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In mid-February 1933, banking troubles established in Detroit, Michigan. The RFC wanted to make a loan to the struggling 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 required that Henry Ford subordinate his deposits in the distressed bank as a condition of the loan. If Ford agreed, he would risk losing all of his deposits before any other depositor lost a cent. Ford and Couzens had actually as soon as been partners in the automotive company, but had actually become bitter rivals.
When the negotiations stopped working, the governor of Michigan stated a statewide bank holiday. In spite of the RFC's desire to assist the Union Guardian Trust, the crisis might not be avoided. The crisis in Michigan resulted in a spread of panic, first to nearby states, however ultimately throughout the country. Day by 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 serve as president, on March 5 President Roosevelt announced to the country that he was declaring a nationwide bank vacation. Almost all financial organizations in the country were closed for service during the following week. http://emmkkt.ru/index.php?option=com_k2&view=itemlist&task=user&id=288968 |
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