US Bailout Fails, though Rockland Delegates voted 'yes', by Ken Mahoney

ROCKLAND’S CONGRESSIONAL DELEGATION VOTES “YES” FOR BAILOUT

Rockland’s entire congressional delegation yesterday voted in favor of a $700 billion dollar economic bailout bill. Their votes, however, were simply not enough to move the plan forward as the total tally fell thirteen shy of passage. The bill was defeated 228 to 205 with support from roughly two thirds of the house’s democrats and only a third of its republicans.

No movement will occur until late Wednesday or Thursday as many left Washington following the vote to observe the Jewish holiday of Rosh Hashanah, which began sundown last night.

Wall Street was quick to respond to Congressional rejection of the bill with stocks tumbling sharply, down 778 points. While it’s the largest Dow Jones point plummet of all time, percentage-wise, it was the seventeenth steepest decline.

Rockland County Towns to relase 2009 Budgets by Ken Mahoney

TOWNS TO RELEASE ’09 BUDGETS

Towns across the county this week will present their preliminary budgets. Orangetown releases its spending sketch tonight. Clarkstown plans to unveil its proposal tomorrow. During his weekly radio update, Clarkstown Supervisor Alex Gromack this morning told WRCR the town is aiming at keeping its 2009 operating budget the same or less than the current year’s. Given shrinking mortgage and sales tax revenues this still means town residents will see an approximate 4% increase in their property levy.

The same challenge faces all towns and the county for that matter, which is struggling to budget for next year amid an $18-25 million dollar current budget shortfall. In addition to significant reductions in sales and mortgage taxes, local government is also feeling the pinch from smaller dividends on monies in savings accounts resulting from lowered interest rates.

UNEMPLOYMENT GROWS THROUGHOUT THE HUDSONVALLEY by Ken Mahoney

UNEMPLOYMENT GROWS THROUGHOUT THE VALLEY by Ken Mahoney

Hudson Valley unemployment spiked one and half percent year over year. According to NY Labor Department stats, our regional jobless rate this past August climbed to 5.3%. That’s the highest level of August unemployment reported in 14 years. Analysts say it will likely get worse before things turn around as the Hudson Valley is expected to suffer the aftershocks of the recent and major Wall Street turbulence. Rockland’s unemployment rates are fractionally better than the region’s and notably better than the national rate, coming in at 5.1

FEDERAL RESERVE EXTENDS $85B LOAN TO AIG by Ken Mahoney

FEDERAL RESERVE EXTENDS $85B LOAN TO AIG by Ken Mahoney

The Federal Reserve has extended an $85 billion dollar loan to the American International Group. Governor David Paterson yesterday called on the fed to do just that in order to give AIG the short-term liquidity it needs to stay alive. It was clear to most that the state’s offer to help AIG access $20 billion through its subsidiaries was simply not enough to keep the company from going under. The firm is a major player in the financial insurance industry and has been pummeled by its willingness to cover mortgage-backed securities and other risky debt. AIG will pay substantial interest on the two-year loan. As part of the deal, the U.S. government has the right to stop payments of dividends to AIG shareholders

Financial crisis rocking Wall St by Ken Mahoney

DINAPOLI SAYS “EXCESSIVE RISK” TO BLAME FOR FINANCIAL CRISIS

New York Comptroller Tom DiNapoli says “excessive risk and over-leveraging of capital” are to blame for the failure of major Wall Street institutions.

Lehman Brothers, Merill Lynch and other financial giants, according to DiNapoli, have fallen into the credit trap by taking on debt carelessly in order to boost short-term health.

The Comptroller is supporting Governor David Paterson’s appeal for the Federal Reserve to provide short-term liquidity to American International Group, referred to as AIG. DiNapoli says news of Lehman Brother’s chapter 11 filing and the $50 billion dollar Merill Lynch buyout are creating a crisis of confidence, which is sucking in firms like AIG.

He says national financial stabilization will only come with more robust regulations and transparency

9/11 Services in Rockland

Rockland

Haverstraw: Rockland Memorial Ceremony. An opening prayer; remarks by the county executive and the legislative chairwoman. 8:30 a.m. A moment of silence at 8:46 a.m. At 9:03 a.m., names of the 9/11 victims will be read. Haverstraw Bay County Park, Gagan Road. 845-638-5495.

HAVERSTRAW TOWN: 9/11 Memorial Service. 8:30 a.m. Haverstraw Bay County Park, Gagan Road. Rockland County's official commemoration of the seventh anniversary of the attacks on the World Trade Center at the county memorial.

New City: Clarkstown Remembrance Ceremony. At the 9/11 Memorial adjacent to Town Hall. The names of 74 Rockland County residents who perished will be read. Rain site: Town Hall auditorium. 5 p.m. Town Hall, 10 Maple Ave. 845-639-2050.

Orangeburg: 9/11 Memorial Observance. With music and a reading of the names of Rockland residents who perished at the World Trade Center. 6:30 p.m. Town Hall, 26 Orangeburg Road. 845-359-5100.

Piermont: Mass of Remembrance. 7 p.m. Church of St. John the Baptist, 895 Piermont Ave. 845-359-0078.

Ramapo: 9/11 Commemoration. Ceremony honors those Rockland residents or those with ties to Rockland who perished in the World Trade Center attacks and aftermath. 8:15 a.m. Rockland Community College, 145 College Road. 845-574-4394.

Ramapo: 9/11 Remembrance Ceremony. A tribute to the eternal spirit of the innocent victims and the selfless courage shown by public servants, volunteers and private citizens on that fateful day. 8 p.m. Town Hall, 237 Route 59. 845-357-5100.

Sloatsburg: 9/11 Memorial Service. Memorial service and candlelight procession. 7:30 p.m. Sloatsburg Athletic Field, Route 17 at Eagle Valley Road. 845-753-2727.

Suffern: 9/11 Memorial. 7 p.m. Donna Hallett Park, Lonergan Drive. 845-357-7943.

Remembering 9/11

9/11 SERVICES HELD IN CLARKSTOWN & RAMAPO

A number of 9/11 services are being held locally today. In Clarkstown, elected officials and residents will gather in remembrance 5 o’clock this evening at the town’s 9/11 monument on Maple Avenue.

The Town of Ramapo is sponsoring a memorial service and reading of the names of those who perished seven years ago today 8 o’clock tonight at town hall. Residents can contact their respective municipality for details on other planned 9/11 services.

Those having a hard time coping with the memories and emotions this day evokes can call the Mental Health Association of Rockland for help at 845-267-2172.