Contributors
Founder and Chair – LMFC
Vice Chair – LMFC
President and CEO – The Bank of Northern Michigan
SVP of Shared Services - LMFC
Senior Vice President, Traverse City Market Manager

Hear from the founder of Lake Michigan Financial Corporation, Rich Lievense, and his insight on what this blog encompasses.

We have all been listening to the importance of addressing our long term structural deficit in this country.  Politicians have been long on rhetoric but short on specifics.  If you want to try your hand in solving this problem go to The New York Times and check out their ‘Interactive Feature: Budget Puzzle’.  This site helps quantify the monetary impact of various tax and spending policies.  It also shows there are no easy answers to this difficult problem.  

 

Try the Budget Puzzle at The New York Times.

 

In the mid 30’s, Congress passed a bill called the Hawley-Smoot tariff bill that increased tariffs on imported goods.  Many economists argue this caused the economy to fall back into recession in 1937.  The consequences of this bill are important to remember as the protectionism drumbeat continues in the current election cycle. 

The article is written by John Gordon Steele who also wrote ‘An Empire of Wealth: The Epic History of American Economic Power’.  This is a wonderful book that outlines the business history of our country and reminds us of the fundamental strength of our economy and country.  It is worth reading if you could use perspective on the current economic affairs of the country and world. 
 

Read More Article The Great Mistake from Barron's.

The nation (and the world) has suffered a financial trauma and it will take years to get healthy again.  In this election season, we have an endless supply of answers and ideas of what we should and shouldn’t do.  Policy makers won’t admit in public what most of us know.  They can’t fix the economy because no one can.  It will take time and a commitment to return to the development of world class labor skills and education as well as a recommitment to compete with emerging businesses anywhere in the world.    

Read More Article Who can magically fix the economy? from Fortune.

This article is based on a Bloomberg interview I heard a few weeks ago.  These are very smart people discussing a difficult and complex issue.  It underscores the importance of developing and implementing thoughtful public policy to address our short and long term issues. 

Read More Article: How to Fix the Economy from Bloomberg BusinessWeek.

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