That story about Richmond, California starting down the path of using eminent domain to take underwater mortgages is taking on a life of its own. Here’s the latest.
Before we bombard you with links to the most recent commentary and stories, here’s some backstory. Remember how we said this was taking on an “Occupy” flavor and seemed as much fueled by a let’s-get-those-greedy-bum-bankers vibe as by thoughful economics and a careful use of eminent domain? Well, a little digging showed that wasn’t far off. It seems that lawprof Robert Hockett, the guy who came up with this scheme (calling it a plan that “pays Paul and robs no one”) is a Founding Board member of something called the “Occupy Money Cooperative,” which touts itself as a “revolution,” “a cooperative company that offers low-cost, transparent, high quality financial services to the 99%.” (ps: you forgot “sustainable”). Hockett “has