| lydeenpooz's Forum Info |
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In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was willing to make a loan to the distressed bank, the Union Guardian Trust, to prevent a crisis. The bank was one of Henry Ford's banks, and Ford had deposits of $7 million in this specific bank. Michigan Senator James Couzens required that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits before any other depositor lost a cent. Ford and Couzens had actually as soon as been partners in the automotive business, however had actually become bitter rivals.
When the settlements stopped working, the governor of Michigan declared a statewide bank holiday. In spite of the RFC's desire to help the Union Guardian Trust, the crisis could not be prevented. The crisis in Michigan resulted in a spread of panic, first to adjacent states, but eventually throughout the country. By the day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had actually limited the withdrawal of bank deposits for money. As one of his very first acts as president, on March 5 President Roosevelt revealed to the country that he was stating an across the country bank vacation. Nearly all banks in the country were closed for organization during the following week. https://toie.ru/user/marrenuads |
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