Rep. Katie Porter questions witnesses during a House Financial Services Committee hearing in Washington on Wednesday. By Paul Waldman Paul Waldman Opinion writer covering politics Email Bio Follow Opinion writer April 12 at 11:58 AM Congratulations are in order to JPMorgan Chase, the largest bank in the United States. It just reported that in the first quarter of 2019 it made a record profit of $9.18 billion on $29.9 billion in revenue. Truly, we are living in an age of boundless prosperity.
Porter is uniquely situated to do this kind of questioning. A law professor with deep expertise in topics such as bankruptcy, she is quickly becoming one of the financial services industry’s most formidable critics on Capitol Hill. And she was doing more than making Dimon uncomfortable. She was obviously trying to make a larger point not just about JPMorgan Chase or even just about the banking industry, but about the American economy in general.
It’s true that in many places, virtually anyone who wants a job can find one, and unemployment is what we tend to focus on when we ask how the economy is doing. But as we all know, it’s not just about whether you have a job. It’s about whether that job actually provides economic security. And the fact is that the United States has become profoundly unequal, with a small number of corporations and individuals sucking up most of the country’s wealth while everyone else struggles.
The second part of the solution is to reorient laws and regulations so that they aren’t built to benefit the wealthy and powerful at everyone else’s expense. That includes tighter regulation of Wall Street, rules that prevent exploitation of workers, a higher minimum wage, and many other things. Now let’s consider the politics of this issue. When Donald Trump ran for president in 2016, he told voters that the system was “rigged,” and many people, particularly in areas of the country that have been struggling, agreed with him. They looked around at communities where the factories that offered secure, well-paid jobs are gone , where the schools are underfunded, where infrastructure is crumbling, where opioid abuse is rampant, and they said, yes, this system is rigged.
I love Katie
Truth is needed and we can then love one another and heal together!
The democrates presented the example of a person who in reality does not exist democrates just can’t help being dishonest
Sifill_LDF No he didn't say you can get an entry level job at his bank and someday have his job in response to a single mother teller having a $500+ monthly shortfall...
She was fabulous! The exchange was a work of art, on her part; his was shameful! He’s totally clueless the struggles ppl face everyday due to wages being too low to even meet the bare necessities! This needs to change! I’m tired of hearing that America 1 of the richest nations!
I appreciate her because she always has her questions formed knowing where she is going, and she also has data right at her fingertip. Add that she is positively fearless, what a great addition to congress.
Sifill_LDF Rep. RepKatieHill is amazing. She has provided a needed and necessary spark to Congressional hearings. Well done!
And they got the tax cuts!
When RepKatiePorter brought out the tax law book she written, that was amazing and the education she gave to Jamie Damin about pay inequality by basic math adding & subtraction. And Jamie said, I have to think about. WOW! Yea, give it a think.
Lets be clear..this Woman..well educated..lawyer...teaching..and knows this stuff!!
All of the young congresswomen are FIERCE, FEARLESS & SMART as all hell! They are EXACTLY what the base is demanding. SpeakerPelosi must CEASE beating them down! She looks old, scared, & past her usefulness when she muzzles them. AOC IlhanMN RashidaTlaib TheDemocrats
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