Causes of the Depression: Banks Foreclosing Flashcards
1
Q
What did the closing of the banks result in?
A
Citizens losing their savings. A chaotic situation erupted.
2
Q
How many banks failed during the 1930s?
A
More than nine thousand.
3
Q
What resulted in citizens losing their savings?
A
The bank deposits became uninsured.
4
Q
What happened to the banks that survived?
A
They were too scared to offer loans since the economic situations were uncertain.
