10h 19min, dec 17, 1929 y - In the month of December the unemployment rate was still just 3.2%
Description:
There were 650 bank failures. As banks failed, it reduced the money supply because there was less credit available. That meant that each dollar was worth more. As the value of the dollar rose, prices fell. That reduced revenue for businesses. That also meant debt now cost more for lenders to pay back. That created a ripple effect of personal and business bankruptcies.
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Great Depression/New Deal Timeline
This timeline has the major events of the Great Depression a...
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