Download Breaking the Banks in Motor City: The Auto Industry, the by Darwyn H. Lumley PDF

By Darwyn H. Lumley

This historical past tells the quite unknown tale of the way the Detroit vehicle performed a big function within the 1933 banking quandary and the next New Deal reforms that vastly replaced the monetary undefined. Spurred through failed selection making through motor vehicle leaders, Detroit banks skilled a severe emergency, precipitating the federal closure of banks on March four, 1933, the 1st in a sequence of activities wherein the government bought energy over economics formerly held via states and personal commercial and fiscal pursuits.

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Extra info for Breaking the Banks in Motor City: The Auto Industry, the 1933 Detroit Banking Crisis and the Start of the New Deal

Sample text

S. Senate investigation into the Detroit banking crisis. At the time of the crisis in February and March of 1933, the full connections between the Ford Motor Company and/or Edsel Ford, and the Guardian Group were believed to be real, but the facts were not known until January 1934. Despite the disclosure of the Ford Motor Company/Edsel Ford investment in, and control over, the Guardian Group, this information has been neglected or dismissed by many writers. However now that the control of the Guardian Group by the Ford Motor Company is known, new light is cast on the subsequent events.

13 Henry Ford also caused him to leave, subsequent to Kanzler’s move to the Ford Motor Company. 14 However, the underlying problem was that Ernest Kanzler and Edsel Ford were close friends, and Henry Ford resented Kanzler’s influence. 16 Edsel and Kanzler wanted to keep the Ford Motor Company competitive, not only in the products it produced but in the way it did business, by instituting professional management methods and procedures. Henry Ford resisted such ideas and was apparently opposed to rational business methods.

The Roaring Twenties were real enough. While speculation may have been a root cause of the market crash on Wall Street, there was a real boom or growth that was built on the new technology of the time. ”38 It seemed as if the automobile was driving the industrial destiny of the United States. Statistics are one measure of the drive of the auto industry. S. foreign policy. Roughly three-fourths of the world’s petroleum was used in the United States. This increased consumption began to cause worries about the known petroleum reserves in North America and, based on the knowledge of the time, geologists mistakenly forecast that in twenty-five years the North American reserves would be exhausted.

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