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Today in history: October 29
In 1929, the stock market crashed, marking the beginning of the Great Depression
 
The stock market crash set off a panic that swept the nation.
The stock market crash set off a panic that swept the nation. (Bettmann/CORBIS)

October 29, 1901: President William McKinley's assassin, Leon Czolgosz, was executed. He shot McKinley on Sept. 6; the President died eight days later.

October 29, 1929: The stock market crashed. President Herbert Hoover, not wanting to call it a "panic" (like other downturns), called it a "depression." It was more than that. It was a "Great Depression." The stock market eventually collapsed 89 percent, unemployment reached 25 percent by 1933, wages fell 60 percent and poverty swept across the land. The Great Depression really did not end until a dozen years later, when the U.S. entered World War II. Head here to see The New York Times' front page from the stock market crash.

Quote of the Day
"We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us." — Herbert Hoover


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