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This is a very large question to unpack with many themes/answers. There are certainly political/social and financial aspects here. Socially you should consider the context where prior to the Great Depression, America had just had the Roaring 20s, a time of prosperity and disposable income. The Great Depression left many out of work and had a detrimental impact on all of America and also it's allies (I think).
In economic terms. A third of the banks in the United States went bankrupt. Unemployment climbed to 25%, and homelessness is was on the rise. Housing prices fell by 67%, international trade fell by 65%, and deflation skyrocketed above 10%.
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