| legonaonql's Forum Info |
| Joined: |
07-28-2022 |
| Last Visit: |
(Hidden) |
| Total Posts: |
0 (0 posts per day | 0 percent of total posts) |
| Total Threads: |
0 (0 threads per day | 0 percent of total threads) |
| Time Spent Online: |
(Hidden) |
|
|
| Additional Info About legonaonql |
| Bio: |
In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC wanted to make a loan to the distressed bank, the Union Guardian Trust, to avoid 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 agreed, he would run the risk of losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had once been partners in the automobile service, however had actually ended up being bitter competitors.
When the negotiations failed, the guv of Michigan declared a statewide bank holiday. In spite of the RFC's determination to assist the Union Guardian Trust, the crisis might not be prevented. The crisis in Michigan resulted in a spread of panic, first to adjacent states, but ultimately throughout the nation. By the day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had actually limited the withdrawal of bank deposits for cash. As one of his first acts as president, on March 5 President Roosevelt announced to the country that he was declaring a nationwide bank vacation. Almost all banks in the country were closed for organization during the following week. https://my-books.me/user/freadhnrav |
| Gender: |
Male |
|
