On March 6, 1930, the U.S. economy plunged into what would become the Great Depression, the most severe economic downturn in modern history. The stock market crash of 1929 had set off a chain reaction that led to widespread unemployment, homelessness, and poverty. As banks failed and factories closed, millions of Americans were left struggling to survive. The Great Depression had global consequences, deepening the worldwide economic crisis. It took the efforts of President Franklin D. Roosevelt and the New Deal to begin the slow process of economic recovery.