What Was the Great Depression?By: Janet B. Pascal, Who HQ Illustrator: Dede Putra Series: What Was? On October 29, 1929, life in the United States took a turn for the worst. The stock market the system that controls money in America plunged to a record low. But this event was only the beginning of many bad years to come. By the early 1930s, one out of three people was not working. People lost their jobs, their houses, or both and ended up in shantytowns called Hoovervilles named