Re: Financial innovation
From: John Faust (
Date: Fri, 16 May 2008 10:58:50 -0700 (PDT)
There is an interesting discussion of the Mormon leader's Kirtland bank
fiasco and narrow escape from justice
That particular example might be a good counterexample for establishing a
cohousing bank. Banks probably shouldn't be run by prophets. :^)

On Fri, May 16, 2008 at 10:04 AM, Brian Bartholomew <bb [at]> 

> > the same call for financial innovation was made in the 19th century,
> > in the hay-day of the Associationist movement.  People like Albert
> > Brisbane and Horace Greeley tried to set up lending programs that
> > would operate within the "phalanxes" (what we call "cohousing") and
> > thus avoid the perils of conventional banking.  The Mormons tried
> > something similar in the 1830's in Ohio with the "Kirtland Savings
> > Association."  Unfortunately, their efforts did not bear fruit --
> > the Kirtland Bank exploded quite spectacularly -- and the
> > cohousing-like phalanxes all collapsed, one by one, leaving
> > mountains of debt in their wake.
> Were the bank failures different, or did they fail for similar reasons?
>                                                        Brian
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