In 1893, the United States experienced a "panic" or what we would today call a depression or a severe recession. The panic began in 1893 when wheat prices crashed and lasted for four years, affecting the entire economy. As banks began to fail in those days before the government insured deposits, people made runs on banks to withdraw their money while they still could. Railroads failed, unemployment spiked and at the same time many people saw their life's savings wiped out from the collapse of the banking sector. This led to middle-class families not being able to make their mortgage payments and losing their homes to foreclosure.