When the stock market crash what happened to the banks

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Stock Market Crash of - Facts & Summary - ylugudivalul.web.fc2.com

Overnight, hundreds of thousands of customers began to withdraw their deposits. With no money to lend and loans going sour as businesses and farmers went belly up, the American banking crisis deepened. After taking office in March , Franklin D.

Roosevelt did his best to shore up the flagging banking system. When a third banking panic in less than four years threatened, he announced a three-day bank holiday to stop the run on banks by halting all financial transactions.

When the banks were allowed to reopen, nearly 1, banks had been saved. On January 1, , the Federal Deposit Insurance Corporation FDIC was established, and since that time, not one depositor has lost insured funds.

The Stock Market Crash of |

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