The year that marked the start of the Great Depression was 1929. This severe worldwide economic downturn began with the stock market crash in the United States on October 29, known as Black Tuesday. Following this event, numerous financial institutions failed, and unemployment rates soared as businesses closed and consumer spending plummeted. The Great Depression had profound effects not only in the U.S. but around the globe, leading to widespread poverty and social upheaval. It prompted sweeping changes in economic policy, government intervention in the economy, and the creation of programs like the New Deal under President Franklin D. Roosevelt to address the crisis and stimulate recovery.