Wednesday, July 21, 2010
Boozman, Wall Street, and Main Street
Congressman John Boozman (R-Rogers) voted two years ago for using taxpayer money to bailout of the Big Banks that had made foolish decisions and lost billions of dollars. Boozman supported this George Bush scheme to help Wall Street CEOs keep their bonuses and estates in the Hamptons. He didn't raise taxes to cover the cost, he just loaded it on the national debt for our grandchildren to pay. Now he says the nation shouldn't extend unemployment benefits to 16,000 Arkansas citizens who lost their jobs and can't find work, because that would increase the deficit he created for the bank bailout.
On June 30, Boozman again stood up for the Wall Street bankers, fighting all additional financial regulation of shady banking practices and trying to kill any consumer protection measures when he voted against the Wall Street Reform and Consumer Protection Act that was signed into law today. Under this legislation, about 650 former customers of Arkansas National Bank Financial at Rogers will receive checks from the FDIC, retroactively covering the loss of their personal savings up to $250,000 due to poor management decisions by ANB officers and board members that led to huge losses and closing of the bank.
Boozman opposed protection for the life savings of small depositors in Arkansas, but he was all for bailing out the Wall Street bankers. Why is that? Take a look at his campaign contributors for the last ten years, and you'll see who he represents. Unless you coughed up big bucks, it is not you. If there's another explanation, I'd love to hear it.