Genesis 41:29 Behold, there come seven years of great plenty throughout all the land of Egypt: 30 And there shall arise after them seven years of famine; and all the plenty shall be forgotten in the land of Egypt; and the famine shall consume the land; 31 And the plenty shall not be known in the land by reason of that famine following; for it shall be very grievous.
During the dark days of the Great Depression, many banking institutions went out of business permanently, unemployment surpassed 20 percent, and the general desperation pervading the atmosphere caused a mad stampede of bank runs, very similar to what took place not too long ago, when a few of the nation’s banks became illiquid. During the Great Depression, many workers were laid off because there just was not enough demand to warrant continued levels of production, and this in turn forced millions of people deeper into debt.
In addition to this many reckless speculators on Wall Street who had invested heavily in the stock market with borrowed money were entirely wiped out, and a general sense of gloom and doom now settled on the nation. Prior to this, the U.S economy had expanded almost incredibly, and the wealth of the nation had more than doubled. But as history often goes, after a time of great increase, comes a time of great decrease. It is just the law of gravity running its natural course as they say, for what goes up must come down.
The inevitable result was that very many Americans were forced to buy goods and services on credit and as a result, the debt noose put a stranglehold on the masses of people who were ill-prepared for sudden and rapid changes and therefore, repossessions and foreclosures and liquidations went through the roof.
Nehemiah 5:3 Some also there were that said, We have mortgaged our lands, vineyards, and houses, that we might buy corn, because of the dearth. 4 There were also that said, We have borrowed money for the king's tribute, and that upon our lands and vineyards.
May The Lord add His blessing to the study of His word. God bless!