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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC wanted to make a loan to the distressed bank, the Union Guardian Trust, to prevent 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 demanded 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 when been partners in the automotive organization, but had become bitter rivals.
When the settlements stopped working, the guv of Michigan stated a statewide bank vacation. In spite of the RFC's willingness to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan led to a spread of panic, initially to nearby states, but eventually throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had stated bank vacations or had limited the withdrawal of bank deposits for cash. As one of his first serve as president, on March 5 President Roosevelt announced to the nation that he was stating a nationwide bank holiday. Practically all financial organizations in the nation were closed for service during the following week. https://www.bookmarks4all.win/timeshare-promotion-orlando |
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