October 29 in History

The Wall Street Crash of 1929 was a collapse in American stock prices that began in the autumn of that year and became the most famous financial disaster of the twentieth century. It did not by itself cause the Great Depression, but it shattered confidence and exposed weaknesses in the banking system, helping to usher in a decade of economic hardship that reshaped politics and government around the world.

The Great Depression began in 1929, when a collapse in the American stock market helped trigger the most severe economic downturn of the modern industrial era. Unemployment soared, banks failed, and families across the United States and much of the world lost jobs, savings, and homes. The crisis lasted roughly a decade and reshaped ideas about the role of government in economic life.

The Suez Crisis of 1956 began when Britain, France, and Israel attacked Egypt after President Gamal Abdel Nasser nationalized the Suez Canal Company. The military operation succeeded on the battlefield but collapsed under American, Soviet, and United Nations pressure. It is widely seen as the moment Britain and France were forced to accept that they were no longer independent great powers able to act against the wishes of Washington. The summary's phrase about "US forces" is misleading: the United States did not use force, but applied decisive diplomatic and financial pressure.