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What was an obvious defect in the US banking system that was exposed during the Great Depression?
Wiki User
∙ 9y ago
Ironically, the failure was caused in part by success. The economy was roaring in the 1920's, and the stock market was booming. The market was so attractive, in fact, that everyone wanted in, whether they had the money available or not. People and companies borrowed money to buy stocks or bought them on credit. Many stocks were bough on margin, or for a faction of the price, the resold at a profit, without the full purchase price of the stock ever having been pain. This practice led to risky investments and speculations. When the market began to fall in September 1929, nervous investors began to sell their stocks. In October, the panic spread, everyone tried to dump stocks, and the market collapsed.
Thus began 'The Great Depression.'
Wiki User
∙ 11y ago
Wiki User
∙ 9y agoA defect in the banking system that was exposed during the Great Depression was the lack of protection for funds deposited by individuals in banks.
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