>>> IT HAPPENED AGAIN. >>> IT HAPPENED AGAIN. FRESHMAN CONGRESSWOMAN KATIE FRESHMAN CONGRESSWOMAN KATIE PORTER DID IT AGAIN. PORTER DID IT AGAIN. SHE IS A FRESHMAN DEMOCRAT IN SHE IS A FRESHMAN DEMOCRAT IN THE HOUSE OF REPRESENTATIVES WHO THE HOUSE OF REPRESENTATIVES WHO YOU HAVE MET ON THIS PROGRAM YOU HAVE MET ON THIS PROGRAM BEFORE AND FOR THE LAST COUPLE BEFORE AND FOR THE LAST COUPLE OF MONTHS WASHINGTON LOBBYISTS OF MONTHS WASHINGTON LOBBYISTS HAVE HAD FAIR WARNING OF WHAT HAVE HAD FAIR WARNING OF WHAT THEY HAVE TO PREPARE THEIR THEY HAVE TO PREPARE THEIR CLIENTS FOR WHEN THEIR CLIENTS CLIENTS FOR WHEN THEIR CLIENTS TESTIFY BEFORE KATIE PORTER. TESTIFY BEFORE KATIE PORTER. JAMIE DIMON IS THE HEAD OF JAMIE DIMON IS THE HEAD OF JPMORGAN CHASE BANK. JPMORGAN CHASE BANK. HE MAKES $31 MILLION A YEAR AND HE MAKES $31 MILLION A YEAR AND PAYS LOBBYISTS MILLIONS AND PAYS LOBBYISTS MILLIONS AND MILLIONS TO HANDLE HIS LOBBYING MILLIONS TO HANDLE HIS LOBBYING INTERESTS IN WASHINGTON AND TO INTERESTS IN WASHINGTON AND TO PREPARE HIM SPECIFICALLY FOR PREPARE HIM SPECIFICALLY FOR THINGS LIKE TESTIFYING TO THINGS LIKE TESTIFYING TO CONGRESS. CONGRESS. BUT LOBBYISTS CANNOT ANTICIPATE BUT LOBBYISTS CANNOT ANTICIPATE KATIE PORTER REPRESENTING THE KATIE PORTER REPRESENTING THE 45th CONGRESSIONAL DISTRICT IN 45th CONGRESSIONAL DISTRICT IN CALIFORNIA WITH IRVINE AS HER CALIFORNIA WITH IRVINE AS HER BIGGEST CITY. BIGGEST CITY. SHE BEGAN HER QUESTIONING OF SHE BEGAN HER QUESTIONING OF JAMIE DIMON THIS WAY. JAMIE DIMON THIS WAY. >> I WENT TO MONSTER.COM AND I >> I WENT TO MONSTER.COM AND I FOUND A JOB IN MY HOMETOWN OF FOUND A JOB IN MY HOMETOWN OF IRVINE AT JPMORGAN CHASE THAT IRVINE AT JPMORGAN CHASE THAT PACE $16.50 AN HOUR. PACE $16.50 AN HOUR. >> THE LOBBYISTS NEVER SAW THAT >> THE LOBBYISTS NEVER SAW THAT ONE COMING. ONE COMING. KATIE PORTER THEN DID THE MATH KATIE PORTER THEN DID THE MATH ON WHAT THAT INCOME WOULD BE ON ON WHAT THAT INCOME WOULD BE ON AN ANNUAL BASIS. AN ANNUAL BASIS. AND FOR A THE HYPOTHETICAL JOB AND FOR A THE HYPOTHETICAL JOB APPLICANT WHO IS A SINGLE MOTHER APPLICANT WHO IS A SINGLE MOTHER WITH ONE CHILD. WITH ONE CHILD. THAT JOB WOULD LEAVE HER WITH THAT JOB WOULD LEAVE HER WITH $29,000100 A YEAR AFTER TAXES. $29,000100 A YEAR AFTER TAXES. JAMIE DIMON IS NO DOUBT GOOD AT JAMIE DIMON IS NO DOUBT GOOD AT MATH BUT NOT USED TO WORKING MATH BUT NOT USED TO WORKING WITH SUCH TINY NUMBERS. WITH SUCH TINY NUMBERS. SO KATIE PORTER LAID OUT WHAT SO KATIE PORTER LAID OUT WHAT THE FINANCIAL LIFE LOOKS LIKE OF THE FINANCIAL LIFE LOOKS LIKE OF SOMEONE GETTING A ENTRY LEVEL SOMEONE GETTING A ENTRY LEVEL JOB IN THE COMPANY WHERE JAMIE JOB IN THE COMPANY WHERE JAMIE DIMON MAKES $31 MILLION. DIMON MAKES $31 MILLION. >> SHOULD $2,425 A MONTH, SHE >> SHOULD $2,425 A MONTH, SHE RENTS A ONE-BEDROOM APARTMENT, RENTS A ONE-BEDROOM APARTMENT, SHE AND HER DAUGHTER SLEEP SOTH SHE AND HER DAUGHTER SLEEP SOTH IN THE SAME ROOM IN IRVINE. IN THE SAME ROOM IN IRVINE. THAT AVERAGE APARTMENT WILL BE THAT AVERAGE APARTMENT WILL BE $1600. $1600. SHE’S SPENDS $100 ON UTILITIES. SHE’S SPENDS $100 ON UTILITIES. TAKE AWAY THE $1700 AND SHE IS TAKE AWAY THE $1700 AND SHE IS NET $725. NET $725. SHE’S LIKE ME, SHE DRIVES A 2008 SHE’S LIKE ME, SHE DRIVES A 2008 MINIVAN AND HAS GAS. MINIVAN AND HAS GAS. $400 FOR A CAR EXPENSES AND GATT $400 FOR A CAR EXPENSES AND GATT GAS. GAS. NET $325. NET $325. THE DEPARTMENT OF AGRICULTURE THE DEPARTMENT OF AGRICULTURE SAYS A LOW COST FOOD BUDGET SAYS A LOW COST FOOD BUDGET RAMEN NOODLES IS $400 LEAVING RAMEN NOODLES IS $400 LEAVING HER $77 IN THE RED. HER $77 IN THE RED. SHE HAS A CRICKET CELL PHONE, SHE HAS A CRICKET CELL PHONE, THE CHEAPEST SHE CAN GET FOR $40 THE CHEAPEST SHE CAN GET FOR $40 IN THE RED $117 A MONTH. IN THE RED $117 A MONTH. SHE’S HAS AFTER SCHOOL CHILD SHE’S HAS AFTER SCHOOL CHILD CARE BECAUSE THE BANK IS OPEN CARE BECAUSE THE BANK IS OPEN DURING NORMAL BUSINESS HOURS. DURING NORMAL BUSINESS HOURS. THAT TAKES HER DOWN TO NEGATIVE THAT TAKES HER DOWN TO NEGATIVE $567 PER MONTH. $567 PER MONTH. MY QUESTION FOR YOU, MR. DIAMOND MY QUESTION FOR YOU, MR. DIAMOND IS HOW SHOULD SHE MANAGE THIS IS HOW SHOULD SHE MANAGE THIS BUDGET SHORTFALL WHILE SHE’S BUDGET SHORTFALL WHILE SHE’S WORKING FULL-TIME AT YOUR BANK? WORKING FULL-TIME AT YOUR BANK? >> AND THEN JAMIE DIMON >> AND THEN JAMIE DIMON DEFLECTED THE QUESTION A BIT AND DEFLECTED THE QUESTION A BIT AND THEN HIS ANSWER FINALLY CAME THEN HIS ANSWER FINALLY CAME DOWN TO, I DON’T KNOW. DOWN TO, I DON’T KNOW. >> SHE’S SHORT $56. >> SHE’S SHORT $56. WHAT WOULD YOU SUGGEST SHE DO. WHAT WOULD YOU SUGGEST SHE DO. >> I -- I DON’T KNOW I’D HAVE TO >> I -- I DON’T KNOW I’D HAVE TO THINK ABOUT THAT. THINK ABOUT THAT. >> WOULD YOU RECOMMEND SHE TAKE >> WOULD YOU RECOMMEND SHE TAKE OUT A JPMORGAN CHASE CREDIT CARD OUT A JPMORGAN CHASE CREDIT CARD AND RUN A DEFICIT. AND RUN A DEFICIT. >> I DON’T KNOW. >> I DON’T KNOW. I’D HAVE TO THINK ABOUT IT. I’D HAVE TO THINK ABOUT IT. >> ROU RECOMMEND THAT SHE >> ROU RECOMMEND THAT SHE OVERDRAFT AT YOUR BANK AND BE OVERDRAFT AT YOUR BANK AND BE CHARGED OVERDRAFT FEES? CHARGED OVERDRAFT FEES? >> I DON’T KNOW. >> I DON’T KNOW. I’D HAVE TO THINK ABOUT IT. I’D HAVE TO THINK ABOUT IT. >> KATIE PORTER GAVE JAMIE DIMON >> KATIE PORTER GAVE JAMIE DIMON ALL THE TIME IN THE WORLD AND IT ALL THE TIME IN THE WORLD AND IT NEVER OCCURRED TO HIM THAT NEVER OCCURRED TO HIM THAT MAYBE, MAYBE HE COULD PAY THAT MAYBE, MAYBE HE COULD PAY THAT WORKER AN EXTRA $567 A MONTH. WORKER AN EXTRA $567 A MONTH. IT NEVER OCCURRED TO HIM THAT IT NEVER OCCURRED TO HIM THAT MAYBE HE COULD TAKE $567 A MONTH MAYBE HE COULD TAKE $567 A MONTH LESS AN INCOME SO THAT A LESS AN INCOME SO THAT A STRUGGLING WORKER AT THE BOTTOM STRUGGLING WORKER AT THE BOTTOM OF HIS PAYROLL COL SURVIVE. OF HIS PAYROLL COL SURVIVE. IF QUESTIONS LIKE THIS WERE ON IF QUESTIONS LIKE THIS WERE ON THE S.A.T.s, JAMIE DIMON WOULD THE S.A.T.s, JAMIE DIMON WOULD NOT BE SITTING WHERE IS HE NOT BE SITTING WHERE IS HE SITTING TODAY. SITTING TODAY. KATIE PORTER WAS ASKING A MATH KATIE PORTER WAS ASKING A MATH QUESTION AND A HUMANITY QUESTION QUESTION AND A HUMANITY QUESTION ROLLED INTO ONE AND JAMIE DIMON ROLLED INTO ONE AND JAMIE DIMON AND HIS LOBBYISTS FLUNKED. AND HIS LOBBYISTS FLUNKED. KATIE PORTER PERSISTED. KATIE PORTER PERSISTED. UNTIL JAMIE DIMON BECAME UNTIL JAMIE DIMON BECAME SPEECHLESS. SPEECHLESS. >> SHE’S STILL SHORT $567. >> SHE’S STILL SHORT $567. AS ARE ALL OF YOUR EMPLOYEES IN AS ARE ALL OF YOUR EMPLOYEES IN IRVINE, CALIFORNIA. IRVINE, CALIFORNIA. ANY IDEAS? ANY IDEAS? >> NO. >> NO. >> OKAY. >> OKAY. MOVING ON -- MOVING ON -- >> AND WE’RE GOING TO MOVE ONTO >> AND WE’RE GOING TO MOVE ONTO CONGRESSWOMAN KATIE PORTER AFTER CONGRESSWOMAN KATIE PORTER AFTER THIS BREAK. THIS BREAK.O >> I’D LOVE TO CALL UP AND HAVE >> I’D LOVE TO CALL UP AND HAVE A CONVERSATION ABOUT HOME RUN A CONVERSATION ABOUT HOME RUN FINANCIAL AFFAIRS AND SEE IF WE FINANCIAL AFFAIRS AND SEE IF WE CAN BE HELPFUL. CAN BE HELPFUL. >> SEE IF YOU CAN FIND A WAY FOR >> SEE IF YOU CAN FIND A WAY FOR HER TO LIVE ON LESS THAN THE HER TO LIVE ON LESS THAN THE MINIMUM THAT I’VE DESCRIBED. MINIMUM THAT I’VE DESCRIBED. >> JUST BE HELPFUL. >> JUST BE HELPFUL. >> I APPRECIATE YOUR DESIRE TO >> I APPRECIATE YOUR DESIRE TO BE HELPFUL BUT WHAT I’D LIKE YOU BE HELPFUL BUT WHAT I’D LIKE YOU TO DO IS PROVIDE A WAY FOR TO DO IS PROVIDE A WAY FOR FAMILIES TO MAKE ENDS MEET. FAMILIES TO MAKE ENDS MEET. >> JOINING US NOW FROM >> JOINING US NOW FROM CALIFORNIA IS CONGRESSWOMAN CALIFORNIA IS CONGRESSWOMAN KATIE PORTER, FRESHMAN DEMOCRAT KATIE PORTER, FRESHMAN DEMOCRAT REPRESENTS CALIFORNIA’S 45th REPRESENTS CALIFORNIA’S 45th DISTRICT. DISTRICT. AND CONGRESSWOMAN PORTER, I HAVE AND CONGRESSWOMAN PORTER, I HAVE A FEELING IF JAMIE DIMON CALLED A FEELING IF JAMIE DIMON CALLED UP A WORKER AT THE BOTTOM OF THE UP A WORKER AT THE BOTTOM OF THE PAY SCALE AT HIS BANK MAKING PAY SCALE AT HIS BANK MAKING $16.50 AN HOUR, AND TRIED TO $16.50 AN HOUR, AND TRIED TO DISCUSS HOW TO -- HOW THAT DISCUSS HOW TO -- HOW THAT WORKER COULD BETTER MANAGE THEIR WORKER COULD BETTER MANAGE THEIR FINANCES I THINK THE WORKER’S FINANCES I THINK THE WORKER’S VERY, VERY FIRST SUGGESTION VERY, VERY FIRST SUGGESTION WOULD BE, YOU COULD PAY ME MORE. WOULD BE, YOU COULD PAY ME MORE. >> ABSOLUTELY. >> ABSOLUTELY. I MEAN, IF CHASE WOULD DO WHAT I MEAN, IF CHASE WOULD DO WHAT BANK OF AMERICA HAS DONE WHICH BANK OF AMERICA HAS DONE WHICH IS COMMIT TO RAISING ITS MINIMUM IS COMMIT TO RAISING ITS MINIMUM PAY TO $20 AN HOUR, THAT WOULD PAY TO $20 AN HOUR, THAT WOULD ENTIRELY ERASE THE SHORTFALL IN ENTIRELY ERASE THE SHORTFALL IN THE HYPOTHETICAL THETICAL THAT I THE HYPOTHETICAL THETICAL THAT I GAVE HIM. GAVE HIM. THE ANSWER WAS RIGHT THERE THE ANSWER WAS RIGHT THERE SITTING THERE FOR HIM. SITTING THERE FOR HIM. HE SAID HE WOULD HAVE TO THINK HE SAID HE WOULD HAVE TO THINK ABOUT IT. ABOUT IT. HE SAID THAT SEVERAL TIMES. HE SAID THAT SEVERAL TIMES. I HOPE HE IS THINKING ABOUT IT I HOPE HE IS THINKING ABOUT IT IN THE UPCOMING DAYS AND THAT HE IN THE UPCOMING DAYS AND THAT HE MAKES A CHANGE THAT WILL HELP MAKES A CHANGE THAT WILL HELP THE LIVES OF THOUSANDS OF THE LIVES OF THOUSANDS OF EMPLOYEES AROUND THE COUNTRY. EMPLOYEES AROUND THE COUNTRY. >> I COULDN’T HELP THINKING >> I COULDN’T HELP THINKING ABOUT ALL THE EXAMS WE’VE GOT ABOUT ALL THE EXAMS WE’VE GOT GONE THROUGH AND YOU’VE GONE GONE THROUGH AND YOU’VE GONE THROUGH MANY MORE THAN I HAVE THROUGH MANY MORE THAN I HAVE SINCE YOU WENT TO HARVARD LAW SINCE YOU WENT TO HARVARD LAW SCHOOL AND YOU THEN BECAME A LAW SCHOOL AND YOU THEN BECAME A LAW SCHOOL PROFESSOR YOURSELF. SCHOOL PROFESSOR YOURSELF. THE ANSWER TO THIS QUELL THAT THE ANSWER TO THIS QUELL THAT YOU WERE GIVING HIM WAS JUST YOU WERE GIVING HIM WAS JUST HANGING RIGHT OUT THERE. HANGING RIGHT OUT THERE. AND IT -- HE COULDN’T FIND IT. AND IT -- HE COULDN’T FIND IT. YOU SIMPLY RAISED THAT PERSON’S YOU SIMPLY RAISED THAT PERSON’S PAY. PAY. WHICH HE’S COMPLETELY EMPOWERED WHICH HE’S COMPLETELY EMPOWERED TO DO. TO DO. >> IT’S INTERESTING TO WONDER >> IT’S INTERESTING TO WONDER BECAUSE HE’S OBVIOUSLY A VERY BECAUSE HE’S OBVIOUSLY A VERY BRIGHT MAN. BRIGHT MAN. HE’S A SUCCESSFUL CEO, HIGHLY HE’S A SUCCESSFUL CEO, HIGHLY COMPENSATED AT $31 MILLION. COMPENSATED AT $31 MILLION. HE’S THE HEAD OF THE BUSINESS HE’S THE HEAD OF THE BUSINESS ROUNDTABLE WHICH IS THE LOBBYING ROUNDTABLE WHICH IS THE LOBBYING KIND OF ADVOCACY ORGANIZATION KIND OF ADVOCACY ORGANIZATION FOR THE NATION’S LARGEST FOR THE NATION’S LARGEST BUSINESSES. BUSINESSES. YOU WOULD THINK THAT WILL YOU WOULD THINK THAT WILL INVESTING IN HIS OWN EMPLOYEES INVESTING IN HIS OWN EMPLOYEES WOULD BE CLEAR TO HIM AS A WOULD BE CLEAR TO HIM AS A SOLUTION TO THIS PROBLEM. SOLUTION TO THIS PROBLEM. SO I HAVE TO WONDER WHETHER HE SO I HAVE TO WONDER WHETHER HE DIDN’T THINK OF IT OR HE SIMPLY DIDN’T THINK OF IT OR HE SIMPLY DOESN’T WANT TO INVEST IN THOSE DOESN’T WANT TO INVEST IN THOSE THAT ARE -- THOSE FOLKS WHO ARE THAT ARE -- THOSE FOLKS WHO ARE HELPING MAKE IT POSSIBLE FOR HELPING MAKE IT POSSIBLE FOR JPMORGAN CHASE TO MAKE RECORD JPMORGAN CHASE TO MAKE RECORD PROFITS. PROFITS. >> HOW DID YOU ARRIVE AT THIS >> HOW DID YOU ARRIVE AT THIS LINE OF QUESTIONING? LINE OF QUESTIONING? BECAUSE I HAVE TO SAY IF I WAS A BECAUSE I HAVE TO SAY IF I WAS A LOBBYIST TRYING TO PREPARE JAMIE LOBBYIST TRYING TO PREPARE JAMIE DIMON, I DON’T THINK I WOULD DIMON, I DON’T THINK I WOULD HAVE THOUGHT OF THIS AS A I’VE HAVE THOUGHT OF THIS AS A I’VE GOT TO PREPARE HIM FOR THIS. GOT TO PREPARE HIM FOR THIS. >> WELL, YOU KNOW, ONE OF THE >> WELL, YOU KNOW, ONE OF THE BENEFITS I HAVE IS I’M NEW TO BENEFITS I HAVE IS I’M NEW TO CONGRESS. CONGRESS. SO I AM OUT IN THE REAL WORLD. SO I AM OUT IN THE REAL WORLD. I’M A NORMAL -- I’M A SINGLE MOM I’M A NORMAL -- I’M A SINGLE MOM MYSELF. MYSELF. I GO TO THE GROCERY STORE. I GO TO THE GROCERY STORE. I GO ON WEDNESDAYS WHEN I CAN I GO ON WEDNESDAYS WHEN I CAN BECAUSE IT’S DOUBLE COUPON DAY. BECAUSE IT’S DOUBLE COUPON DAY. I UNDERSTAND WHAT IT’S LIKE. I UNDERSTAND WHAT IT’S LIKE. I DO DRIVE A 2008 MINIVAN JUST I DO DRIVE A 2008 MINIVAN JUST LIKE I POST IN THE THE LIKE I POST IN THE THE HYPOTHETICAL. HYPOTHETICAL. SO I THINK WHAT WE’RE HEARING SO I THINK WHAT WE’RE HEARING FROM THE FRESHMAN CLASS IS A LOT FROM THE FRESHMAN CLASS IS A LOT OF PEOPLE WITH REAL WORLD AND OF PEOPLE WITH REAL WORLD AND REAL LIFE EXPERIENCES IN TOUCH REAL LIFE EXPERIENCES IN TOUCH WITH WHAT’S IT LIKE TO BE AN WITH WHAT’S IT LIKE TO BE AN EVERYDAY AMERICAN AND MR. DIMON EVERYDAY AMERICAN AND MR. DIMON CLEARLY IS NOT IN TOUCH WITH CLEARLY IS NOT IN TOUCH WITH THAT REALITY. THAT REALITY. >> CONGRESSWOMAN KATIE PORTER
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Saw this making the rounds on Facebook. Unbelievable how many people were in the comments defending the CEO and coming up with ways to cut more corners (saying she didn’t need a phone, could get a bunch of roommates, etc.)
Totally flew over their head that the point is that if his employees are this badly off it’s fucked up for him to be raking in billions. This notion Republicans pitch that we’re all millionaires in progress has people so twisted up.
Know sometone who worked at JPMorgan who loved Dimon and said he deserved what he earned
When I explained he was rewarded for everything when things went well, but didn't face consequences if things went badly, such as a $5b trading loss, they explained it away saying it wasn't his fault
What a lovely position to be in
All the upside and none of the downside, unlike the people who work for him
This is awesome! We need more members of Congress like her
Congresswoman Porter knows her shit. She knows how to ask questions, and she doesn't waste her time showboating just to be seen. If more Congressmen and Congresswomen acted and preformed like her they'd get more shit done in Congress and more done for the American people.
His take away from that is probably “Don’t hire single mothers”.
What a beast!
What we are skipping over is Housing
Shelter for everyone, Rent....we as a country have to decide how to move beyond NIMBY, and build bigger, denser housing.
The stuff inside of a house is crazy different, and the size of a house has grown by 60% with every generation.
There were more homes sold in 2017 for over $500,000 than homes costing less than $200,000
We'll end up eating the rich soon.