WHITE PLAINS CITIZENETREPORTER SETS RECORD VISITS FOR YEAR 7,017,658 VISITS! 2,098,003 VISITORS MADE 6 VISITS A DAY EVERY DAY. 63,330 UNIQUE VISITORS MADE 133,730 VISITS IN DECEMBER. WPCNR AVERAGED 17,284 VISITORS A WEEK, VISITING 31,270 TIMES.

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WPCNR CRISIS CHRONICLE. From the Office of New York Senator Hillary Clinton.(Edited) September 22, 2008: Senator Hillary Rodham Clinton met  Monday with New York Federal Reserve Bank President Tim Geithner to discuss needed steps to address both the market crisis and its impact on New York. Senator Clinton outlined principles for action that would offer relief to homeowners, stabilize the markets, and provide broader economic reform.  Senator Clinton today also welcomed news that the Treasury Department has acknowledged the need to provide mortgage relief to some homeowners and is considering providing equity in bailed out companies to taxpayers, but underscored the necessity of bold and comprehensive action to rescue both Wall Street and Main Street.

“I am encouraged by reports that the Treasury Department is beginning to recognize the imperative of providing immediate relief to homeowners facing foreclosure and is considering some share of equity for the American people so that they have an interest in the companies rescued under the Treasury’s proposal.  I will continue to brief the Treasury Department and my colleagues on my proposals which can serve as a basis for these initiatives. “

 “As currently written, the administration’s proposal does not go far enough in providing the real reform we need to rescue both Wall Street and Main Street. I have outlined the principles I think must guide our efforts to restore confidence in our markets and provide broader economic reform. In discussions with Congressional leaders, administration officials, and financial leaders in the days ahead, I will continue to champion these principles as well as the needs of New Yorkers impacted by this crisis,” Senator Clinton said.

Following her meeting with President Geithner, Senator Clinton made a brief statement. A transcript of the Senator’s comments follows.

 Senator Clinton: “As you know we face a very serious set of challenges to our economy and to our financial system. I’ve just discussed a number of those in a meeting with New York Federal Reserve President Tim Geithner, and talked with him about some of my concerns over the current proposal from the Treasury and ways that it can be strengthened. Today I’m focused on the steps that I believe we need to take right now to stave off further turmoil in the short term and address the root causes of this crisis shortly thereafter.

 As a senator from New York I am especially concerned about the economic impact on our city and state – tens of thousands of good, hardworking people have already lost jobs or are fearful of losing them and tens of thousands more are threatened. Now for two years I have called for action as millions of homeowners have fallen into default and the securities backed by these mortgages have plummeted in value – revealing deep cracks in the foundation of the credit markets, igniting a financial crisis, and jeopardizing the stability of the American economy.

These warnings have been ignored for too long and the consequence of that was last week’s emergency announcement. As the Senate considers the proposal by Treasury Secretary Paulson at a cost of $700 billion at least, I’m outlining a series of principles that must be part of broader economic reform as we stabilize markets after eight years of failed policies which set the stage for this crisis.

            I’ve been calling for sweeping intervention to restore the normal functioning of the markets and bring us back from the brink. Now regrettably, the Treasury Department’s plan may be necessary but let’s be clear – this is not a silver bullet and should not be considered as one. Much more needs to be done to address the housing crisis, which is at the root of the current financial crisis, which is at the root of the economic crisis. We have two million homeowners underwater with negative equity and trillions in mortgage debt and millions more with adjustable rate mortgages ready to reset in the next two years – that is a clear and present danger not addressed in the Treasury’s proposal.

Mortgage Modification– Out of the 1930s Proposed

So I’m highlighting one of my key principles and proposals – we need a significant mortgage modification effort that directly helps families with troubled mortgages stay in their homes and stave off foreclosures. This effort should be proportional to the market intervention to prevent a worsening home mortgage crisis and should be embraced with the same sense of urgency.

I spoke with Chairman Barney Frank yesterday and today I know that he has also joined the call for mortgage modification to be part of this proposal. I also was the first, along with Chairman Frank, to propose a modern day Home Owners Loan Corporation (HOLC) – that was created in 1933 during the Great Depression – the original HOLC saved one million homes and returned a profit to the Treasury.

Now with today’s homeownership rate a modern day equivalent could roughly save three times as many homes and more importantly stabilize the housing market which is part of what we have to try to do in the weeks and months ahead. Taking action now to prevent a deepening crisis in the credit markets is an essential step one but this will only work if there is a step two that focuses on action in the home mortgage markets on the behalf of borrowers which will strengthen lenders and the broader credit markets.      

I also think it’s essential that we begin now to work on an updated regulatory framework that should be on the desks of Congress as soon as we possibly can get to it after the election. I’ve discussed this plan with the Treasury Secretary and others in the administration as well as Congressional leadership and I’m calling on Congress to immediately begin considering legislation to create a new entity modeled on the HOLC. We have been reactive for too long, it’s time now to look to the future and be decisive.

But let me just conclude by saying this, I have absolute confidence we will weather this crisis. I am optimistic about the American economy and about our strength as a nation. But we need good, smart, effective leadership in the private sector as well as the public sector. It is no longer something to talk about – we have to begin acting. But we have faced difficult situations before, we have weathered them and we have come out stronger and we will again if we now start taking the right action. So I appreciate Secretary Paulson’s unprecedented proposal for the intervention he’s proposing – but it must be seen as a part of a larger whole that we have to step up and begin addressing immediately. So thank you very much for what you all do here every day for the American economy and for all of us to have more prosperity.”

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WPCNR SCHOOL DAYS. By John F. Bailey. September 22, 2008: The City School District and Deborah Raizes of Hazard, Young  and Attia, will hold the third of community input sessions tonight designed to determine an ideal profile of the kind of executive White Plains parents and citizens want in considering whom to select for the 2009-2010 Superintendent of Schools. (Present Superintendent Timothy Connors is retiring in June 2009, after seven years.) The community session will be held at White Plains High School at 7:30 P.M. in building B-1.

Superintendent Profiling Taking Place at Bethel Baptist Church last week. Session three is at the High School this evening. All welcome.

The first two sessions so far were held at St. Bernard’s Church (after church), and at Bethel Baptist Church, conducted by Deborah Raizes, above, shown Monday evening at Bethel Baptist, who spearheaded the last search in 2002 which brought Mr. Connors to the district. In the first session, the St. Bernard’s crown indicated they wanted more advanced classes for Hispanics and minorities, which was echoed by the 35 African-American attendents at the Bethel Baptist meeting.

The Bethel Baptist meeting held last Monday, was more critical of the White Plains teachers’ collective abilities to get the most out of minority students, Hispanic and African-American, saying preconceived notions existed, though  the group agreed the district teachers were on the whole very good – though help was not as easy to get if students were minorities. Hispanic parents were happy with the district, and insisted their children wanted to learn English and thought that was important, Ms. Raizes told WPCNR

So far the commentary from both meetings, though praising Mr. Connors’ ability to reach out to the communities, called for a new Superintendent who had experienced with minorities-dominated district like White Plains, with a track record of closing the achievement gap. A majority of African-American parents said a new Suprintendent had to concentrate on doing more at closing the performance gap of their youth.

Individuals painted cases, naming Ridgeway School, in particular as a place where if you were an underperforming minority you were “labeled” and did not receive the attention needed to upgrade performance, while if you were performing well as a minority student, you were encouraged. More  ability to single out and make more of an effort , a handful of speakers said, has to be made with underperforming minority youths in the elementary schools.

Only one parent brought up the need for a new Superintendent to be more sensitive to the growth of the school budget.

The session begins this evening at 7:30 P.M in B-1 at White Plains High School

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WPCNR CAMPAIGN 2008. From The Office of New York Senator Hillary Rodham Clinton. September 22, 2008:  Senator Hillary Clinton made the following statement on the administration’s proposal to restore stability to U.S. financial markets.

“When the American people, facing a foreclosure crisis and struggling economy, turned to this administration for help, the answer was no. Now, the administration is turning to the American people for help, to rescue the credit markets and take on hundreds of billions in debt and financial obligations as a consequence of that same foreclosure crisis. The truth is, Main Street came to Washington and got little. Now Washington is coming to Main Street and asking for a lot. The American people deserve to know that this isn’t a blank check. While the need to address the current crisis is clear, I will only support steps that will prevent a widening crisis, tackle the worst kinds of abuse tolerated for too long by the Bush Administration, and address the root problems at work.

The proposed intervention outlined Thursday by Treasury Secretary Henry Paulson would be a watershed moment for our economy. I believe that such an intervention demands that we fundamentally alter the priorities and policies of our nation under the Bush Administration that allowed this crisis to take place and escalate. Corporations that will benefit must be held accountable not only to large shareholders but also to the American people. And American taxpayers deserve to know that their money will not allow for a continuation of the status quo: short term profit at the expense of long term viability; obscene bonuses and golden parachutes regardless of performance; reckless risk taking that have placed the markets in so much jeopardy; rewards for those who foreclose on middle class families and sell mortgages designed to fail to turn a profit; and outsourcing of good jobs to serve short term stock prices instead of America’s long term economic health.  The prevailing dynamic of corporate America, where the sole priority was the dividend, the inflated bonus and the quarterly earnings report, must give way to a new respect for the long term prosperity of the American worker and the well being of the middle class. 

After eight years of failed policies – and two years of an absentee administration – our only option left may be an unprecedented government intervention into the private markets. The markets must be stabilized to stave off wider turmoil. Nevertheless, the urgency of this crisis does not mean that we should offer a blank check to financial institutions or the privileged few.  Nor can we simply allow the administration to use the taxpayers like a ‘reset button.’ We cannot allow Wall Street to act without oversight by a vigilant SEC and administration – and without regard for the American people, who will now have paid twice: in falling prey to a widening credit crisis, and in paying the bill to hopefully bring it to an end.   

I will be examining the administration’s proposal very closely to ensure that we do not approve a policy that may stabilize the markets in the short term without addressing the root problems facing middle class families or the kinds of reckless gambling that was permitted for far too long by the administration. The Bush Administration may have changed its tune once the crisis facing Main Street hit Wall Street. But we need to be sure that the American taxpayers – asked to shoulder yet more risk and responsibility – have a voice.”

 On Thursday, Senator Clinton outlined her plan to halt the market crisis in a speech on the floor of the Senate, calling for a series of specific proposals, including creating a new version of the Home Owners’ Loan Corporation (HOLC) to remove bad mortgage debt from the market and restore confidence, curbing the most damaging and manipulative trading practices, providing immediate relief to homeowners facing foreclosure through modifying troubled mortgages, and reasserting competent federal oversight. Senator Clinton also explained her plan in a letter to more than 15,000 New Yorkers who had expressed concern about housing and the economy.

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WPCNR MR. AND MRS. AND MS. WHITE PLAINS POLL. September 19, 2008: In WPCNR reports this week, The CitizeNetReporter has found that neither the New York Independent System Operator nor the Federal Energy Regulatory Commission, charged with monitoring electric commerce to protect consumers, just has not been doing the job. Over a dozen organizations, power utilities, and industrial groups are howling for an investigation of the hidden profiteering in electricity routing, and the extent of profits, number of energy traders involved and cost to all consumers is being covered up. The New York Municipal Power Agency, representing 36 small municipalities in New York charges NYISO with being unforthcoming with information and piling on charges. Costs could have been a Billion dollars or more direct to New York users, but we do not know.

But, here’s the twist: no media has picked up on this story and dug into it. Even Senator Charles Schumer is accepting the Federal Energy Regulatory Commission refusal to quantify the extent of the costs to New York customers. Even Westchester County government, a consistently carping critic of Con Edison (which WPCNR has found exposed this energy ripoff by lobby NYISO), has not expressed strong interest in how Westchester customers have been bled by NYISO and FERC failure to watch the electric traffic. How can this indifference be?

What do you think, Mr. and Mrs. and Ms. White Plains, should this be investigated? Maybe a billion dollars or more in overcharges is nothing to sweat about, as our press release-happy representatives seem content with. 

 Say what you think at the right. And who should do it? The Wall Street money is now long gone, but these and similar scams may still be happening every time you are using electricity elsewhere in the state and in the country on different electric schemes every day. How do we know it is not? Send the “watchdogs” who have not been watching a message!

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WPCNR THE POWER NEWS. By John F. Bailey. September 18, 2008: Chair of the Federal Energy Regulatory Commission, John Kelleher would only confirm, according to a FERC spokesperson, that he met with Senator Charles Schumer on the Lake Erie “scam” contracts (Schumer’s description of the Lake Erie circuitous routing that cost an undocumented millions in overcharges being paid by all New York residents, commercial and municipal concerns the first half of 2008. The spokesperson explained FERC has an enforcement division that investigates matters secretly in markets across the country, and does not disclose such probes.

According to FERC Press Spokesperson for electricity, Barbara Connors, speaking to WPCNR, “Mr. Kelliher was asked yesterday by members of the commission if he had met Senator Schumer, and he confirmed that he met with him but would not comment further on the meeting, so we have no additional comment. He just confirmed he met with Senator Schumer at his request.”

Asked if Kelliher gave Mr. Schumer any dates as to when more information might be coming out on the (Lake Erie) investigation, Ms. Connors had no information on that: “I don’t know what he told Senator Schumer. He did not say what their conversation was other than we know  what the general topic was. We have not announced any date for the completion of the on-going investigation.”

WPCNR asked if the investigation would be speeded up. Connors said she could not say. She said she would check on the duration of the meeting Schumer and Kelliher had.

Asked if the FERC investigation was looking at the possibility of similar Lake Erie  loop practices exist in other areas of the country and are being executed, Connors said: “We (FERC) have an office of enforcement as part of the agency and they are looking at all the markets all the time. This is what they do.  They can initiate a non-public investigation, not announce it at the time that they start it and therefore they may be looking at other markets that we’re not aware of at this time.”

WPCNR asked if there was any chance we could confirm that?

Connors demurred: “No, there’s nothing we could find out about that.”

Why not? WPCNR asked.  She replied, “because they’re non-public. They don’t announce them, so  they wouldn’t say oh yes we’re doing this, and no we’re not doing that or give you any information on it.”

WPCNR asked if  this is basically an undercover thing, is that what you’re saying?

Connors said:   “What I’m saying this is a non-public investigation, which under the statutes we operate under, we can go ahead and do that.”

WPCNR: “To your knowledge, we do not know if FERC is doing that (looking for similar Lake Erie loopholes nationally).”

Connors said ” There’s none announced.”