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A wave of bank failures broke late in 1930.
In February another rash of bank failures broke out.
The pace of bank failures is slowing, though.
Already the contagion of bank failures has spread to Europe.
Friedman and Schwartz emphasized the effects of bank failures on the money supply.
This time a string of bank failures, corporate defaults and a deep recession look likelier.
Surely, they can't argue everything is just fine given the number of bank failures.
California and Illinois also have had large numbers of bank failures.
Yet this would increase, rather than decrease, the risk of bank failures.
At the same time, economic downturns squeezed banks, leading to waves of bank failures.
In late 1997, however, a string of bank failures set off a crippling credit crisis.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com