withdraw their deposits en masse. This idea would continue from 1929 to 1933 causing the greatest financial crisis ever seen at the banking level pushing the economic recovery efforts further from resolution. An increase in the currency-deposit ratio and a money stock determinant forced money stock to fall and income to decline. This panic-induced banking failure took a mild recession to a major recession. Whether this caused the Great Depression is still heavily debated due to many other attributing factors. However, it is evident that the banking system suffered massive reductions across the country due to the lack of consumer confidence. As withdraw requests would exceed cash availability banks began conducting steed discount sales such as fire sales and short sales. Due to the inability to immediately determine current value worth these fire sales and short sales would result in massive losses when recuperating any possible revenue for outstanding and defaulted loans. This would allow healthy banks to take advantage of the struggling units forcing additional losses resulting in banks not being able to deliver on depositor demands and creating a failing cycle that would become widespread. Investment would continue to stay low through the next half-decade as the private sector would hoard savings due to uncertainty of the future. The federal government would run additional policy changes such as the Check tax, monetary restrictions (including reduction of money supply by burning), High Wage Policy, and the New Deal through the Hoover and Roosevelt administration. Social & political impacts One visible effect of the depression was the advent of Hoovervilles, which were ramshackle assemblages on vacant lots of cardboard boxes, tents, and small rickety wooden sheds built by homeless people. Residents lived in the shacks and begged for food or went to soup kitchens. The term was coined by Charles Michelson, publicity chief of the Democratic National Committee, to refer sardonically to President Herbert Hoover whose policies Michelson blamed for the depression. The government did not calculate unemployment rates in the 1930s. The most widely accepted estimates of unemployment rates for the Great Depression are those by Stanley Lebergott from the 1950s. He estimated that unemployment reached 24.9 percent in the worst days of 1933. Another commonly cited estimate is by Michael Darby in 1976. He put the unemployment rate at a peak of 22.5 percent in 1932. Job losses were less severe among women, workers in non durable industries