Wednesday, March 07, 2007
Comerica Bank Leaving Detroit? Excellent by Akindele Akinyemi
It is amazing to see Comerica Bank just up and running out of Detroit and to Dallas, Texas. The people who made this decision are no fools at all.
They know Detroit has fallen to insurgents, terrorists and ignorance.
For those who might not understand what is going on Comerica's stock is undervalued because of its close ties to Detroit and Michigan's economic woes. And it staves off -- for the time being anyway -- a hostile takeover attempt that could devastate the bank and ultimately cost thousands of Comerica jobs in the state.
In other words, we allow the status quo the keep getting re-elected to positions that they have no clue on.
Comerica Bank are not stupid. They can see the writing on the wall. They know staying here in Palestine would take their company under. The war in Detroit is getting worse. They had to make a move.
That move is Dallas, Texas.
Wall Street also know that by Comerica moving to a fast-growing state like Texas -- away from Michigan and its economic woes -- could boost shareholder value by as much as 50 percent over the next couple of years.
While scared and paranoid racists here scream about not regionalizing the Southeast Michigan area the Dallas-Ft. Worth area is booming regionally thanks to a strong economy. It is interesting to see how Black people in Detroit blame President Bush for not finding a job in Michigan but Black people in other parts of the country can find a job. And when Blacks and White liberals talk about how there are no jobs because Michigan is a manufacturing state what about other manufacturing states around the Great Lakes that are not in a recession?
What excuses are these liberals going to come up with next?
Comerica opened 17 branches in Texas from 2004 to 2006. Three have opened in 2007 and six more are projected.
Loan growth was 10 percent to 16 percent in California, Texas and Florida, compared to Michigan loan growth of only 1 percent.
Dallas is the site of more than 10,000 corporate headquarters. With assets of $58 billion, Comerica will be the largest bank holding company in Texas. Who wouldn't jump on board with that?
Comerica also pointed out Texas has one of the highest population growth rates in the country. In other words, people are moving out of Michigan and living in other states because of jobs. I said a while ago during the DeVos-Granholm Elections how whole families are moving out of Michigan. Who the hell wants to stay here with no jobs and always blaming poverty and racism for the reason of no jobs?
There are no jobs because employers are being taxed to death. Remember, the liberals here wanted Granholm to be re-elected and now she wants to impose a 2% tax hike (after she got on WXYZ Channel 7 and said she would not raise taxes) on services. Not to mention releasing 5000 criminals where 40%-60% of them will be residing in Detroit.
I do not understand why brothers and sisters cannot see this.
What did Jennifer Granholm say about this recent loss?
"They purposely kept it cloaked. We didn't know about it, the city didn't know about it. Nobody knew. We wish it weren't happening. It's not good news for us. Comerica's announcement is tough to hear, particularly given the tough times Michigan is experiencing."
She knew about this. Just like she knew about raising taxes if she was re-elected to office last October on Channel 7.
In terms of crying about Comerica Bank moving to Dallas I think it is a great move. Things have become nationally and globally these past few years. Urban conservatives are having a hard time convincing Blacks and Whites to do things regionally because we keep using racism as an excuse for progress. That is why young people move out of the state. They are tired of false government, Jennifer Granholm and Mayor Kilpatrick. Again, the excuse they keep bringing up is manufacturing.
Well, what about people who are educators like myself? We cannot find jobs. What does this have to do with manufacturing?
What about lawyers, doctors, paralegals, and other white collared jobs that we have invested our time in going to school only to come up empty? And when we turn to the organizations that are supposed to help us we run into a dead end because we are not in "the loop" or on the family and friends plan. Therefore, it creates a brain drain on urban communities and we end up leaving. No Black or White liberal that I have brought this up with have never given me a solution to this crisis. Not one Black or White Democrat.
Every two years we hear people running for State representative talking about keeping residents here in Detroit and re-populating Detroit by building the young adults up. This is all jargon and made up. What these candidates or already elected officials who are State Representatives and State Senators fail to understand is this: there are no opportunities for young people in Detroit. Even if you start your own business you are going to be taxed so much that you will either FORCED to move to another state or close shop. Not to mention that since people are not working how are people going to support you when they are struggling to support themselves and their families? You have no answer to this.
That's why we fall back on the standard issues like insurance redlining, poverty, fixing neighborhoods and fixing public schools. I have YET to hear a solution on how to keep young people from moving their businesses like Comerica out of town. I have YET to hear how we keep families from moving out of Michigan. You see when you remove God from the lexicon (i.e. public schools) this is what you get: a godless society that is out of control. Who wants a godless society? People who do not give a damn about young families leaving Michigan.
I have YET to hear from ANY politician, educational leader or economic leader on any local, county, state or federal level on how you keep teachers in Michigan. Haven't you heard? Florida is hiring 20,000 teachers. Certification? Don't worry they will HELP you get certified. Does Michigan help educators get certified?
Does Michigan have a strong program to promote alternative teacher certification requirements?
North Carolina are helping young people get certified. So is New Jersey and Pennsylvania.
So why is Michigan behind the times? Because we choose to talk about irrelevant issues that will not generate wealth and family building.
They have no answer to this. Neither does the NAACP or any other Black civil rights organization. If so e-mail it to me at email@example.com. I GUARANTEE you this. If I do receive a response they will say young families cannot find a job because of the loss of affirmative action, so-called racist public policy, or poor people cannot get out of poverty. In other words, they have no reason, just empty emotional rhetoric.
Lastly, Mayor Kilpatrick said this:
"Detroit has to keep moving," Kilpatrick said. "The city is on the rise. It's the biggest turnaround story in the nation. I think (Comerica) is going to regret it."
What he meant was Comerica is the biggest turnaround story in Detroit because they woke up and moved away to greater prosperity. For him to say Detroit is on the rise: I think he was laughing at his own statement.