12 h 5 m, 7 nov 1930 año - The Bank of Tennesse Fails
Descripción:
Led to failures of affiliate banks in the next few days. Although the economy was improving, weaknesses in the banking system pulled it back down. Only one-third of the nation's 24,000 banks belonged to the Federal Reserve banking system. Non-members did not have enough access to reserves to fend off bank runs. As bank failures grew, depositors rushed to banks to pull out their savings. Banks only hold 10 percent of all deposits, so they can lend out the rest. A bank run will quickly put it out of business. In the fall of 1930, bank runs spread throughout the Southeastern United States. By the end of the year, 1,300 banks had failed.
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Causes of The Great Depression
Timeline for American History Tic-Tac-Toe Project
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