B – Banks closed<br />Banks had invested in shares and lost money customers had placed with them. <br />People withdrew their money and people who had borrowed money to invest couldn’t pay it back. <br />In 1929 alone more than 700 collapsed.<br />U - Unemployment<br /><ul><li>1929 to 1933 unemployment went from 3% to 25% of the country.
Many took to the roads to find work becoming tramps or Hobos.</li></li></ul><li>S – Savings Lost<br />For ordinary people who put their trust in the banks they lost all their savings.<br />T – Taking homes<br /><ul><li>In an attempt to recover some of their money banks began to call in their loans.
People had to sell their possessions and homes.</li></li></ul><li>U – Unhappy Public<br />Herbert Hoover the president believed in ‘rugged individualism’ – that they should not interfere with people’s lives.<br />Millions of Americans blamed Hoover and all the problems of the depression.<br />“In Hoover we trusted, now we are busted!”<br />P – Pensions (Bonus Army)<br /><ul><li>The Bonus army were ex-soldiers who wanted their pension paid early to help them with the depression.
Between 15,000 – 20,000 veterans marched to Washington DC and set up a Hooverville.
The army was called in to disperse the Bonus Army and 2 veteran were killed and over 1000 injured.</li>
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