1929 and 1939 was the deepest and most lasting economic decline in the history of the Western industrialized world. The Great Depression began after the stock market crash of October 1929, which sent Wall Street into panic and wiped out millions of investors. Over the next two years, consumer spending and investment fell, causing a sharp decline in industrial production and rising unemployment levels as bankrupt companies laid off workers. In 1933, when the Great Depression reached its historic low, 13 to 15 million Americans were unemployed and nearly half of the nation's banks were bankrupt. Although relief and reform measures implemented by President Franklin D. Roosevelt helped alleviate the worst effects of the Great Depression, the economy did not fully recover until after 1939, when World War II propelled American industry into high gear. entered a regular recession in the summer of 1929, as consumer spending fell and unsold goods began to pile up, slowing production. Stock prices continued to rise, and by the fall of that year they had reached levels that could not match expected future profits. On October 24, 1929, the stock market bubble finally burst, as investors began dumping their stocks. A record 12.9 million shares were traded that day, known as Black Thursday. Five days later, 16 million shares were traded after yet another wave of panic that swept Wall Street, called Black Tuesday. Millions of shares were left worthless and investors who had purchased shares with borrowed money were subsequently completely wiped out. As consumer confidence faded in the wake of the stock market crash, declining spending and investment was a driving factor...... middle of paper ......oject Administration, a program of Permanent jobs which employed 8.5 million people from 1935 to 1943 also contributed to the recovery. During the Depression period, hardship had fueled the rise of extremist political movements in various European countries, including that of Adolf Hitler's Nazi government in Germany. The Great Depression and the New Deal forever changed the relationship between Americans and their governments. The government's involvement and responsibility in caring for the needy and regulating the economy were then expected. .history.com/topics/great-depression http://www.english.illinois.edu/maps/depression/about.htm http://www.econlib.org/library/Enc/GreatDepression.html http://www .gwu.edu/~erpapers/teachinger/glossary/great-depression.cfm