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This failure spread concern all through New York’s monetary district and other trusts and regional banks began drawing their reserves out of New York City. This, in flip, started runs on banks, starting in New York, and then spreading throughout the nation; financial institution failures have been scattered around everywhere. At this level, there wasn’t any fundamental weak point within the economic system, simply fear within the financial markets because of the greed of a few rich men; but, the die had been forged for a massive melancholy, if one thing wasn’t finished.
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