MichiganRadio

Should Michigan Follow North Dakota's Lead To Get Its Economy Moving? ANN ARBOR, MI (Michigan Radio) -

A democratic candidate for governor says Michigan should follow in North Dakota's footsteps.

It may be a path that will help Michigan's financially strapped businesses.

Lansing Mayor Virg Bernero says Michigan should create a 'state-owned bank' to spur investment in local businesses. North Dakota founded its own 'state-owned bank' in 1919, primarily to assist farmers unable to get loans from commercial banks.

Bernero says Michigan businesses are suffering at the hands of Wall Street money men who are keeping credit tight.

"We can't wait on Wall Street and Washington for our recovery. Anybody who's waiting on that is waiting for something that may never come," says Bernero, "You got to take the bull by the horns. We've got to take the reins of our own economic future. And this is an example of how we can do it."

Bernero says the state assets could be used to capitalize a 'state-owned bank.'

Bernero is running for the Democratic party's nomination for governor. Other Democrats in the race include State house Speaker Andy Dillon and state representative Alma Wheeler Smith.


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