(i) With the fall in prices and the prospect of a depression, the US banks also slashed domestic lending and called back loans.
(ii) Farmers were unable to sell their harvests.
(iii) Faced with falling income/ many households in the US could not repay what they had borrowed, and were forced to give up their homes, cars and other consumer durables.
(iv) Industrial production registered a fall of about 35%.
(v) The number of the unemployed started rising, and in 1933, it touched 17 million. As unemployment soared, people trudged long distances looking for any work they could find. Ultimately, the US banking system itself collapsed.
