by tovarichpeter ➕follow (6) 💰tip ignore
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That's not what caused the Great Depression.
Ask a scholar Ben Vernake.
After so many banks failed after gambling in the stock market with depositor's cash, there was a severe lack of banking capacity or there were not enough banks around to grease the wheels of the USA economy.
Banks are a "necessary evil"; you don't borrow money from a bunch of friends to buy a house, a car, or to finance a construction project.
This is one reason the US Treasury with Henry Paulson went to such great lengths to keep Bank of America and Citibank alive.
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