The (First?) Great Depression

The Great Depression was a time of great hardship for America following a long period of prosperity. Wealth in America had reached an unprecedented level, especially after the Gilded Age. However, after the U.S.'s involvement with World War I, the American economy was left in a poor state. The value of the stock market started to decrease, and American citizens became anxious. They withdrew their money from banks, leaving banks with less and less money, until banks across the country failed. This was an extraordinary inconvenience for many Americans, as taking out loans from banks had become a habit for many citizens. Due to the new culture of buying more expensive things, people had to take loans to buy things such as the automobile that were becoming more commonly owned. American citizens could not change their habit of taking loans, and millions of people went into poverty. Fortunately, today we have the FDIC in place. This way, any insured bank will receive a quarter million dollars if it goes under, meaning account holders don't have to worry about the safety of their money, and people will always have the opportunity to get bank loans, provided they have good credit. Because of this great factor, there should not be another economic disaster like the Great Depression.