The event commonly regarded as the starting point of the Great Depression is the Stock Market Crash of 1929. Occurring in late October, particularly with the crash on October 29, known as Black Tuesday, it led to a massive loss of wealth and investor confidence. The crash triggered a chain reaction, resulting in unemployment, bank failures, and a severe reduction in consumer spending. The economic downturn persisted throughout the 1930s, leading to widespread hardship and necessitating significant governmental intervention, thus redefining economic policies in the United States and beyond.