| Bio: |
In mid-February 1933, banking problems established 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 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 struggling bank as a condition of the loan. If Ford concurred, he would risk losing all of his deposits before any other depositor lost a penny. Ford and Couzens had actually once been partners in the vehicle service, but had ended up being bitter competitors.
When the settlements failed, the guv 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 prevented. The crisis in Michigan led to a spread of panic, initially to nearby states, however eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had actually declared bank holidays or had limited 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 monetary organizations in the country were closed for business during the following week. https://www.fastbookmarks.win/pennsylvania-timeshare-company-1 |
