The most damaging effect of bank failures in the great depression was that the peoples lost their jobs that were working in the banks.
The great depression was the very bad condition of the economy, where there was the fall in the aggregate economy. This phrase started from the year 1929, that continues till 1939.
Many peoples lost their jobs and became unemployed due to the execution of the great depression. The most detrimental effect of bank failures during the Great Depression was that people that worked in banks lost their employment.
Therefore, The great depression was started from the United States and spread to all over the world.
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