| eogernyadc'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 eogernyadc |
| Bio: |
In mid-February 1933, banking troubles developed in Detroit, Michigan. The RFC was prepared to make a loan to the distressed bank, the Union Guardian Trust, to avoid a crisis. The bank was among Henry Ford's banks, and Ford had deposits of $7 million in this particular 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 risk losing all of his deposits before any other depositor lost a cent. Ford and Couzens had once been partners in the automobile company, but had actually become bitter rivals.
When the settlements stopped working, the guv of Michigan stated a statewide bank holiday. In spite of the RFC's desire to assist the Union Guardian Trust, the crisis might not be averted. The crisis in Michigan led to a spread of panic, first to adjacent states, however ultimately throughout the country. Day by day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had actually restricted the withdrawal of bank deposits for cash. As one of his very first function as president, on March 5 President Roosevelt announced to the nation that he was stating a nationwide bank vacation. Almost all monetary organizations in the country were closed for service throughout the following week. https://www.instructables.com/member/camundgmhg/ |
| Gender: |
Male |
|
