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Then, on Black Thursday, the American dream turned into a
nightmare as Wall Street's Stock Market Boom turned into The
Crash. People were stunned, unbelieving at first. Paper fortunes
had vanished, but money was the foundation of American life.
Disbelief turned to panic as people besieged [stormed] the banks
(this one was in New Jersey) trying to withdraw their life's savings
often too late. The banks began to collapse and industrial
production ground to a halt.
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1 According to this document, what effect did The Crash have on banks? [1]

Sagot :

anthougo

According to this document, The Stock Market Crash had immediate, disastrous, and devastating effects on the financial system, with unprecedented bank runs.

How did the stock market crash of 1929 weaken Banks?

  1. Banks invested and lost millions in the stock market.
  2. Banks foreclosed on business and personal loans.
  3. Banks pressurized their customers to repay their loans.

Principally, bank runs occur when too many bank customers withdraw their savings and deposits from their banks for fear of losing their money.

Thus, The Stock Market Crash had immediate, disastrous, and devastating effects on the financial system, with unprecedented bank runs.

Learn more about The Stock Market Crash at https://brainly.com/question/2409521

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