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Realitycheck
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Username: Realitycheck

Post Number: 365
Registered: 08-2004
Posted on Wednesday, March 18, 2009 - 9:14 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)
Joel Thurtell shares a vivid, fascinating tale today at Joel on the Road from research he's doing for a book called How To Stop A Bank Run.

Too detailed and lengthy to summarize here adequately, so trust me -- this is worth 5 - 10 minutes when you have time to read what happened in Joel's hometown of Lowell and throughout Michigan in the early '30s . . . and how it's relevant in 2009.
quote:

My grandfather had to close Houseman’s Grocery Store in 1936 because his customers simply had no money to pay him. . . . Thanks to their hometown bankers, they lost most of their savings.

. . . How do I know this? In the banking office in Lansing, I found an amazing document.

I couldn't stop reading and now look forward to his book.
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Lowell
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Username: Lowell

Post Number: 2256
Registered: 09-2003
Posted on Thursday, March 19, 2009 - 2:01 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)
bump because you wrote Lowell.

Actually because it is a very relevant story.
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Reddog289
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Username: Reddog289

Post Number: 992
Registered: 08-2007
Posted on Thursday, March 19, 2009 - 2:42 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)
It was some good reading, ALLWAYS learn something here.

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