On Black Thursday, October 24, investors and stockbrokers began to panic. They bought a lot of shares, hoping to balance the market. However, although the intent of many was to balance the market, this was not the case. On Black Tuesday, October 25, stock prices completely collapsed and billions of dollars were lost. The result of the stock market crash of 1929 was many, many bank failures. These banks failed because the stock market crash of 1929 was the cause of debt and poverty for many people. People had no money to repay the banks, no money to deposit in the banks. All the money left in the banks was withdrawn because people were afraid of losing it, just as others lost all their money due to the market crash. By 1933, 11,000 of America's 25,000 banks had closed and no longer existed