for loans and then not paying them back. Or blame the people that came running in like crazy to the bank trying to get all their money out. All this is affecting the economy not only your economy but everyone’s economy.

 

Hopefully the government learns something from this. Not only for the good of the banks but for the good of the people. They should make some type of insurance so that the money of the banker is safe. Or some type of program where the government protects your money and makes sure your money is your money and that you should always keep that money.

 

            I have learned that very few banks survived this chaos. This has been the worst time of the year. A nightmare that has sadly came true. The worst nightmare I shall say. Hopefully this era goes well for you. Hopefully this accident didn’t affect your economy so badly. There was also a great number of consumers that did not and could not get there money back. I have made my consumers sad and angry. But hopefully we shall survive this chaos and make this government stronger and better.

 

Hopefully this letter consoles you a bit. I repeat I am truly sorry for this chaos. Sorry my bank was one of the many that didn’t survive the bank run. I am sorry my bank failed in its business. I truly appreciate the business you had with us. We appreciate that you where our customer. If one day we do have the opportunity to come back to business I hope you do choose us your bank once more! We thank you and give you our deepest sorry. Hope you can live thru this chaos and that this chaos does not affect you that much.

 

Thank you for taking your time to read this letter. Again sorry and have a good day.

 

 

Sincerely,

Your Bank 

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Bank Run

Bank Run | Banking Closures | Scoop.it
In the early 1930s, a wave of bank runs--which occur when a large number of depositors lose confidence in bank security and request their deposits in cash at the same time--helped drive the United States deeper into the Great Depression.
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Great Depression Bank Crisis

Great Depression Bank Crisis | Banking Closures | Scoop.it
The role of Great Depression Bank Crisis in the history of the United States of America.
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Vocabulary

Vocabulary

Andres Cabral's insight:

1) Stock Market- A stock exchange.

 

2) Wall Street- a street at the south end of Manhattan in New York City, where the New York Stock Exchange and other leading US financial institutions are located.

 

3)Consumer- a person who purchases goods and services for personal use.

 

4) Commerce- the activity of buying and selling.

 

5) Industrial- relating to, or characterized by industry.

 

6) New Deal- the economic measures introduced by President Franklin D. Roosevelt in 1933 to counteract the effects of the Great Depression. It involved a massive public works program, complemented by the large-scale granting of loans, and succeeded in reducing unemployment by between 7 and 10 million.

 

7) Industrialized- develop industries in (a country or region) on a wide scale.

 

8) FDIC- Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits.

 

9) Banking system- banking industry: banks collectively.

 

10) Withdraw- remove or take away (something) from a particular place or position.

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Website #1

Website #1 | Banking Closures | Scoop.it
Andres Cabral's insight:

This Document is about mostly statitics. Of how the banks where closing how much they had before the great depression and how many clients they had. Then after depression how they ended.

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