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07-28-2022 |
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Male |
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In mid-February 1933, banking troubles established in Detroit, Michigan. The RFC wanted 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 concurred, he would run the risk of losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had when been partners in the vehicle business, but had actually become bitter rivals.
When the settlements stopped working, the governor of Michigan declared 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 resulted in a spread of panic, first to adjacent states, however eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had stated bank holidays or had limited the withdrawal of bank deposits for money. As one of his first function as president, on March 5 President Roosevelt revealed to the country that he was stating a nationwide bank holiday. Practically all monetary organizations in the country were closed for business during the following week. http://bayankhongor.court.gov.mn/user/ciaramsbxb |
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