Economic crisis led to bank failures, unemployment, and severe national depression in 1893.

During the Panic of 1893 in the USA, a severe economic depression hit the country following the collapse of railroad overbuilding and shaky financing. Banks and businesses failed, unemployment soared, and soup kitchens became a common sight. The stock market plummeted, causing widespread panic among investors. The crisis led to runs on banks and a significant number of foreclosures on homes and farms. The government struggled to respond effectively, exacerbating the situation. The Panic of 1893 left a lasting impact on the American economy, with recovery taking several years. The event also highlighted the need for better financial regulations and policies to prevent such catastrophic collapses in the future. #USA #Panicof1893 #EconomicCrisis #FinancialCollapse