What major event began on October 29, 1929?

The event that began on October 29, 1929, is the Great Depression, a significant economic downturn that impacted not just the United States, but the entire world. This day is often referred to as "Black Tuesday," when the stock market crashed dramatically. This crash led to widespread financial panic and a drastic loss of wealth for many Americans.

In the years following the crash, unemployment soared, banks failed, and many people lost their homes and savings. The Great Depression fundamentally changed the economic landscape and prompted a variety of government responses aimed at economic recovery. Understanding this event is essential, as it set the stage for subsequent policies and programs, including the New Deal, which was implemented to address the issues brought on by the Depression.

The timing of the Great Depression's onset is crucial; it marks a pivotal point in U.S. history that influenced economic policy and the social fabric of the country for years to come.