Michigan’s Gubernatorial Campaign’s Top Creative Ideas include the Creation of a State-Owned Bank

SPECIAL REPORT: The campaign’s most original and whacky ideas
The Center for Michigan • July 15, 2010

Top six creative campaign ideas…

1. State bank. Bernero, a Democrat running for governor, and Senate Democrats want Michigan to charter a state-owned bank to provide loans to small businesses and farmers, as well as low-interest credit cards for consumers. This is modeled on the Bank of North Dakota, a state-owned bank that has generated about $300 million for its state treasury this decade. The idea is that it’s a win-win for citizens and the state alike. Many consumers and small business owners continue to be victims of the credit crunch and could get access to funds. The state could make money off the interest. While economists don’t think this is a magic bullet for Michigan’s budget woes, it could be part of a solution.

See the entire article here.

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