Loss of jobs--many Americans in particular men lost their jobs and then were unable to provide for their families. Women were pushed out of jobs to give jobs to men. Loss of homes and/or land--many Americans lost their homes and land because they couldn't pay the bank for their loans. This left many homeless living in shanty towns. Loss of trust for the economy--Many Americans lost trust in the financial system. Banks fell apart and the stock market was a mess. It was hard to put any money back into that system but the system only works with money circulating in it. It took massive reform to reset the system and get it moving again.
This was known as the "iron curtain." It was a term used to describe the boundary in Europe, which formed at the end of WWII and lasted until the ending of the Cold War.
