March 4, 1929. Americans appeared shine brightly when herbert Hoover was elected President. October 24, 1929, at the same year happened, the longest and deepest depression of United States, the Great Depression. Known as Black days, October 24 and October 26 it was the collapse for this depression, 16 million stocks were traded, by any price. Banks were calling for loan, Dow Jones fells 23%, $30 billion in stock were “disappeared”, unemployment rate is higher than 24%. Smoot-Hawley tariff Act, New Deal, Townsend Plan, Social Security Act, Housing Act, all of these are measures that the US government create to pass this big depression, which just ended in the middle of the Second World War, 1939.
Black Thursday, or the initial of the Great…show more content… To change this scenario Roosevelt decides to start a program, a reform, the New Deal. This program was essential for get out the depression. One of the first deal’s it was the Agricultural Adjustment Administration, they confronted farm problems. Trying to reduce the agricultural surplus, by releasing loans to cooperating owners. To reduce the production of certain basic necessities (to raise prices). It also gave rise to the creation of the Commodity Credit Corporation, for loans for land acquisition. A lot of families were going to bed with an empty stomach. Francis Everett Townsend was an American physician who is well known for his great plan for help the United States to get out of the Great Depression, Dr. Townsend published his plan in a Long Beach, California newspaper, as a kind of extended "Letter to the Editor”nearly by 1933, the Plan was then published as a pamphlet and distributed throughout America, by 1934. Dr.Townsend were fully expected Roosevelt to endorse his plan. However Roosevelt, like most establishment figures of the era, saw the Townsend Plan as irresponsible and unworkable. By 1934 Congressional elections all the candidates transformed Townsend Plan as priority, and it had more than 5 million votes for approval. Townsend and his followers were disappointed with Social Security because it didn’t promise instantaneous payments , because the benefits of Social Security promised were small compared to the $200 per month that Townsend proposed,