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07-28-2022 |
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In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC wanted to make a loan to the troubled 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 particular bank. Michigan Senator James Couzens required that Henry Ford subordinate his deposits in the struggling bank as a condition of the loan. If Ford concurred, he would run the risk of losing all of his deposits before any other depositor lost a penny. Ford and Couzens had actually as soon as been partners in the automotive business, but had ended up being bitter rivals.
When the negotiations failed, the governor of Michigan stated a statewide bank vacation. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis might not be prevented. The crisis in Michigan resulted in a spread of panic, initially to nearby states, but ultimately throughout the country. By the day of Roosevelt's inauguration, March 4, all states had actually declared bank vacations or had actually 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 declaring an across the country bank vacation. Nearly all banks in the country were closed for company during the following week. https://www.deltabookmarks.win/timeshare-calendar-2019-1 |
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