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The Panic of 1930 was a financial crisis that occurred in the United States which led to a severe decline in the money supply during a period of declining economic activity. A series of bank failures from agricultural areas during this time period sparked panic among depositors which led to widespread bank runs across the country.
Panic of 1857, a U.S. recession with bank failures; Panic of 1866, Europe; Panic of 1873, a U.S. recession with bank failures, followed by a 4-year depression; Panic of 1884, United States and Europe; Panic of 1890, mainly affecting the United Kingdom and Argentina; Panic of 1893, a U.S. recession with bank failures; Australian banking crisis ...
The Great Depression: America in the 1930s. (2009) online; popular history. Wecter, Dixon. The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N. "The Stock Market Boom and Crash of 1929 Revisited".
An increasing number of bank failures in late-1930 interrupted the process of credit creation and reduced the money supply, harming consumption. After a second round of banking panics in mid-1931, there was a major change in people's expectations about the future of the economy. [2]
The bank panic of 1933 is the setting of Archibald MacLeish's 1935 play, Panic. Motion picture depictions of bank runs include those in American Madness (1932), It's a Wonderful Life (1946, set in 1932), Silver River (1948), Mary Poppins (1964, set in 1910 London), Rollover (1981), Noble House (1988) and The Pope Must Die (1991).
An event in which bank runs are widespread is called a systemic banking crisis or banking panic. [5] Examples of bank runs include the run on the Bank of the United States in 1931 and the run on Northern Rock in 2007. [6] Banking crises generally occur after periods of risky lending and resulting loan defaults.
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Theodore Gilman (January 2, 1841 – August 9, 1930) was a New York banker, Progressive reformer, and early advocate for stabilizing the U.S. financial system with an idea that was a precursor to the Federal Reserve System. He spent most of his life in New York City as head of Gilman, Son and Company bank.