Obama and Jamie Dimon Team Up, Democrats in Revolt
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.
Earlier, the vote on the rules that allowed the bill to be voted on only squeaked by with a vote of 214-212. And now, Rep. Marlin Stutzman (R-IN), one of the final 2 votes that gave Boehner the rules majority, has charged that the GOP leaders lied to him. They told him that the omnibus bill was "dead" and would be replaced by a "continuing resolution."
In the final vote, the bill was passed, 219 to 206, with 57 Democrats joining the Obama treason, while 67 Republicans voted against the bill with the progressive Democrats.
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.
Senator Warren is the lead sponsor of S. 1282, the "21st Century Glass-Steagall Act."
In this battle, Warren worked closely with Rep. Maxine Waters (D-CA), who broke her recent record of backing Obama and went to war against the White House by—among other means—calling a resistance meeting in her offices that was attended by 20 Members, to vote 'no'.
Some of the highlight statements and actions appear below:
MAXINE WATERS: The Hill reported on Dec. 11 that
"We don't like lobbying that is being done by the president or anybody else that would allow us to support a bill that ... would give a big gift to Wall Street and the bankers who caused this country to almost go into a depression," Waters said. "So I'm opposed to it and we're going to fight it."
Waters said she and other representatives who met at her office, including Dem Caucus Chairman Xavier Becerra (D-Calif.), "divvied up a list of members" and called them to oppose the bill and oppose Obama, The Hill said.
After the narrow vote, Waters against attacked Obama and JP Morgan Chase's CEO:
NANCY PELOSI: In a floor speech and a written message to Democrats, Pelosi told them,
reported Politico on Dec. 11.
"We are being blackmailed, being blackmailed, to vote for an appropriations bill. I would not put the name of my constituents, in my district, next to this bill,"
Pelosi said during a speech on the House floor, Politico added.
ALAN GRAYSON (D-FL) told the Huffingon Post's Zach Carter, who broke the story, that it was
Dozens of other Democrats were working the phones and mobilizing against the repeal of the ban on derivatives bailouts, including some who made clear to Warren and others: "This is another Glass-Steagall moment."
SEN. CARL LEVIN (D-MI) made a Dec. 10 floor statement that not only opposes the derivatives amendment but pointedly goes after JPMorgan Chase.
SEN. DAVE VITTER (R-LA) called the bill
MARLIN STUTZMAN (R-IN) put out a statement on Thursday night, reported National Review, Dec. 12, that says,
"Stutzman backed the rule [to allow the vote on the omnibus] at the last minute after leadership told him that they would pull the cromnibus, once the rule was passed, and replace it with a short-term continuing resolution favored by rank-and-file conservatives. With the last-minute help of Stutzman and outgoing Representative Kerry Bentivolio (R., Mich.), leadership won the vote 214-212," wrote National Review.
A well-informed Washington intelligence source said that it may appear that Wall Street won in the short term, but this only opens the door for Glass-Steagall. "Dodd Frank is a piece of garbage that should be totally repealed," he said. "This vote adds more urgency and clarity to Glass-Steagall. There's nothing left to hide behind, and you see that in the population."