In the days that followed, newspapers around the U.S. began to put a positive spin on the event, marking it as a buying opportunity as banks poured more money in to the market to stabilize it. 

 

However, the American public started to panic, which sparked runs on banks all over the nation.  

The bank runs depleted most of the reserves the banks had relied upon, and many banks chose to close withdrawals, leaving many without access to the cash they needed to live.