1929: The Stock Market Crash and the Great Depression
In the most devastating economic event in U.S. history, the stock market loses $14 billion in value in a single day (October 29), bankrupting investors and businesses. The crash triggers the Great Depression (the longest and worst period of high unemployment and low business activity in modern times), which leads to declines in international trade, personal incomes and tax revenues. In the crash’s aftermath, the United States imposes major banking reforms and stock markets around the world introduce trading controls. (© AP Images)