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This kind of massive withdrawal had a major effect in that it caused the banks to close too.What is more, it was a disadvantage to those who did not withdraw their money because of not reaching the bank on time.This is because they directly depended on the stock market.
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The farmers were used to overgrazing, and now this had to combine with the effects of drought leading to a blow to the farmers.
The latter were even left without food and crops for their animals.
Employees’ wages were also affected because any business could not pay them again as required.
The stock market issue also affected the customers in that they stopped buying and spending on luxurious goods. The Great Depression affected the farmers in a very adverse way.Many people tried as they could to sell their stock, but, unfortunately, no one was ready to buy.The stock market that had for long been viewed as a path to wealth and richness was now a sure path to bankruptcy (Martin 106).In effect, it was unfavorable for the clients whose money was already in the markets for investment: many banks had done that and that meant a huge loss to the clients.It was also a double loss in that though the clients lost their money, the banks were forced to close down.This is because the grass that the animals could feed on had already dried up and disappeared in the long run.The loose dirt was picked by the whirled wind, and topsoil got exposed.The day when this happened is referred to as Black Tuesday, and it is the day when the stock market crashed.That was the official date when the Great Depression started.They could also not make it to feed their families, not mentioning themselves.Some of the farmers had also capitalized on the stock market and bank.