I hear you loud and clear. I said that i would do everything we can to fix this problem and today, im offering an idea that will help do it. The state insurance commissioner still has the power to decide what plans can and cant be sold if their states, but the bottom line is, insurers can extend current plans that would otherwise be canceled into 2014 and americans whose plans that have been canceled would choose to reenroll in the same kind of plan. Those who got cancellation notices do deserve and have received an apology from me. But they dont want just words. What they want is whether we can make sure that they are in a better place and that we meet that commitment. Im the head of this team. We did fumble the ball on it and what im going to do is make sure we get it fixed. There have been times where i thought we were kind of, you know, slapped around a little bit, unjustly. This ones deserved. Right . Its on us. But we cant lose sight of the fact that the status quo before the Affordable Care act was not working at all. Crucial point that has gotten lost in the coverage over the last month. That part of the speech, the fumble the ball part, thats what got the headlines. But the most important thing that happened today was president obama marking a new chapter in the tempestuous frenemylike relationship between the Health Insurance industry and his administration. From the very beginning, this has been one of the most complicated relationships in all of politics. Up to and including the creation of the Affordable Care act, the Insurance Companies said they were on board with reform. They were also simultaneously funding the opposition. Largest health care lobbying group in the country spent a total of 102. 4 million in just 15 months to prevent obama care from becoming law in the first place. The Obama Administration and the Health Insurance companies viewed each other with deep skepticism, often outright hostility, and had deeply different priorities. But in the end, they needed each other and they probably still do. But the rollout of the Affordable Care act, Insurance Companies have used the transition to the new regime in the individual market to test just how much they can get away with. By pinning it on obama care. Hence, the letters youve all been seeing, letter that say, because of obama care, we cant offer you this plan. In some cases, offering a plan that costs ten times as much, with no mention of the fact that the exchanges or the same companies themselves might offer a better plan at a similar cost or less. So today what the president was doing, he was saying, fine, Insurance Companies, thats how you want to play the game . Now it is on you. If the consumer wants to keep their old plan, it is not obama care thats preventing that anymore, its not the white house, its the Insurance Companies. So what we want to do is to be able to say to these folks, you know what, the Affordable Care act is not going to be the reason why insurers have to cancel your plan. Were also requiring insurers to extend current plans to inform their customers about two things. One, that protections what protections these renewed plans dont include. Number two, that the marketplace offers new options with better coverage and tax credits that might help you bring down the costs. One democratic source put it this way, world war iii just broke out between the white house and Insurance Industry. How that plays out is anybodys guest. Joining me now, senator Bernie Sanders. What is your reaction to the president s statements today . My reaction is that the president did the right thing politically in saying that, look, i made a promise to you, i should have phrased it in a different way. But i made that promise and im going to keep that promise. You can keep your health care plan. What he should have said is that many people on the individual market have totally disastrous and Inadequate Health care plans. And as a nation, we should not be proud that people have quote unquote Health Insurance, think theyre covered, and then when they end up in the hospital, they find that they have at most, a few thousand dollars in coverage. So what he is saying is, yeah, i should have been more nuanced. You can keep that. But i am demanding that the Insurance Companies now tell you that in many instances, if you go to the exchange, youre going to be able to find a more comprehensive, Better Health care program, and perhaps at lower costs. Thats a step forward. But the main point, and you made this point earlier, chris. I get very tired of the harping of our republican friends, who have completely, forever, ignored the Health Care Crisis in this country. 48 Million People uninsured. We as a nation are the only country in the industrialized world not to guarantee health care. 45,000 people die each year, because they dont get to a doctor on time. And at the end of all of that, we end up spending almost twice as much as any country for health care, which is why, by the way, im a strong advocate of medicare for all single payer program. But what the president did today, i think, was politically right. But in the long run, we have got to get away from these junk, inadequate Insurance Programs and provide real coverage to the american people. How do you think this will be received in your well, in the caucus, in the democratic caucus. Youre, of course, an independent. You caucus with the democrats. I saw a variety of different statements. Senator jeff merkley of oregon, who had been a surprising cosponsor of senator landrieus bill from louisiana, to do something very similar, was receptive. Others say more needs to be done. Do you think this takes some of the pressure that was building out of the building . Look, again, i think, from a political point of view, our republican friends, who have nothing to say about the Health Care Crisis, are able to harp on one, single point. They run the videotape, the president made a statement, he hasnt kept his word. Well, today, he is going to keep his word. You can keep those totally inadequate Health Insurance programs if you want. But we want to do better for this country. Senator Bernie Sanders of vermont, thank you so much for your time. Joining me now is dr. Kavita patel, managing director for clinical transportation and delivery at the engelford center for health care reform. She worked as a Senior Adviser to Valerie Jarrett in the Obama Administration. All right, last night, i came on this program and we ran a clip, a package that said, youre not helping. And we talked about the Mary Landrieu proposal, which looks in many ways similar to what the president outlined administratively today. The problem is, it looks like it is going to undo some of the risk pooling that you need to make these exchanges work in the first year. Is this good policy, as someone who is an architect of this bill . Yeah, thanks, chris. This is a really problematic policy for several reasons. And i actually just talked with one of the mayor insurers, who had canceled a good number of the policies that were talking about. And they said, you know, the president is putting the responsibility on us. However, you know, you have to understand, even if we wanted to offer back those policies, were encouraging the younger people, who might want to take these older policies that might have been cheaper, and were taking them out of the pool of people, as you mentioned, for the Health Insurance marketplace. So its problematic for some of those reasons. Heres a statement from ahip, which is the kind of Health Insurance trade group. It says, changing the rules are after health plans have already met the requirements of the law could destabilize the market, result in higher premiums for consumers. It goes on to say that additional steps must be taken to stabilize the marketplace and mitigate the adverse effect on consumers. Theyre talking about precisely these issues youve highlighted. Behind the scenes, is this war between the white house and the insurers . Because it sure as heck feels like it. Its definitely putting the white house first of all, the white house, its clear that what they did is kind of retreat into a defensible position. They saw that the house vote on the upton bill was likely to pass, and then, obviously, as you mentioned, you know, the Senate Democrats were put kind of in between a rock and a hard place, and the president would have been forced to veto something that took away very valuable provisions from the Affordable Care act that i think are tremendously important and are being overlooked. I mean, these plans that have been canceled did not they were not adding value back to the health care system, and to be honest, weve had plans getting canceled from year to year. Were acting as if this is new. So this is definitely putting the white house in kind of the defense posture, and certainly, people in the Insurance Industry are now feeling like they were trying to do the right thing, and there have been Insurance Companies who have done been doing this. Heres what i feel like happened. I think the Insurance Companies, some of them may have been trying to do the right thing, but some of them brought it on themselves. As you started to scratch the surface on a lot of these stories, the letters were obama care, obama care, obama care, oh, heres another plan thats ten times the cost of your current one. It was pioneering a new era in the Affordable Care act where the government and Insurance Companies are kind of in the same partnership, in which they could blame everything on the act, and in some ways, this is what has come about because of them trying to do that. Yeah, i do think that not just the Insurance Companies, but ill be honest. Were still not halting some of our own elected officials in the congress, as well as some state officials, that have added to that. So you had the Insurance Companies sending out letters and then you had state officials and congresspeople who have been saying, well, here are all the reasons why obama care is so bad, without pointing the obvious, which is exactly what the president said. Were acting as the if the Health Insurance system we had to begin with was perfect and was not flawed. So were kind of you know, were winning in terms of creating a narrative thats confusing the american public. Right now, your honest answer, is this all going to work . Six months from now, when you and i are talking, a year from now, is this going to work . Yes. So i do believe, i honestly believe this, as both a physician and a policy person, i really do believe that the insurance reforms that were passed in the Affordable Care act are going to work. Weve seen them start to work. And i do believe that as we get through glitches, all the way to what happened today, we are going to be able to fast forward. What i am nervous about, chris, is i dont want know how long its going to take for us to sit and say, you know what, looking back on that, were really comfortable it worked. Remember, with part d and medicare, it took us a little while to say that. So i do think we will say that, though. Dr. Kavita patel, thanks so much for your time. Thanks, chris. Coming up heres why theyre doing it. Jamie dimon went from being the greatest banker of all time, leading his company through the financial crisis pretty well, doing the government a favor, to a critic of the Obama Administration. And you do not have to be a spear theorist to put those two links together. Actually, you do sort of have to be a conspiracy theorist to put those two reasons together. The real reason jpmorgan is a giant target, next. Me a lot of time. St saves after reading all the reviews i know im making the right choice. Online or on the phone, we help you hire right the first time. With honest reviews on over 720 local services. Keeping up with these two is more than a full time job, and i dont have time for unreliable companies. Angies list definitely saves me time and money. For over 18 years weve helped people take care of the things that matter most. Join today. Weve learned how to stretch our party budget. The only downer . My bargain brand towel made a mess of things. So goodbye socalled bargain brands, hello bounty basic. The affordably priced towel thats an actual bargain. Watch how one selectasize sheet of bounty basic is 50 stronger than a full sheet of the bargain brand. It takes a strong towel to stretch a budget. Bounty basic. The strong but affordable picker upper. And try charmin basic. Today, Jpmorgan Chase is in the news again. And if youve been paying attention, you probably guessed, its not good news for the bank. Remember, it wasnt too long ago that jpmorgan was the darling of wall street. He has been called no less than the man who saved capitalism in the financial crisis. Jamie dimon seems to be the one guy who you can trust and believe in. Jamie dimon is probably the best manager out there prp. Rupert murdoch tweeting, the bank would be up a creek without dimon. What you have is one of the only guys whos running a bank the way its supposed to be run. If you searched, high, low for however much time you wanted to and you landed on jamie dimon, you would do anything to have him take care of your, lets call it, banking enterprise. Jamie dimon was called americas least hated banker, a diamond in the rough. The bank that saved wall street, emerged from the crisis, stronger than ever. Or so the story went. But for the last couple of years, jpmorgan has gone from hero of the financial crisis to villain of the aftermath. Jpmorgan in the process of making a huge 13 billion settlement with the federal government. But, criminal charges are still possible. Reporter in june 2010, jpmorgan paid a 48. 6 million fine for combing bank and client funds. In april 2011, the bank paid a 56 million settlement for overcharging activeduty Service Members on mortgages. In june of that year, they paid 153. 6 million in penalties for misleading investors. In july, they ponied up 228 million in a settlement on charges that they rigged Municipal Bonds transactions. And last month, it was reported the bank was in negotiations with the Justice Department over a 13 billion settlement for wrongdoing before and during the housing crisis. It has been a rough couple of years for the bank, to say the least. But not everyone has been piling on. The stocks touching a tenyear high. Its a cashgenerating machine. Sure, theyve had their regulatory issues, was hes looking to settle them expeditiously at this point, which is everything you want out of a ceo. Reporter in fact, jpmorgan has become a flash point of debate. I think a lot of their earnings and revenue weve seen have come from really shady dealings. Come on its a fact, its in the news. Whats the fact . The fact that they hired the children of Prominent Party officials and theres a spread sheet on which its connected to deals they were trying to do in china. Hiring connected people is as old as not actual fact on this program, because i do have a problem with that. Anybody can Google Jpmorgan and see this. It was in the New York Times. Its not oh, the New York Times, oh, okay reporter well, jpmorgan is in the New York Times again today. The paper reports, to promote its standing in china, Jpmorgan Chase turned to a seemingly obscure consulting firm, run by a 32yearold executive named lily chang. But what was known to jpmorgan executives in hong kong was that lily chang was not her real name. It was an alias for wen ruchun, the only daughter of went jiabao, who was at the time chinas prime minister. The s. E. C. Wants to know if jpmorgan gave family members jobs so they could drive business to the bank. As it turns out, bribing officials isnt illegal, even for jpmorgan. It cannot even step on to twitter for a harmless q a. Badidea is just the beginning. Reporter yesterday, they announced a twitter chat. All you had to do was use the askjpm. And the tweets started pouring in. Do your settlement lawyers and social media people sit at the same table for lunch or different tables . And alex fareene from salon whos been critical probably summed it up best saying, why did you think this would be a good idea . My own favorite, did you have a specific number of peoples lives you needed to ruin before you considered your Business Model a success . But almost as fast as the social media experience came out, it was canceled. You wonder, who failed at jpmorgan . I would like to suggest, older, dumber people. Reporter for americas most hated bank, it is back to the drawing board indeed. If you think its a populist backlash against the banks has eased, five years after the financial crisis, you would be sorely wrong. Joining me now is one of the parti