In 1929, 659 banks went bust. In 1931, 2294 banks went bust.

Both industrial and farming production fell by 40% and average wages fell by 60%.

In 1933, 14million Americans were unemployed.

By 1933, 5000 banks had gone bankrupt and total farm income in the USA has fallen to $5 billion. American international trade had been drastically reduced from $10 billion in 1928, to $3 billion in 1932.

In Cleveland, a big steel town, 50% of the people were unemployed in 1932. In Toledo they was 80% unemployment.

Every major town and city had a “Hooverville”, which was a collection of huts and shacks housing the homeless.

In 1931, 238 people were admitted to hospital due to malnutrition and starvation, 45 of them died.

The Bank of New York went bust and 400000 depositors lost their savings.

President Hoover got all the blame…