The event that initiated the Great Depression in 1929 was the stock market crash that occurred on October 29, known as Black Tuesday. Following a period of rampant speculation and inflated stock prices, the market collapsed, leading to a devastating loss of wealth for millions of Americans. As confidence plummeted, consumer spending and industrial production sharply declined, resulting in widespread bank failures and high unemployment rates. The Great Depression had profound global effects, prompting significant changes in government policy, economic practices, and social safety nets aimed at alleviating hardships, including the New Deal programs established by President Franklin D. Roosevelt.