Describe the effects of the Great Depression on the US.

Major effects of the Great Depression on the US were as given below:
(i) There was fail in prices.
(ii) US banks and loans: US banks reduced domestic lending and asked people to return their loans. People, however, could not repay the loans due to lesser incomes. They were forced to give up their homes, cars and other consumer durables.
(iii) Unemployment: Unemployment increased.
(iv) Collapse of US banking system: US banking system collapsed as it could not recover loans and repay depositors. Thousands of banks went bankrupt and were closed. By 1933, over 4,000 banks had closed. Between 1929 and 1932 about 1.10,000 companies had collapsed.

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