Answer :
According to this document, The Stock Market Crash had immediate, disastrous, and devastating effects on the financial system, with unprecedented bank runs.
How did the stock market crash of 1929 weaken Banks?
- Banks invested and lost millions in the stock market.
- Banks foreclosed on business and personal loans.
- Banks pressurized their customers to repay their loans.
Principally, bank runs occur when too many bank customers withdraw their savings and deposits from their banks for fear of losing their money.
Thus, The Stock Market Crash had immediate, disastrous, and devastating effects on the financial system, with unprecedented bank runs.
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