| ebultexdop's Forum Info |
| Joined: |
08-01-2022 |
| Last Visit: |
(Hidden) |
| Total Posts: |
0 (0 posts per day | 0 percent of total posts) |
| Total Threads: |
0 (0 threads per day | 0 percent of total threads) |
| Time Spent Online: |
(Hidden) |
| Members Referred: |
0 |
|
|
| Additional Info About ebultexdop |
| Bio: |
In mid-February 1933, banking troubles developed 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 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 automobile business, however had actually become 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 might not be avoided. The crisis in Michigan led to a spread of panic, first to adjacent states, but eventually throughout the country. Every day of Roosevelt's inauguration, March 4, all states had declared bank vacations or had restricted the withdrawal of bank deposits for money. As one of his very first acts as president, on March 5 President Roosevelt revealed to the nation that he was declaring an across the country bank holiday. Almost all banks in the country were closed for service during the following week. http://hotnews.lv/user/branyafofh |
| Sex: |
Male |
|
