Question

What was one effect of the "run on the banks" in the early 1930s?

a. The banks had to promise to repay people the money they had in their savings accounts.
b. Many people lost their life savings because the banks lost their money during the stock market crash.
C. Many people withdrew their money from the banks to invest in the stock market.
d. New banks opened because many people wanted to keep their money in the bank.

Answer 1

b. Many people lost their life savings because the banks lost their money during the stock market crash.