The Great Depression lasted from 1929 to 1939. It was the deepest and longest-lasting economic downturn in the history of the Western industrialized world. In the United States, the Great Depression began after the stock market crashed on October 1929, which made Wall Street go into a panic and got rid of millions of investors.
A record 12.9 million shares were traded that day, known as “Black Thursday.” Five days later, on “Black Tuesday” about 16 million shares were traded after another wave of panic swept Wall Street. Millions of shares ended up being worthless, and the investors who had bought stocks with borrowed money were wiped out completely.