Great Depression (Banking) (oct 27, 1929 – jul 15, 1939)
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The Banking Panics through 1930-1933 had cause a great deal of mistrust by the public of banks. With a great mess at hand, President Franklin D. Roosevelt and his advisers took action shortly after he was inaugurated declaring a banking holiday. The banking holiday was meant to give banks and the government some breathing room to sort out the situation. Surprisingly the public took the declaration of the banking holiday that prevent banks from distributing withdrawals or only with heavy restriction, pretty well. Most of the people remained calm and waited to see what would happen to the banks hoping that they could get their money back. The banks were separated into different categories to see which ones could be open and which ones couldn't. This resulted in 90% of banks reopening and resuming business which alleviated the banking crisis but not the great recession. That would come in a few years, although the date of when the end of the Great Depression happen is still argued today.
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History of Banking
Module 13 Lesson 2 Mastery Assignment
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