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Book Synopsis

This history tells the relatively unknown story of how the Detroit automobile industry played a major role in the 1933 banking crisis and the subsequent New Deal reforms that drastically changed the financial industry. Spurred by failed decision making and conflicts of interest by automobile industry leaders, Detroit banks experienced a critical emergency, precipitating the federal closure of banks on March 4, 1933, the first in a series of actions by which the federal government acquired power over economics previously held by states and private industrial and financial interests.

Breaking the Banks in Motor City

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    A Paperback by Darwyn H. Lumley

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      Publisher: McFarland & Company
      Publication Date: 7/15/2009 12:00:00 AM
      ISBN13: 9780786444175, 978-0786444175
      ISBN10: 0786444177

      Description

      Book Synopsis

      This history tells the relatively unknown story of how the Detroit automobile industry played a major role in the 1933 banking crisis and the subsequent New Deal reforms that drastically changed the financial industry. Spurred by failed decision making and conflicts of interest by automobile industry leaders, Detroit banks experienced a critical emergency, precipitating the federal closure of banks on March 4, 1933, the first in a series of actions by which the federal government acquired power over economics previously held by states and private industrial and financial interests.

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