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In mid-February 1933, banking problems developed in Detroit, Michigan. The RFC was ready to make a loan to the distressed 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 demanded that Henry Ford subordinate his deposits in the troubled 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 penny. Ford and Couzens had once been partners in the automotive company, however had ended up being bitter competitors.
When the settlements stopped working, the governor of Michigan declared a statewide bank vacation. In spite of the RFC's willingness to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan led to a spread of panic, first to nearby states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had actually declared bank vacations or had actually restricted the withdrawal of bank deposits for money. As one of his very first acts as president, on March 5 President Roosevelt announced to the country that he was declaring an across the country bank holiday. Nearly all financial organizations in the country were closed for service during the following week. https://www.bookmark-jungle.win/how-to-get-rid-of-a-timeshare-that-is-paid-off |
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