In October of 1929, the American financial markets collapsed. By Christmas of 1929, the Great Depression had begun, and by the time Mule Bone was written two years later, the United States was solidly in the grip of a huge financial depression that affected almost everyone. The years after World War I had been prosperous for citizens of the United States. Employment was up, and the need for newly developed products had created a successful economy. For the first time, credit became an accepted way to buy durable goods. When people lacked enough money to buy something, they borrowed against future earnings. Demand for goods increased; jobs increased, and unemployment was down. When the market collapsed, jobs were cut, and there was no way to meet the demands of creditors. In a short time, the United States' economy collapsed. Banks closed and a lifetime of savings disappeared.

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