Failure+of+Banks

__**Failure Of Banks** __ The great depression, a worldwide economic downturn, hits the U.S. In 1929 and lasts until about 1939. Many of the banks failed, mainly because they made loans and stock market speculators that were never repaid. __Effects__: Industrial producton declined by 47%, Wholesale price index declines by 33%, and the amount that citizens were spending decreased by 30%. With all of that decreasing millions of people have lost their jobs. Those who kept their jobs faced pay cuts and reduced hours.