Jamie Dimon (JP Morgan) vs. Katie Porter (Democrat): the Blame Game
Channel: Matt
Date: 2020-05-20

In April 2019,  Katie Porter (D-Irvine) and JP Morgan CEO Jamie Dimon exchanged words that should frighten anyone promoting Congress's role as a check and balance on the private sector. The tense line of questioning may also serve as a warning to minorities within USA and other developed countries in which annual budgets are inflexible or majority pre-allocated. (May 2020) 

Some clarifications: 

1. On March 19, 2020, the pound hit a new low of 1.15 to 1 USD. In 2007, one pound could have purchased 2 USD. 

2. A jumbo mortgage loan is a loan that exceeds conventional loan-servicing limits set by governmental mortgage agencies. In 2020, the limit was increased to $510,400 for most single-family homes.

3. A collateralized debt security aka collateralized debt obligation is a type of corporate debt typically structured to reduce risk by increasing the diversity of loans, both in quality and quantity, as well as the number of owners of such loans. 

4. Representative Katie Porter, a single mother, graduated from Yale University and Harvard Law School. Jamie Dimon received an MBA from Harvard University.

5. The exchange is here: https://www.facebook.com/AmericansforFinancialReform/videos/rep-katie-porter-stumps-chase-ceo-jamie-dimon/266202154283407/

Bonus: "I have no respect for Congress. With the exception of perhaps two dozen members, I think Congress is worthless. I think they, as a body, have sold out the financial future of our children and grandchildren. I think the baby-boomer generation is the most selfish generation in the history of the world. I believe it is the right of all Americans to have access to health care (but I believe the current health care reform is a travesty). I have as much disgust for Republicans as I have for Democrats. I think we should scrap our current political system and start from scratch." -- Peter Brandt (2011)