Effects:

• Between 1923 and 1930 5,000 banks collapsed

• around $14 billion of wealth lost

• 12 million people out of work; 12,000 unemployed a day

• 20,000 companies had gone bankrupt

• 23,000 people committed suicide in one year - the highest ever

•The Glass-Stegall Act was passed. This act told that the commercial and the investment banks could no longer have any association between them.

•Federal deposit Insurance Corporation or the FDIC. This was meant to see that each and every individual bank account was insured up to $100000.

And.....

*The Great Depression *