If you have "no place to go," come here!

Obama and BFF Jamie Dimon whip together to pass bankster-friendly Cromnius bill

Reader Supported New:

PMorgan Chase CEO Jamie Dimon made calls to lawmakers on Thursday urging them to support the “cromnibus” spending bill, House Financial Services Committee ranking member Maxine Waters (D-Calif.) told reporters.

Dimon's involvement came amidst progressives enraged that the House "cromnibus" included a provision that they said would weaken Wall Street regulations.

"I think we got hurt when Jamie Dimon and the president started to whip," Waters told reporters after the vote. "That's when I think we lost some votes."

When Obama and Dimon whipping together lose votes -- and why didn't that happen this time? -- we'll know we're getting somewhere.

The vote on the bill in the Senate is Monday.[1] I wonder if Warren will filibuster.

NOTE [1] Turn your sound down if Obama's voice makes you want to punch through your screen.

No votes yet


jo6pac's picture
Submitted by jo6pac on

does I'll kick a fiver for the winter fund. I do believe its just for show and nothing more.

Those that ask can it get worse, oh yes it can total derivatives out in the world around 300 trillion and Amerikan banks have or half of them. The great buy in coming soon.

nippersdad's picture
Submitted by nippersdad on

was Pelosi. She made a lot of nice noises, including pointing out how high profile this was with the base, but then was reported to have told the caucus to "vote their consciences".

She gets what she wants, and fifty seven votes seems a suspiciously close number for passage if killing the Bill was the objective. Kayfabe is a pretty good word. I never heard it before I saw it here, and it seems to describe the situation pretty accurately.

Alexa's picture
Submitted by Alexa on

since he and the Dem Party apparatchiks on MSNBC have the Dem Party Base and so-called progressive Dems distracted by a shiny object (Dodd-Frank), at the same time that our Congresspersons and Senators are declaring that they must destroy the four-decade-old ERISA (Employee Retirement Income Security Act) legislation in order to "save" workers' pensions.

If, and when, the CR-Omnibus Bill passes, millions of current pension plan retirees can be subject to having their pensions slashed at the whim of their respective pension plan "trustees." (currently forbidden by the 1974 ERISA law)

Supposedly, union bosses will have "some say" as to the cuts--but we all know how useless they are, these days.

Anyway, employer's need "flexibility."


Oh, about Jim Moran, I heard him on XM Radio being interviewed as he left the House Caucus meeting just hours before the House vote.

He said:

Reid, Pelosi and Wasserman-Schultz all wanted the limits that couples could contribute, raised.

He predicted 50-60 Dem votes on this bill.

Warren's view was an outlier.

And that "he hasn't seen a better compromise in his years in the House."

And, if you hear that Dems don't like this bill, according to Moran, "Democrats got everything that they wanted." (some EPA item was the only Dem priority cut)

So, guess that means that except for "Kabuki," Dems, in general, support the further slashing of the Social Safety Net.


What a way to begin a Presidential Campaign Season . . .

nippersdad's picture
Submitted by nippersdad on

the cutting of pensions in this economy is beyond the pale. But, then, there are so many things in this legislation that leave one in shock. I think everyone was concentrating on the Dodd/Frank Amendment because the damage deregulation did is still so real. Even the defense bill just gave away public/indian lands to a foreign mining firm. Christmas is going to be big this year for an awful lot of people.

I think you are absolutely right.

That said, this performance of his just reeked of "Jane you ignorant slut" (Saturday Night Live). If he thought he was changing minds I think he will find himself very much mistaken. He may have just galvanized the opposition.

Alexa's picture
Submitted by Alexa on

eradicating the portion of ERISA which protects one's vested interest in the retirement plan that they spent a lifetime building.

I fully understand the ramifications of the Dodd/Frank amendment, but I'd venture to guess that the great majority of Americans figure that "Dodd Frank" is just some fancy brand of 'yuppie Mixmaster.' and would probably cheer on the amendment (wrongly, of course).

Warren's actions were a pander to a slice of the Dem Party--one that mostly has left it, IMO. So, a wasted action.

But it served the purpose of drawing attention away from the ERISA amendment.

Hope you guys check out the floor speeches--some lawmakers were clearly petrified about the ERISA amendment.

Including Rep Miller, who was almost incoherent, at times.

When right-wingers denounce (correctly) the bill as a corporatist giveaway, you know you've been had.

Already some reporters are seeing this bill as "the beginning of two years of triangulation."

Just heard on "Meet The Press," the fight is between Clinton-Era Dems and the Warren Wing of the Dem Party. Again, Kabuki. My "guess" is that they are all working together. FS Clinton just met again with Obama at the White House.

When Warren joined the Leadership, any possibility that she might actually fight for the little guy, ended.

If it was ever real, that is.


[But, of course, this Kabuki will bring along enough voters who are on the periphery of political discussion, that they won't know the difference. That's "how" Democratic lawmakers survive these days.]

Alexa's picture
Submitted by Alexa on

Congressman Donald Norcross, a Democrat, claimed to have just received his first pension check this week (that will be affected by this change).

To my knowledge, there are no exclusions for college-educated versus working class retirees, regarding who will be affected by this law.

(Just checked--Norcross holds a law degree.)

And remember, the new schtick for the Dem Party is "fighting inequality."

Oh, and while researching this, I found that another ERISA bill was passed this Spring along the same vein. I'm gathering the particulars on these two bills, so that I can document the cuts that have been enacted.

Oh, and it passed by "unanimous consent" in the Senate, and by voice vote in the House.

I warned when the began going after federal retirements--like they did in Sanders-Miller, and in the most recent transportation bill, that this would possibly serve as a "dress rehearsal" for further destruction of pensions.

The highest number of college educated (not to mention highly educated) pensioners probably are federal employees, followed by state, and other government employees.

(Only a fraction of the federal jobs are "wage grade," or blue collar positions. Same for "pink collar" jobs.)

And, how long did it take? Barely more than a couple of months.

At this point, I think the corporatist wing of the Dem Party is determined to not only strike a Grand Bargain, but to totally shred any semblance of the New Deal.

Rainbow Girl's picture
Submitted by Rainbow Girl on

The Democratic Senator from New York, UpChuck Schumer, is the Banking Cartel's most loyal and dependable fellator.

With people like him occupying space in Congress under the label "Democrat" (ditto Reid) ... well, what else can be said about the vanished meaning of the Democratic party.

Rainbow Girl's picture
Submitted by Rainbow Girl on

Really kind of scary how expertly this check mating was planned and executed, effectively kettling Warren and Vitter in a bubble of irrelevance. Unless, of course, W+V were in on it all along and it is, in fact, Kayfabe all around.

nippersdad's picture
Submitted by nippersdad on

This time, however, the moves were out in the open. I'm not sure what to think about that re elections. Do they feel that they just don't need to be subtle anymore?

I was kind of surprised to see Diaper Dave in the mix. Maybe it was just his turn in the barrel?

Submitted by lambert on

... IMNSHO. Like 2010, the left stayed home in 2014. The difference is that this time the Dems know it. And they "have no place to go" but the left they abandoned and betrayed, and so that's where they are going.

Now, whether Warren is kettle-able is the wildcard and I just don't know. It's possible to break kayfabe, after all; that is, the party leadership could be using her for their own purposes and she, them. After all the CFPB was meant (IMNSHO) to be a swamp into which she would disappear without a trace (who would have thought a Harvard prof could stand up an agency) and she dealt with that handily.

I think of Warren as kinetic -- a cannonball of concentrated energy. She seems to be aimed at the Rubin wing of the party. That's a good thing. But at the very best... We're getting a moderate Republican. There are far worse things to be, but left or liberal she's not.

Alexa's picture
Submitted by Alexa on

and become a bipartisan organization--"No Labels."

The DLC didn't die.

They retired it in February of 2011, after the "official" launch of "No Labels" in NYC in Dec 2010.

That's a whole different matter, IMO.

As for "Blue Dogs"--most of the Dem Senators were also DLCers--I have their "New Dem Of The Week" photos, if anyone needs proof, LOL!

Oh, and on "No Labels" radio, yesterday--Huntsman and Bayh boasted about being the third largest "caucus" now, after noncorporatist, I suppose, Democrats and Republicans.

No, except for those DLCers who have retired, died, or been voted out of office, the structure/organization and corporatist ideology that they were founded on is alive and well.

It has simply reinvented itself--different bipartisan packaging.

Regarding ERISA, the Dem Party imploded this year because it is almost an impossibility (or so it seems, according to exit polls, surveys, etc.) for them to garner white votes in many parts of the country. Yet, they clearly can't win without some (white votes).

This is exactly "why" they've used Warren to profile a topic that many of those same voters could care less about (as opposed to their pensions).

Dems know that any possibility of winning 2016 rests on being able to greatly improve their lot with this cohort, and want anything but their pension/entitlement cutting to make the front pages.

So, they use Warren. She's part of the Establishment, now, just like Sanders.

IMO, Warren and Sanders are both working to help the Dem Party Candidate win--regardless of who it is. Period.

So, the question is: Does the Dem Party Establishment really think that most liberal activists are too stupid not to see through their actions?


But, time will tell . . .

Alexa's picture
Submitted by Alexa on

powerbroker, Nancy Jacobson, took a victory lap the day after the election--after "No Labels" took 60 seats.

They "want" people not to feel threatened by them--just like the DLC flew under the radar for as long as they could.

Heck, much of the damage was done, and the takeover complete before the average Democrat had ever even heard of the DLC.

Please, listen to "No Labels" radio program on XM Radio.

Oh, yesterday's "line up:"

Host Jon Huntsman, (not sure if Evan Bayh has replaced Manchin as the co-host, but he was on with him--and he's a DLCer), "Henry Kissinger," Former MI Governor John Engler, and that wonderful "liberal" lawmaker that keeps turning up like a bad penny, and former DLCer, Bob Kerrey!

Please, folks, don't take my word for it--tune in. It is live on Saturdays, and replays several times over the weekend.

Hey, ignore them at your peril (but don't say that I didn't warn you).


Alexa's picture
Submitted by Alexa on

any cost.

IOW, they run candidates who are corporatist, neoliberal, and austerians from any and all parties.

And they will support them running in any party--or as Dems, Repubs, and [very cleverly] as so-called Independents.

As a "No Labeler."

We saw one of the "No Labelers" run with two different affiliations (Independent and Dem) in back to back races--former Republican, Charlie Crist!

"No Labelers" are insidious, but keep a low profile so as to not excite or disturb partisans in either legacy party.

That's their schtick!

Hey, I'll give it a rest, for now.

It's really going to be an interesting campaign season--so much Kabuki that we won't know where to start!


nippersdad's picture
Submitted by nippersdad on

"IMO, Warren and Sanders are both working to help the Dem Party Candidate win--regardless of who it is. Period."

I can see the strategy, the illusion of inclusion if you will, but they tried that in '07 and there was a clear undervote that was only disguised by the immense numbers of new voters brought in for Obama. As you say, do they really think that most liberal activists are too stupid to see what they are doing? They would almost have to be, because Shillary will have to be running against a clearly populist platform from both plus O'Malley. They did that before and lost a lot of the activist base when an unknown and Clinton were the only ones left in the ring. The cynicism has gotten no better since, so it is a pretty bad strategy if that is what they are planning.

All it would do is crystallize the leadership's sell out when the preferred candidate has to run against the Party's actual record in spite of her actions...Hillary trying to be a dove yet again. I don't think they can pull that twice. They are all going to have to run on their records this time or no dice.

Submitted by lambert on

It was invited, IIRC, by Tom Allen, and then propagated by Montana Maven, whereupon I picked up on it. It's much better than kabuki.

Alexa's picture
Submitted by Alexa on

Patty Murray is going to be the "ranking member" on the Senate HELP Committee (guess that means she's Harkins' replacement).

And I heard Murray on the floor yesterday giving faint lip service to her dismay that Dems would be forced to accept the amendment cutting current (and future, of course) retiree pensions, in order not to shut down the federal government.

What she failed to mention was that 40-year veteran Democart and so-called "liberal lion" George Miller of California, enthusiastically co-sponsored the bill with Repub Rep John Kline (MN).

I have a sinking feeling that this is just the tip of the iceberg.

After all, Dem politicians have actually gotten quite good at eviscerating the social safety net.

Why, just months ago, via the Sanders-Miller VA Reform Bill, Dems managed to:

(1) set up the two-year privatization test pilot of the VA Medical System--which got virtually no mention in progressive circles, and,

(2) they destroyed one of the most basic tenets of the federal Civil Service Merit Protection System, by overturning a 150-year-old precedent which forbade "at will" firings--which also went under the radar.

Heck, I can hardly wait to see what we have in store for the rest of this Administration!

(snark intended)

nippersdad's picture
Submitted by nippersdad on

in the Sixties with Nixon's Southern Strategy? Maybe that is what we are seeing. If so, then the Party will split. I'm not sure that is a bad thing.

Seventy percent of the electorate did not vote in the last election. These acts of hubris may backfire for those who feel they are now so unassailable that they no longer need to resort to subterfuge in doing their masters' will. We can only hope.

In an e-mail exchange with my wingnut congressman, I more or less told him that he was setting himself up for assassination by his own base if he succeeded in inciting them and then they found out how he had enabled the process, and that no one would care.

These are not people I would want in my front yard. :)

Alexa's picture
Submitted by Alexa on

the social safety net, as I recall, the Democratic Party decided in 1985 [when the DLC formed] to throw the working class under the bus.

So, to my mind, the drive to dismantle the very programs which this particular cohort will 'almost exclusively depend upon' in their retirement years, is nothing new.

Therefore, I'm not sure that I would consider it to be a realignment. OTOH, their brazenness in carrying out this mission (dismantling/privatizing the social safety net programs), is breathtaking, and it does appear that Dem lawmakers fear no backlash.

IMO, this is a grave miscalculation for a party that plans to run on "inequality" in 2016.

BTW, from a few midterm postmortems that I've read, I understand that a number of the now "retired" conservadems "ran on" protecting the Social Safety net during the midterms.

Amazing! Somehow, they thought that the Dem Party's six-year-long drive to dismantle Social Security and Medicare went unnoticed by the American People.

Talk about hubris, LOL!


nippersdad's picture
Submitted by nippersdad on

People cannot even mine their houses anymore. When, not if but when, the next meltdown occurs that vote (and others like it) could be used as a road map. I'm not sure that they will get the last laugh after all.

They appear to be "welcom[ing] our hate", and in present circumstances, after having armed the populace to its' teeth and engaged in various forms of incitement, that is not a terribly wise position to take. The outcome of the next elections may be the very least of their problems.

Rainbow Girl's picture
Submitted by Rainbow Girl on

cooked up by "our" Democratic Congresspersons (Reid, Pelosi, et al) ... isn't it?

I'm referring to "bail-ins." IIRC there was mention that this was part of what Schumer, Obama and Dimon lobbied for - the right to seize people's cash from their bank accounts to bail out the Banks when the next meltdown caused by the speculation that they've (also) baked into the Cromnibus occurs.

How many people even realize that their checking accounts are now collateral for Dimon's failed bets on Red?

Submitted by lambert on

I'll be sure to mention that whenever anybody calls Sanders a socialist.

Any similar derelictions by Warren?

Rainbow Girl's picture
Submitted by Rainbow Girl on

How in the hell does this man call himself a socialist - he's using his political office to shred what little is left of New Deal pro-working people infrastructure.

If he's still collecting donations from constituents (especially civil servants, veterans and the elderly) he should be jailed for fraud.

Alexa's picture
Submitted by Alexa on

or tools--they are symptoms, more than the root of the problem in the Dem Party.

Of course, it infuriates me that they allow themselves to be "used by" corporatist Democrats. And when I see it, I'll call them out for it.

But the rot came from the takeover of the Party by corporatist, neoliberals--call them DLCers, No Labels, No Dems--whatever.

Frankly, I'm not sure what Warren does, but run around, spout off, and prolifically fundraise.

I'll be sure to "clip" her floor speech on the Cr Omnibus (I only got to here a portion of her remarks, but if she didn't mention the ERISA Amendment, I'll document it for future use).

Here's their schticks:

Warren tries to help the corporatist Dem Party "look and sound populist," but is tasked mainly with concentrating on the "Creative Class."

Bernie's mission is to snooker working class (Democratic, and non-Democratic Party) whites into believing that the Dem Party cares about them.

(I've read beau coup pieces about him talking about the need to "reach out to working class whites in the South." He's been doing a lot of traveling in the Deep South for the past year or so.)

Pretty much the same ol', same ol' . . .

Alexa's picture
Submitted by Alexa on

employee pension plan pensioners (to the best of my recollection, you're the union guys, here)--

If you guys aren't covered by single pension plans (which will surely be next), I'd waste no time contacting my Plan administrator.

Clearly, the powerful Teamsters were one of the main targets of the protections just eviscerated by the ERISA Amendment, but it will bring these plans down eventually. As one pensioner affected mentioned, "why" would anyone even participate in these plans after this?

Here's a Sirota "Tweet" that was of interest to me--this was done by Dems as a favor to Wall Street.

(Plan to follow Rep George Miller's retirement, to see where he lands.)

Here's a "Tweet" that links to a piece in the International Business Times--it explains a bit about the "Wall Street connection."

Hope you take a minute to read it.

(I've seen cuts of 50-80%, as well, although I can hardly fathom the 80% figure. So, I'm still researching this bill. I'm also going to check video--and clip it--to see what Sanders said about this on the Senate Floor--I "think" it was 50%.)


Good luck, Guys--hope it doesn't affect any of you!

nippersdad's picture
Submitted by nippersdad on

Apparently it is not just oil and their junk bond derivatives, either. Please note that I don't know anything about this guy, but I do have some respect for Zerohedge, and meandering through their links I came across this:

Should we be worried?

No comfort over at Naked Capitalism, either. I hope everyone is buckled in tightly, looks like we may have quite a ride ahead.

Alexa's picture
Submitted by Alexa on

if I've ever heard one!


Since I posted my last comment, I've found several other "pension changes/amendments" pushed and/or implemented by Dems this year.

And one is so risky, that every right-wing think tank in the nation and the ultra-conservative Washington Post opposed it--because it could reduce the security of private pension funds, in exchange for just a few months of project funding.

All this time, I expected to be spending the next year posting on the Grand Bargain (slashing entitlements in exchange for raising taxes on lower- and middle-income Americans while slashing the top marginal tax rates).

I truly believe that the Dem Leadership has greatly overestimated the degree to which they can "use" Republicans for cover, while they systematically begin to dismantle our private pension system.

Also, I'd love to see liberal activists tackle the ridiculous Dem Party proposed "national pension plan" that (thankfully) didn't make it though.

One happy note: The Dem "Long-Term Care Reform" may have blown up in their faces.

(Still checking this out, but it appears that the LTC Commission/Panel was a bust.)

"Heaven Help Us All" if they backtrack yet again, and take another stab at reform.

nippersdad's picture
Submitted by nippersdad on

I hope you will write a post here about it. It sounds like you are finding a lot of buried gold out there!

If there is a crash next year, as I have been reading, no one is going to give the Democratic Party any slack. They gave up all of their credibility a long time ago for thirty pieces of silver. Yoder, the KS Republican who put the Citi provision in the CRonybus, has gone to earth. The Dems at least don't have to worry about their own membership gunning them down in the streets. Yoder, however, should have thought about who he was pissing off......They have uncaged a lot of beasts over the last twenty years and may soon regret it.