| ceinnaanme's Forum Info |
| Joined: |
08-01-2022 |
| 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 ceinnaanme |
| Bio: |
In mid-February 1933, banking difficulties established in Detroit, Michigan. The RFC was prepared 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 demanded that Henry Ford subordinate his deposits in the troubled bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits prior to any other depositor lost a penny. Ford and Couzens had when been partners in the vehicle business, but had become bitter rivals.
When the negotiations stopped working, the guv of Michigan declared a statewide bank holiday. In spite of the RFC's desire to help the Union Guardian Trust, the crisis might not be averted. The crisis in Michigan resulted in a spread of panic, initially to adjacent states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had actually declared bank holidays or had restricted 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 a nationwide bank holiday. Practically all financial organizations in the country were closed for service throughout the following week. http://fr3809hv.bget.ru/user/heldazajmf |
| Gender: |
Male |
|
