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07-28-2022 |
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In mid-February 1933, banking difficulties developed in Detroit, Michigan. The RFC was willing 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 specific 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 penny. Ford and Couzens had actually as soon as been partners in the vehicle service, but had actually become bitter rivals.
When the settlements failed, the governor of Michigan declared a statewide bank holiday. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis could not be averted. The crisis in Michigan resulted in a spread of panic, initially to nearby states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had actually stated bank holidays or had actually limited the withdrawal of bank deposits for money. As one of his very first function as president, on March 5 President Roosevelt revealed to the country that he was declaring a nationwide bank holiday. Practically all banks in the country were closed for business throughout the following week. https://www.sierrabookmarking.win/timeshare-termination |
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