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Those who held stock lost over billion dollars.Another issue was the failures that were encountered in banks. Bank deposits were not insured and therefore people simply lost all that they had saved in the banks.
The amazing story is the fact that the economy finally recovered from a contraction of that nature.
This was the worst depression of the US economy ever.
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The crash of the stock market in 1929 was one of the key causes of the Great Depression.
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