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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC wanted to make a loan to the struggling bank, the Union Guardian Trust, to avoid 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 distressed 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 as soon as been partners in the automotive service, however had actually become bitter rivals.
When the settlements failed, the governor of Michigan stated a statewide bank vacation. In spite of the RFC's determination to help the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan resulted in a spread of panic, initially to surrounding states, but ultimately throughout the country. By the day of Roosevelt's inauguration, March 4, all states had declared bank holidays or had restricted the withdrawal of bank deposits for cash. As one of his first function as president, on March 5 President Roosevelt announced to the nation that he was declaring a nationwide bank holiday. Almost all banks in the country were closed for company throughout the following week. https://www.acid-bookmarks.win/help-with-timeshare-2 |
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