Essay about Great Depression of 1929
money supply normally used for purchases and bank payments was destroyed by all these bank failures.
Furthermore, the debt became heavier, because prices and incomes fell 2050%, but the debts remained at the same dollar amount. After the panic of 1929, and during the first 10 months of 1930, 744 banks failed. In all, 9,000 banks failed during the decade of the 30s. By 1933, depositors saw $140 billion of their deposits disappear due to uninsured bank failures. Unfortunately, bank failures snowballed