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07-28-2022 |
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| Extra informatie over cirdancxyh |
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Male |
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In mid-February 1933, banking problems established 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 one of 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 troubled bank as a condition of the loan. If Ford agreed, he would run the risk of losing all of his deposits prior to any other depositor lost a cent. Ford and Couzens had actually as soon as been partners in the automotive business, but had ended up being bitter competitors.
When the settlements failed, the guv of Michigan declared a statewide bank vacation. In spite of the RFC's willingness to help the Union Guardian Trust, the crisis could not be averted. The crisis in Michigan led to a spread of panic, first to nearby states, however eventually throughout the nation. Every day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had actually restricted the withdrawal of bank deposits for cash. As one of his first acts as president, on March 5 President Roosevelt announced to the nation that he was stating an across the country bank vacation. Nearly all banks in the country were closed for business during the following week. https://www.instapaper.com/read/1524496753 |
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