The Great Depression began in October 1929 with the stock market crash, known as Black Tuesday. As stock prices dropped and people lost their investments, businesses began laying off workers due to overproduction, creating a vicious cycle where unemployed people had no money to spend. Bank failures further exacerbated the situation as banks ran out of money. President Hoover was blamed for not doing enough to solve the economic crisis. When Franklin D. Roosevelt took office in 1933, he immediately began passing new laws and programs through his New Deal to provide relief, promote recovery, and reform the economy to prevent another depression through work and infrastructure projects, strengthening of the banking system, and regulation of Wall Street.