Question

How did the Great Depression impact many banks across the nation in the early 1930s?

A- They were cash-depleted and forced to shut down as people rushed to withdraw their savings.
B- They got more business because people looked to bankers for advice on which stocks could restore their wealth.
C- They increased their influence in government because people lost faith in politicians.
D- They increased their profits because people considered it safe to deposit more of their money in banks.

Answer 1

Banking panics in the early 1930s caused many banks to fail, decreasing the pool of money available for loans. The gold standard required foreign central banks to raise interest rates to counteract trade imbalances with the United States, depressing spending and investment in those countries.

Answer 2

A- They were cash-depleted and forced to shut down as people rushed to withdraw their savings

Step-by-step explanation:

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