Things got worse as 1933 opened, with 273 banks closing in January alone, b...
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
Things got worse as 1933 opened, with 273 banks closing in January alone, bringing about another rush of citizens extracting whatever deposits they had left, fearing the worst. On February 14, the state of Michigan declared a bank holiday to stop the drainage; another twenty-one states had followed suit by March. By the time FDR took office, the situation had reached its lowest point.
chapter: Chapter 6: The Early 1930s: Tenuous Times, Tax-Evading Titans