Friday 9 January 2015

Obama and Jamie Dimon Team Up, Democrats in Revolt

- by LarouchePAC - Dec13, 2014

The LaRouche Political Action Committee and LaRouche movement warned Congress and the American people: it's Glass-Steagall or destruction. This week, when Obama, Boehner, and Wall Street conspired to put all swap derivatives under protection of the FDIC and ram it through in the spending bill, the Congressional Democrats revolted and began denouncing Obama in unprecedented terms.

Obama's and Wall Street's treason was brought home on Dec. 11, when JP Morgan's Jamie Dimon, Barack Obama, and GOP Speaker of the House John Boehner joined hands to "whip" the omnibus spending bill (which they dubbed "cromnibus") through the Congress with its poison pill that bails out Wall Street's credit swaps derivatives by repealing the only "fig leaf" of Dodd Frank—Section 716 (which had been put in in 2010 by then Sen. Blanche Lincoln [d-ar]). The bill passed at about 9:45 PM on Dec. 11, only after Boehner had shut down the House for a 7-hour recess because he and Obama and Wall Street did not have the votes to pass the $1.1 trillion spending bill.

Sen. Elizabeth Warren (D-MA) kicked off the battle with a floor speech on Dec. 10 that blasted the bill as "the worst of government for the rich and powerful," which she followed up with sending the link to the members of the House, and then actually lobbying the House members to kill the spending bill if the bailout measure were not removed. She took to the floor of the Senate again on the 11 and again yesterday, Friday afternoon and unveiled for the world to see how pervasive the role Citigroup plays in running the U.S. Federal government.

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