The Banking Crisis
- Created by: Kat
- Created on: 02-03-14 15:30
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- The Banking Crisis
- Americans had little confidence in American banks
- Many Americans withdrew savings
- Caused banks to go out of business
- If more Americans withdrew money, the banking system would collapse
- Government declared Bank Holiday and closed banks
- Backed 5000 banks and assured American people their money was safe
- This restored confidence in banking system and approved banks were opened a few days later
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