Nothing is too big fail. Not Michigan. Not the Great Lakes Region. Not the U.S., according to the University of Michigan's vice president for research.
Excerpt:
Michigan isn't too big too fail.
That's the economic philosophy that Stephen Forrest, University of Michigan's vice president for research, believes is crucial to adopt.
"As a matter of fact, the Great Lakes region is not too big to fail. As a matter of fact, the United States is not too big to fail," Forrest said. "And we have to live with that fact. I like to say we live in times of scary opportunities. We simply aren't too big to fail."
Setting the U.S. apart from the rest of the world are great ideas, access to capital and a tolerance for failure, he said at the "Partnership for an Innovation Economy," a May 11 event sponsored by U-M and the Michigan Business Review.
Adapting to change, then, is paramount. Michigan is facing 12.6 percent unemployment, but California is about a percentage point behind now.
"Every economic advantage that you can imagine is portable," Forrest said. "Everything that we do here somebody can do elsewhere."
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