... the only money they had left. These rushes were called bank runs. "Many banks lacked sufficient reserves to stay in business and became no more than convenient billboards" (Social Security Online History Page par. 3). Before the stock market fell, many banks had lent money to people who were unable to repay them (Sobel 340). At the same time, according to the ... Social Security Online History Page, "many of the smaller banks had lent large portions of their assets to stock market speculations and were put out of business overnight" (par. 3). Due to the chaos ... of banks. During this ...

• Word Count: 1107
• Approx Pages: 4
• Grade Level: High School

... by fifteen billion dollars. Many of the banks that had speculated heavily with their deposits were wiped out by the falling prices, and these bank failures sparked a "run" on the banking system. Each failed bank, factory, business, and speculation contributed to the downward spiral that would drag the world into the Great Depression. With millions of people losing a lot of money ... it's toes, but with perseverance, we may prevail against the economic woes of the future. Work Cited Page America's Great Depression. Online. Internet. 26 Aug. 2002. Available http://www.amatecon.com/GD/gdcand...

• Word Count: 883
• Approx Pages: 4
• Grade Level: High School