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230 Notes 2 Will Payne, “How Kansas Drove Out a Set of Thieves,” Saturday Evening Post, Dec. 2, 1911, courtesy of the Office of the Kansas Securities Commissioner, www.ksc.ks.gov/edu/bluesky.html. 3. Marilyn B. Cane and Peter Ferola, “Back to the Future: The States’ Struggle to Re- Emerge as Defenders of Investors’ Rights,” Business Law Journal, May 1, 2005. Vol. 5, Issue 2. bizlawjournal.ucdavis.edu/ archives/vol-5-no-2/ Back- to- the- Future.html. 4. Dan Ernst, “Blue Sky Laws and the Progressive Regime,” May 23, 2009 www.legalhistoryblog.blogspot.com/2009/05/ bluesky- laws- andprogressive- regime.html. 5. See Section 4(6) of the Securities Act. 6. In 1982 when Reg D was adopted, less than 2 percent of the population qualified as accredited investors. But given inflation and rising home values, the portion of the population that qualified climbed to more than 8 percent, according to the SEC. Home values have been battered, however, and the 2010 Dodd- Frank financial reform bill revised the accredited investor standard to exclude the value of an investor’s primary residence, which for many people makes up the bulk of their net worth. So the number of accredited investors is probably closer to 2 percent of the population again. 7. In 2010, more than half of households with a net worth of $25 million or more invested in private equity and venture capital, according to Wall Street Journal columnist Robert Frank. http://blogs.wsj.com/ wealth/2010/11/10/ ultra- rich- pour- back- into- hedge-funds/. 8. SEC Office of Small Business Advocacy. 9. This is known as the intrastate offering exemption under section 3(a)(11) of the Securities Act. 10. For example, one Silicon Valley lawyer counsels, “When raising money, for a variety of reasons, it is generally recommended to only target accredited investors.” “Clipping the Wings of Angels? New Accredited Investor Standards Contained in Dodd- Frank Wall Street Reform Act,” A View from the Valley, July 20, 2010. www.mattbartus. com/ clipping- the- wings- of- angels- new- accredited- investor- standardscontained- in- dodd- frank- wall- street- reform-act/. 11. Niall Ferguson, The Ascent of Money, Penguin, 2008, p. 91. 12. Adam Shell, “Will Stocks’ ‘Lost Decade’ Usher in Another Bull Market?” USA Today, Jan. 4, 2010. www.usatoday.com/money/markets/ 2010-01-03-2010- outlook- stocks_N.htm. 13. Stephen Gandel, “The Case Against Goldman Sachs,” Time, April 22, 2010. www.time.com/time/business/article/0,8599,1983747,00 .html. 14. Steve Fishman, “The Madoff Tapes,” New York, Feb. 27, 2011 http:// nymag.com/news/features/berniemadoff-2011-3/. 15. Louise Story, “A Secretive Banking Elite Rules Derivatives Trading,” New York Times, Dec. 12, 2010. www.nytimes.com/2010/12/12/ business/12advantage.html.
16. Binyamin Appelbaum, “Investors Bankroll Lawsuits to Profit From Payouts,” New York Times, Nov. 14, 2010. www.nytimes.com/2010/ 11/15/business/15lawsuit.html. 17. Michael D. Hurd and Susann Rohwedder, “Effects of the Financial Crisis and Great Recession on American Households,” National Bureau of Economic Research, Sept. 2010. 18. Michael Mandel, “A Lost Decade for Jobs,” Bloomberg Businessweek, June 23, 2010. www.businessweek.com/the_thread/economicsunbound/ archives/2009/06/a_lost_decade_f.html. 19. Kevin Phillips, American Theocracy, Viking, 2006, p. 267. The financial services sector includes banking, insurance, and real estate. 20. Arianna Huffington, Third World America, Crown Publishers, 2010, p. 21. 21. Simon Johnson and James Kwak, 13 Bankers, Pantheon Books, 2010. 22. Robert E. Lighthizer, “Throwing Free Trade Overboard,” New York Times, Nov. 13, 2010. www.nytimes.com/2010/11/13/opinion/ 13lighthizer.html. 23. Robert E. Scott, “The Burden of Outsouring,” Economic Policy Institute, Oct. 2, 2008. www.epi.org/publications/entry/bp222/ 24. Alan S. Blinder, “Our Dickensian Economy,” Wall Street Journal, Dec. 17, 2010. online.wsj.com/article/SB10001424052748704828104 576022002280730440.html. Chapter 3 Notes 231 1. Evelyn M. Rusli, “Google’s Bid for Groupon Portrayed as a Bargain,” New York Times, Dec. 1, 2010. dealbook.nytimes.com/2010/ 12/01/ googles- bid- for- groupon- is- seen- as- a-bargain/. 2. Stephanie Clifford, “Atlanta Hats? Seattle Socks? Macy’s Goes Local,” New York Times, Oct. 1, 2010. www.nytimes.com/2010/10/02/ business/02local.html. 3. Jeff D. Opdyke, “Small Caps Loom Large,” Wall Street Journal, May 1, 2010 online.wsj.com/article/SB1000142405274870357250457521472 2949936724.html. 4. Christine Hauser, “BP’s Shareholders Take It on the Chin,” New York Times, June 16, 2010. dealbook.nytimes.com/2010/06/17/ bps- shareholders- take- it- on- the-chin/. 5. Azam Ahmed, “Investors Bet on Catastrophe Bonds,” New York Times, Jan. 6, 2011. dealbook.nytimes.com/2011/01/06/ looking- todiversify- investors- bet- on-catastrophe-bonds/; Michael S. Schmidt, “New Exotic Investment: Latin Baseball Futures,” New York Times, Nov. 17, 2010. www.nytimes.com/2010/11/18/sports/baseball/ 18investors.html; Mark Maremont and Leslie Scism, “Odds Skew Against Investors in Bets on Strangers’ Lives,” Wall Street Journal, Dec. 21, 2010. online.wsj.com/article/SB100014240527487046940045760 19344291967866.html.
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Locavesting THE REVOLUTION IN LOCAL
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For my Mother
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vi Contents Chapter 7 A Model to LI
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viii Preface The moment was ripe wi
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x Preface Cooperatives—businesses
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xii Preface Chapters 7 through 13 e
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Introduction Cereal Milk for the Go
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iconic glass bottles are also sold
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Introduction xix funds from the pub
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1 C H A P T E R Motherhood, Apple P
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Motherhood, Apple Pie, and Politica
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20 Locavesting freewheeling markets
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22 Locavesting A fl urry of legisla
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24 Locavesting put up a sign at a f
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26 Locavesting of the late 1980s) h
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28 Locavesting three of those banks
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30 Locavesting A Return to Value As
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32 Locavesting produced in their re
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34 Locavesting pickles to gin and k
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36 Locavesting is a hot marketplace
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38 Locavesting recognition that the
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40 Locavesting A Grassroots Movemen
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42 Locavesting to dodge their fair
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44 Locavesting Americans know most
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46 Locavesting It’s a powerful qu
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48 Locavesting three employees but
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50 Locavesting to keep in our lives
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52 Locavesting and they can draw on
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54 Locavesting Since 2006, Walmart
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56 Locavesting and political organi
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58 Locavesting havens. Google, the
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60 Locavesting Some of the measures
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II P A R T Experiments in Citizen F
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66 Locavesting As an editorial in V
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68 Locavesting The community bank b
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70 Locavesting their homes to forec
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72 Locavesting And you don’t have
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74 Locavesting As depositors, we’
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76 Locavesting The Washington Inves
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78 Locavesting The Bottom Line: A n
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80 Locavesting her daughter was enr
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82 Locavesting whom traditional fi
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84 Locavesting Taking the Middle Pa
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86 Locavesting Angel investors poli
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88 Locavesting quickly write off no
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90 Locavesting of $1,000. The notes
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92 Locavesting funds that absorb an
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94 Locavesting • Many CDFIs do no
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96 Locavesting In a twist of fate,
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98 Locavesting private electric com
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100 Locavesting “The numbers were
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102 Locavesting offering. “In a c
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8 C H A P T E R Community Capital I
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Community Capital 107 For all the j
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Community Capital 109 So it is espe
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Community Capital 111 what she did
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Community Capital 113 three young e
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Community Capital 115 triples every
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Community Capital 117 investment is
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Community Capital 119 Farmers Diner
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Community Capital 121 That’s wher
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Game Plan for Locavestors Community
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9 C H A P T E R Pennies from Many W
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Crowdfunding Pennies from Many 127
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Pennies from Many 129 a 27- year- o
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Pennies from Many 131 It’s a win-
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Pennies from Many 133 the company w
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Pennies from Many 135 there’s a g
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Pennies from Many 137 loans. 9 With
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Pennies from Many 139 UK regulators
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Pennies from Many 141 to make the m
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Pennies from Many 143 business—co
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Pennies from Many 145 “Crowdfundi
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10 C H A P T E R Slow Money Finance
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Slow Money 149 like the nearly 8,00
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Slow Money 151 Slow Money, however,
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Slow Money 153 terms that are destr
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Slow Money 155 that overrode that i
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Slow Money 157 Zentay put together
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11 C H A P T E R From Brown Rice to
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From Brown Rice to Biofuels 161 rep
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From Brown Rice to Biofuels 163 Mem
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From Brown Rice to Biofuels 165 $75
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From Brown Rice to Biofuels 167 Wes
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From Brown Rice to Biofuels 169 Inv
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From Brown Rice to Biofuels 171 One
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From Brown Rice to Biofuels 173 tha
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From Brown Rice to Biofuels 175 are
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From Brown Rice to Biofuels 177 rai
Page 201 and 202: Game Plan for Locavestors From Brow
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Page 222 and 223: 200 Locavesting The exchanges were
Page 224 and 225: 202 Locavesting time, they became m
Page 226 and 227: 204 Locavesting Scott Gehsmann, cap
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Page 232 and 233: 210 Locavesting been there, he says
Page 234 and 235: 212 Locavesting Schmid would love t
Page 236 and 237: 214 Locavesting their money in some
Page 238 and 239: 216 Locavesting are looking to crea
Page 240 and 241: 218 Locavesting Van Patten, a triat
Page 242 and 243: 220 Locavesting Game Plan for Locav
Page 244 and 245: 222 Conclusion small investments. T
Page 246 and 247: 224 Conclusion investors. “Normal
Page 249 and 250: Unless otherwise noted, all quotes
Page 251: 25. John K. Paglia, “2011 Economi
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Page 257 and 258: Notes 235 3. Gary S. Corner and Raj
Page 259 and 260: 2. online.wsj.com/article/SB1200623
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Page 263: Notes 241 11. Ibid. 12. NYSE Eurone
Page 266 and 267: 244 Acknowledgments Dan Keeler, and
Page 268 and 269: 246 Index CDFI. See Community Devel
Page 270 and 271: 248 Index H Hamilton, John, 84-86 H
Page 272 and 273: 250 Index Newman, Paul, 150 Niman R
Page 274: 252 Index taxes, on Internet sales,
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