“The U.S. fiscal and economic challenges today stem from a basic problem: too many companies and assets are owned solely for profit. It boils down to what I will call an ownership crisis. Because mortgages were owned by investors all over the world, when the U.S. housing market collapsed, the pain was global, as homeowners and financial institutions went into a downward economic spiral. Now, the debates surrounding the growing federal debt raise related concerns: Who owns America? Will foreign nations continue to buy Treasury securities and invest in U.S. businesses?
Expanding the “cooperative” economy could buffer the nation against future crises. The past three years show us why it is time to consider a different approach to ownership: cooperatives. If more assets and businesses were owned and controlled by the people who use them, our economy could be more stable.“