Many people borrowed more money then they had, hoping to make a profit when they bought stock to invest in a company.
If the company's stock sold at a higher price, investors have made a profit; if stock sold at a lower price, investors have lost money.
In 1929, too many investors sold too much stock too fast, causing the stocks to lose 90% of their value--people lost money!
A tariff is a tax on goods that are sold in America, but made in another country--that money goes to the government.
The high US tariffs backfired because foreign countries made their own high tariffs and refused to buy American goods, making American poorer.
The Federal Reserve is America's bank, lending money to our neighborhood banks, keeping our economy stable.
If people fear that their banks will close, they might "run" to the bank to take out all of their money before it is too late, causing their banks to close anyway.
The Federal Reserve did not prevent small banks from closing because they didn't lend them money.