because of tone than laws passed. i thought that was an olive branch to the most powerful guy on wall street, jamie dimon. given what s happened, i think jamie is going to trip over himself lunging for that olive branch. he s got the shareholders meeting today he s presiding over. jp morgan chase shareholder. they are trying to separate the two jobs. it s not going to happen. it s not going to happen. the whole industry is now in a wildly different position today than they were a week ago. it is amazing what that $2 billion loss did to their chances of even tinkering any further with them. by the way, gene robinson, the headline in the wall street journal, jp morgan moves to protect jamie dimon.
each and every day. at least that s what they say. the lack of certainty. the failure to adopt anything out of the simpson/bowles amendments. combine it with the fact that on the other hand, they are going to get justifiably crucified because people think of banks as places where you put your money and the banks invest the money, not bet the money. it s what s happened here. this is exposed a larger rift in financial services that everyone knew was there. now, it s plain to see on the front pages of every paper, banks bet money instead of investing money. it s been going on for years. the movement of money is complex, hard to understand by people like us. i think it s hard to understand by people in the banking industry. this is a vulnerable point here. no doubt about it. there are a lot of people on wall street that think romney will be better for the economy because he s one of them.
confidant early on. that relationship soured quickly. jamie is a guy, even this week after the headlines that any president would want on his side. this may be a chance to mend that relationship. that relationship, perhaps in particular because dimon has vulnerabilities right now. right now, he is no longer going to be the industry s point person to fight against tightening of the enforcement of dodd/frank that is just being written. he s got a lot of enemies. he needs help from the administration more than anything else. the president s got to thread the needle here. there are assets of having allies on wall street. at the same time, $2 billion loss is going to open up a wave of anger against the banks for doing these risky bets so close
live on capitol hill correspondent. you ve been following ins and o outs. i want to begin with the one offered in the last hour we heard from senate majority leader harry reid. what s in the latest plan. i was realizing this is $2.7 trillion in proposed cuts, brooke, on two sides of a piece of paper. obviously details need to be filled in what they are proposing raise it by this month, cut by this month. the cuts include $1 trillion immediately in discretionary spending. also a lot of money from war money. he s saying as afghanistan and iraq wrap up, there s about a trillion dollars in savings. that s kind of controversial, brooke, because republicans don t count that money. but bottom line, $2.7 trillion all in savings cuts. you might like all them. that s what he s saying. he has a longer term committee in here but it would just make recommendations for long-term reform, really would have a vote on that but wouldn t force those reforms to happen. so i want to look at th
grilled and lambasteds by british law makers and now a whistleblower in the growing phone hackl scandal reportedly is dead. and a 77-year-old man defends his home and family from an intruder with a gun. stand by for the dramatic story. that s even more compelling because get this he s a member of the united states congress. i m wolf blitzer. you re in the situation room. the u.s. defaulting on its debt for the first time in history? we can t state it enough, this has enormous consequences for all of us, and time is quickly running out to prevent what the president calls armageddon. let s check in with kate baldwin. she s standing by with the latest. where do the negotiations stand right now? the two top republicans in the house. no official readout from the white house, but president obama says we are making progress when asked today by reporters how the debt talks were going when he was leaving an event in the rose garden. on the part of speaker boehner, a spokesma