WASHINGTON — Given their structures, credit unions and cooperatives could have averted the current economic crisis, said Paul Hazen, president/CEO of the National Cooperative Business Association.
In a Nov. 2 editorial to The Houston Chronicle, Hazen lists factors that may have caused the latest economic shakeup.
"Mortgage lenders and Wall Street are guilty of many of these accusations. But there's one major flaw in the logic of this finger-pointing–these are symptoms, not causes, of our financial system. In other words, it's the nature of the beast," Hazen wrote.
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