Throughout most of the years of the Great Depression,there was growth in the GNP (from about 1932 on, with a dip 1936-37). Even though the economy was growing then, it doesn't mean that it was a picnic for those who lived it.
There were several banking panics in the 19th century, each having serious impact on the national economy:1837, 1857, 1873 & 1893. The period 1873 through 1896 is known as the "Long Depression"...even though the economy continued to grow then, growth was slow, and I'm sure it was no picnic either.
A little info on the Long Depression:
"The New York Stock Exchange closed for 10 days. Of the country's 364 railroads, 89 went bankrupt. A total of 18,000 businesses failed between 1873 and 1875. Unemployment reached 14% by 1876..."
Panic of 1873 - Wikipedia, the free encyclopedia
And a little info on the panic of 1837, which led to another depression:
" The Panic of 1837 was an economic depression, one of the sharpest financial crises in the history of the United States. ...The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in specie (gold and silver coinage). The Panic was followed by a six-year depression, with the failure of banks and record unemployment levels."
Panic of 1837
...oh yeah, there was a bank panic in 1907 too.
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