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48
In March of 1933, FDR imposed a 1-week bank holiday. Explain the holiday. What was its impact?
Banks shut down for 1 week and the government took that time to inspect them for solvency. If they weren't solvent, they wold be dismantled in an organized way so that as many depositors as possible got repaid.
Impact: It worked! Restored confidence in the banking system.
Impact: It worked! Restored confidence in the banking system.
Flashcard info:
Author: savhighsmith
Main topic: Economics
Topic: History of Economics
School / Univ.: UGA
City: Athens
Published: 11.12.2010