Tuesday, November 25, 2008
A message from our former thronewarmer
"Everyday I wake and read about more government support for financial institutions that is supposed to benefit the overall economy and American consumers, yet none of my constituents are seeing any relief," Katz said in a press release.
"On the contrary, their access to credit is decreased in the form of reduced limits and their credit card rates are rising," the Queens lawmaker continued. "This is outrageous, considering the Federal bailout programs are distributing taxpayer dollars to the credit card companies and affording them access to cheap capital from the Federal Discount Window. We as taxpayers are being asked to re-capitalize these banks and then we’re getting charged for the privilege."
"I am cutting up my American Express card. Until the situation is rectified and rates are either frozen or lowered, American Express will no longer get my business, and I urge all New Yorkers to join me.”
"The Federal bailout money was never meant to boost profits. It was meant to free up the credit markets and provide access to capital. Yet American consumers have yet to see the benefits of any of this. Where is our increased access to capital, and where are our reduced credit card rates?”
Katz, who is currently the only woman in the running for the comptroller's office, also launched an on-line petition entitled "Where's My Tarp?" (that's short for Trouble Asset Relief Program), which features an open letter to (outgoing) Treasury Secretary Paulson.
Katz vs. AmEx
This has got to be one of the lamest stunts of the year.