Sign In
Ask Question
History
Alijah Rowe
6 June, 17:14
Why did banks close during the great depression
+5
Answers (
1
)
Cortez Burnett
6 June, 19:17
0
Many banks had lent money to speculators, who invested the money in the bull market (long period of rising stock prices). The banks had also invested in the bull market using depositors' money. After the Crash, the banks lost money both on their investments and the fact that many speculators could not pay back their loans. Many Americans began to panic and started to withdraw their savings from the banks. The banks did not have enough money to pay all of their depositors, leading many banks to fail, and many unlucky Americans lost their savings.
Comment
Complaint
Link
Know the Answer?
Answer
Not Sure About the Answer?
Get an answer to your question ✅
“Why did banks close during the great depression ...”
in 📙 History if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Discuss the purple legislation of 2013. What were the reasons for the alliances formed in the Texas legislature during that session?
Answers (1)
1. What was the symbol of the Nazi party? What is its origin? 2. Who was Hitler? What was his personality and character like? 3. Why did Hitler and the Nazis initially gain the support of the German people? 4.
Answers (1)
Who was Chadragupta Maurya? A. He founded the Gupta empire through exterminating small kingdoms in northern India. B. He founded the Maurya empire through uniting all the kingdoms. C. He won the Battle of Kalinga through ruthless acts of violence. D.
Answers (1)
Select one of the following adjectives and explain how it could be used to describe one of the Alamo's defenders. Use details and information from the passage to support your answer. Daring Brave Reckless Courageous
Answers (1)
Multiple choice! What does dual sovereignty mean? A. The president has the same powers that a king would have. B. Each state has its own powers that other states cannot violate. C. The state and local governments have equal power. D.
Answers (2)
New Questions in History
Because citizens wanted the government to protect citizens from each other protect individual rights and establish peace at home, what goal was written into the constitution?
Answers (1)
Which of the following literary movements means / "to go beyond / "?. A. romanticism. B. transcendentalism. C. realism. D. modernism. in the word neoclassicism, the Greek prefix neo - means?. A. near. B. not. C. new. D into.
Answers (1)
Who lead a raid at Harper's Ferry, Virginia?
Answers (1)
What did nationalism in the balkans and a system of military alliances in europe eventually lead
Answers (1)
Which of the following did the United States view as a negative effect of the breakup of the Soviet Union? Governments in some other free-market countries also collapsed.
Answers (1)
Home
»
History
» Why did banks close during the great depression
Sign In
Sign Up
Forgot Password?