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Comerica Leaving Detroit

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http://www.freep.com/apps/pbcs.dll/article...NESS06/70306018

http://www.dallasnews.com/sharedcontent/dw...s.24e1994f.html

I realize that this topic has been started in the Detroit section, but reading the quotes from the Comerica upper-brass really hits home as to why building strong, efficient cities in Michigan is so important. One of the main factors in the move, according to management, was that it is really difficult to attract top talent to want to work in Detroit. I think that as UPers we need to heed these lessons and really work towards a lot of the things that we throw around on this site such as mass transit.

Reading the joyous remarks made by Dallas boosters in the second article really p#sses me off that their gain is at the expense of our neighbor to the East. Even though it is only 200 jobs, I am sure that it is only the beginning. Companies don’t relocate across the country to move just 200 workers (also the Comerica building lease expires in 2012 I believe).

On a personal note I am crushed/shocked. I am not a huge proponent of the “buy USA” campaign (feel free to lob insults), but losing my financial institution to Texas is a kick in the stomach! Mercantile I will see you tomorrow 9:00am sharp. Lets take this as a wake up call.

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I realize that this topic has been started in the Detroit section, but reading the quotes from the Comerica upper-brass really hits home as to why building strong, efficient cities in Michigan is so important. One of the main factors in the move, according to management, was that it is really difficult to attract top talent to want to work in Detroit. I think that as UPers we need to heed these lessons and really work towards a lot of the things that we throw around on this site such as mass transit.

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I just closed my account with them!

I also hope that they find a loophole in the naming contract for

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I just posted the link to spur more conversation. I don't agree that lower taxes automatically translates into more economic growth, nor do I for raising taxes. It probably has something to do with many other reasons, rather than just one or two.

There is more at play to the situation than just low taxes and paved roads. It's my observation that if you're going to attract the younger talented individual you're going to have to provide them the job and the environment. If you can't provide the job, then find out how. When ever this topic seems to come up there is often talk about a need for vibrancy in urban communities, a rapid mass transit network, progressive ideas, etc. For whatever reason these concepts are earth shattering. At least it appears that way.

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I think he wasn't so much targeting the "low taxes" so much as saying the focus of Michigan should be more knowlege driven. I didn't read anywhere where he solely said those states, had high taxes and were more successful. It all tied into the fact that they had a high level of college graduates. Michigan has some of the best institutes of higher learning on earth. They provide people with an education, and then they take that education to other places, like Dallas, or Phoenix.

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It seems like a chicken/egg debate to me, Rizzo. High taxes in the states mentioned above, in my opinion are a result, not a cause of creating a great economy. This author seems to put it the other way around. To simply say that Michigan needs to raise taxes, which the author may not state outright but definitely insinuates, to do what a Connecticut or Maryland has done seems premature. Maybe we need to put in place sound structural footings before we just blindly throw money at the situation. Hey, maybe a 1% sales tax increase in Kent county to fund mass transit would be a great place to start :thumbsup:

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http://www.freep.com/apps/pbcs.dll/article...NESS06/70306018

http://www.dallasnews.com/sharedcontent/dw...s.24e1994f.html

I realize that this topic has been started in the Detroit section, but reading the quotes from the Comerica upper-brass really hits home as to why building strong, efficient cities in Michigan is so important. One of the main factors in the move, according to management, was that it is really difficult to attract top talent to want to work in Detroit. I think that as UPers we need to heed these lessons and really work towards a lot of the things that we throw around on this site such as mass transit.

Reading the joyous remarks made by Dallas boosters in the second article really p#sses me off that their gain is at the expense of our neighbor to the East. Even though it is only 200 jobs, I am sure that it is only the beginning. Companies don

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I wonder if this could really help put public opinion over the top on mass transit and light rail specifically. It's no magic bullet for making Michigan cities desirable for people all over the nation, but it's one piece of the puzzle. This is beyond factories closing, this is a service company moving. When factories close the jobs usually go overseas. These ones are going to Texas!

We have good universities. Now we need world-class cities. Transit can be a catalyst to help us get there. Unfortunately there's nothing we can do about the climate here. :)

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How I perceived this article is that cutting taxes alone is not the answer, something I whole heartedly agree with. Sure I don't like being taxed half to death just like any other person. But in theory the reason people pay taxes is to fund basic services such as public schools, fire, police, infrastructure , etc. things needed to support a prosperous economy. In cutting taxes one is also cutting funds to such services. If getting elements to attract high talent to Michigan, like mass transit systems, investing in higher education, revitalizing urban cores, etc. then I would support the idea of suspending efforts to cut taxes and to use that revenue to make such investments.

I am having a hard time understanding this persons argument Rizzo. He keeps attacking our low taxes yet he does not give a coherent causal relationship as to how low taxes and a dysfunctional economy are linked. He simply just lumps us together with other poor performing states. Okay, Alabama, Oklahoma, South Dakota and Tennessee have low taxes and no one wants to live there or locate a business there. So if they raise taxes to the levels seen in Colorado, Connecticut, Maryland and Massachusetts they will attract talent that will spur economic growth? Singapore has minimal if non existent taxes, so how does one rationalize why they are a magnate for all things high tech?

Are low taxes really the main culprit in not being able to attract talent to this state? I would say no. If there are essential services that need to be funded, then tax increases may be called for on a case by case basis.

It seems like a chicken/egg debate to me, Rizzo. High taxes in the states mentioned above, in my opinion are a result, not a cause of creating a great economy. This author seems to put it the other way around. To simply say that Michigan needs to raise taxes, which the author may not state outright but definitely insinuates, to do what a Connecticut or Maryland has done seems premature. Maybe we need to put in place sound structural footings before we just blindly throw money at the situation. Hey, maybe a 1% sales tax increase in Kent county to fund mass transit would be a great place to start :thumbsup:

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I wonder if this could really help put public opinion over the top on mass transit and light rail specifically. It's no magic bullet for making Michigan cities desirable for people all over the nation, but it's one piece of the puzzle. This is beyond factories closing, this is a service company moving. When factories close the jobs usually go overseas. These ones are going to Texas!

We have good universities. Now we need world-class cities. Transit can be a catalyst to help us get there. Unfortunately there's nothing we can do about the climate here. :)

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I noticed climate doesn't seem to hold Chicago back!

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I think it is B.S. to think that within the large metro area of Detroit, they cannot find the talent to run a bank. And recruitment to the Detroit metro area? I don't believe that excuse for a second. I'm sure it has everything to do with the bottom line. And that bottom line probably involves a merger or acquisition. I bet there are plenty of brilliant bankers who would be willing to work in Detroit and live in Birmingham. I'm sure it means more job cuts are imminent, but I don't think Detroit should beat itself up too badly for the loss. I doubt the state of Woodward Ave. had anything to do with it.

Joe

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I was referring to the weather actually. Personally I love the snow, but it may take some convincing to get people from Texas to move up here.

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Also, I thought one of the reasons for the move was because Comerica was doing most of the business in the south anyway.

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But they have the second largest accounts on deposit in the state of Michigan next to Lasalle. I read that they want to be more centrally located to their customer base. Texas? And what happened to the "world being flat".

Businesses do what they need to do to be profitable. I just find their reasoning flawed, not the fact that they need to make money.

Joe

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I think it is B.S. to think that within the large metro area of Detroit, they cannot find the talent to run a bank. And recruitment to the Detroit metro area? I don't believe that excuse for a second. I'm sure it has everything to do with the bottom line. And that bottom line probably involves a merger or acquisition. I bet there are plenty of brilliant bankers who would be willing to work in Detroit and live in Birmingham. I'm sure it means more job cuts are imminent, but I don't think Detroit should beat itself up too badly for the loss. I doubt the state of Woodward Ave. had anything to do with it.

Joe

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And recruitment to the Detroit metro area? I don't believe that excuse for a second. I'm sure it has everything to do with the bottom line.

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There's probably some unsaid reason such as the CEO's daughter getting accepted to A&M, or them buying a Dallas sports team.

I can't recall what Comerica used to be. NBD? MNB?

Agree on the ballpark renaming.

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If the Big Three can get talent from anywhere to Detroit (and I'm sure they do), so can Comerica. I don't believe that was part of the reason for the move at all. Where I work, more than half of our new recruits/interns/engineers are from out of state, and same goes for the many other companies that we do business with.

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Chris Knape had a piece about it today and he spoke with a bank official who said it was the stigma of Detroit.

I'm sure the big companies in Detroit have recruiting problems. In addition, there are the hundreds of thousands of "mobile entrepreneurs" fueling the economy today, who because of technology can basically live ANYWHERE in the country to do their jobs, and aren't choosing places like Detroit (and not Grand Rapids enough either).

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