To assist Main Street, Reich proposes the following:
Congress and the Obama administration should give homeowners the right to go to a bankruptcy judge and have their mortgages modified.I would also like to see a real program that targets lending for small businesses during this crisis. Goldman has set "up a crudely conceived $500 million PR program to help Main Street." But a "PR program" is hardly one that will be most beneficial to small businesses, although I'm sure likely recipients would not turn it down. Small businesses are really hurting.
And while they're at it, resurrect the Glass-Steagall Act that used to separate investment from commercial banking, so Wall Street can't continue to use other people's money to gamble.
Finally, before Goldman hands out $17 billion in bonuses, claw back the $13 billion Goldman took from AIG and the rest of us and add it to the pool of money going for mortgage relief.
Might Reich's proposal work better in relief for Main Street?