The Great Depression began with the stock market crash of 1929, known as "Black Tuesday", where stock prices plummeted and over 16 million shares were sold. This collapse strained banks as people withdrew their savings, leading to bank failures across the country. By 1933, bank failures had wiped out billions in savings. Farmers were also deeply impacted as prices fell by over 50%, incomes dropped, and many were unable to pay their loans, resulting in over 300,000 farm foreclosures. By 1933, unemployment reached 25% with over 12 million Americans out of work. Millions lost their homes and lived in shoboos or traveled as hoboes looking for work. The drought of the 1930s known as the Dust Bowl