When banks failed in the 1929-1933 period, the lack of deposit insurance meant that depositors experienced sizable losses. How big were these losses? For September 1929 through February 1933, plot the deposits in suspended banks (FRED code: M09039USM144NNBR). Download the data and sum the deposits lost to bank failures in 1932. Using this total compute its ratio to 1932 gross national product of $58.7 billion. Using that ratio, how large would the losses be compared to first-quarter 2013 nominal GDP of $16 trillion.
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