As a 33-year resident of Michigan, I have seen economic cycles come and go. This one is different. There is a structural dislocation occurring in Michigan (and probably Ohio) that is being exacerbated by the actions of the Federal Reserve.
Ben Bernanke is focusing on how he has to take action to keep inflation in check. Rather than raise the prime rate and make everything more expensive here, Michigan businesses need to have a lowered borrowing rate. It's time to declare Michigan a disaster area and treated as such by the Federal Reserve.
One size does not fit all. I suggest that the members of the board re-acquaint themselves with the basic economic data of Michigan before dismissing this suggestion. Inflation is not the concern here; survival is.
