Robert Reich: If we can’t trust government at a time like this, whom can we trust? Corporations? Wall Street? Bill Gates and Warren Buffett? Or is each of us now simply on our own?
The $75 billion federal program designed to bribe banks to modify mortgages has been a bust. No one knows the exact number of mortgages that have been modified (that will be reported next month) but housing experts I’ve talked with say it’s a tiny fraction of the number of homeowners in trouble. Seems that the big banks can’t be bothered.