In cities: factories could not sell, not enough buyers
: could not sell abroad, high tariffs
: cut wages+production
: cut work force --> DEPRESSION
countryside: produced too much food, prices fell
: less money, so grow more goo to make more money
: prices fell lower, could not pay debts/mortgages
: Banks took over farms --> DEPRESSION
Downtown NY: Share $ >, banks lost investing in customers, so called outstanding loans
: lost confidence, took money out (109,371 businesses failed)
: factories closed, high unemployment (14 million by 1933) -> DEPRESSION
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