Great Depression - Timeline Event

1929 - 1939

The collapse of the stock market on Black Friday -- Oct. 29, 1929 -- heralded widespread economic devastation in the United States and the rest of the world.

The causes of the Great Depression were many: from overproduction and deflation to speculation on Wall Street and an economy still fragile from World War I. The effects were deep: 20 percent unemployment and a 30 percent decline in gross domestic product. A report from Catholic Charities in New York described three to four families crowded into a tenement and 'the haunting fear that while today is bad tomorrow may be worse.'

The economy began to rebound in 1933. This was aided by a series of programs enacted by Congress and President Franklin Roosevelt called the New Deal, providing relief for the poor, rebuilding the economy and reforming the financial system. The economy did not fully recover until America entered World War II.

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