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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 only surviving banks were not sure of the situation and they too stopped to create other loans that led to less expenditure hence exacerbating the situation.
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The causes were both a pull of both international and domestic causes.
These are the major reasons documented as the causes of this hard-economic time.
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