By Darwyn H. Lumley
This background tells the rather unknown tale of ways the Detroit car performed a big position within the 1933 banking predicament and the next New Deal reforms that tremendously replaced the monetary undefined. Spurred by way of failed choice making by means of 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 through states and personal business and monetary pursuits.
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Extra resources for Breaking the Banks in Motor City: The Auto Industry, the 1933 Detroit Banking Crisis and the Start of the New Deal
So about one year after the Guardian-Union merger in 1930, and concurrent with the ﬁrst pool effort, Edsel Ford loaned $6 million to the Guardian Group. 56 These were not the only loans being made to the Guardian Group in the years 1929 through 1932. It was obvious that the Guardian Group was not doing well. Considering what took place later, and the general views of the Guardian Group’s failure, the ties between Edsel Ford and the Ford Motor Company on one hand, and the Guardian Group on the other, were real and substantial.
Even General Motors, which had many stockholders, had signiﬁcant ownership by executives, including Alfred P. 16 The present day corporate model, in which a CEO is salaried and provided with stock options, is considerably different from the model in the ’30s. Those men were founders of the automobile industry and their success and personal wealth were tied up in the long-term success of the ﬁrms that they led. The sense of personal ownership, and the privileges which accompany ownership, gave the auto leaders of the ’30s a much different perspective than most present-day top auto executives.
Chrysler. S. , on business. Beﬁtting his ofﬁce as president of the Ford Motor Company, Edsel, and not his father, represented the company. Neither Sloan from GM nor Chrysler from the Chrysler Corp. looks any more pleased than Edsel. All three were unwilling to adjust to the interventionist business ideas of the New Deal. 28 2. “Wall Street Sees Ford as a Banker” be disregarded: while Edsel Ford was president, he did not have the real power. Instead, his father Henry Ford retained it. ”4 Henry Ford, for his own purposes, appointed his son as President, but retained the ultimate decision making — often making decisions contrary to decisions of Edsel, and after the fact.