According to the Intelligencer Journal editorial of Sept.30: “The failure of lawmakers to pass the bailout resulted in a 777-point loss on the New York Stock Exchange. That downturn – resulting in $1.2 trillion in losses – cost investors, who own shares in pension funds, retirement accounts and the like – much more than the $700 billion bailout would have cost.”

It’s now a day later and the Dow Jones average has reclaimed 485 points.

So can we be certain that the bailout is essential? Or has the market gone through another 20% ‘correction’ and was the 777-point drop the final “blow off” that signals the bottom of the market? (A bottom occurs when the doubters have largely sold their stock so the amount available is far less.)

Sorry. NewsLanc doesn’t know the answer. Otherwise we would be otherwise occupied buying or selling futures!

October 3rd is First Friday in downtown Lancaster. “First Fridays occur on the first Friday evening of every month year round. Over 90 art galleries and shops extend their hours and stay open to 9:00 PM – some even later!” A lot of people come downtown for First Fridays, so come meet, mingle, and enjoy. For additional information, visit http://www.lancasterarts.com.

Want to try Yoga? On First Friday (Oct. 3), “Experience the uplifting energy of Kirtan, a form of group chanting from ancient India. Afterwards enjoy a sampling of delicious Ayurvedic vegetarian foods, flavored with exotic and healing Indian spices.” This is at “The Yoga Path” at 428 N. Duke St. Admission is $10 at the door. For more information, visit http://www.yogapathlancaster.com.

Also Friday, October 3, the Leola Freeze & Frizz is showing the movie National Treasure: Book of Secrets starring Nicholas Cage. The free movie is showing at 7:00 p.m. Attendees should bring their own lawn chairs or blankets. Food is available for purchase but may not be carried on to the premises. The Leola Freeze & Frizz is located at 250 New Holland Pike in Leola. For more information, call 717-656-4491.

The Freeze & Frizz will also be showing the movie 3:10 to Yuma at the same time on Saturday, October 4th.

Wednesday October 1st, “Listen to Robert Vitalis’ lecture on “America’s Kingdom: Mythmaking on the Saudi Oil Frontier.” Vitalis is Professor of political science and former director of the Middle East Center at University of Pennsylvania. The talk is at Barshinger Life Sciences Center Lecture Hall on the F&M campus. Free. 4:30 p.m.”

“Did you ever wonder how the Lancaster Symphony Orchestra prepares for a performance? If so, join Lido and the orchestra for open rehearsals at the Fulton Opera House. You will learn about the musicians, orchestra, composer and the music. Arrangements by Beethoven, Mozart, Hubay, Beethoven and Mozart will be performed. Arrive at 3 p.m. to meet the musicians and engage in pre-rehearsal dialogue. Performance at 3:30 p.m. at Fulton Opera House, 12 N. Prince St. 717-291-6440 x 231. Free.”

Starting Friday, October 3 and continuing through the month is the haunted attraction, Jason’s Woods. “No one does Halloween like the Legendary Jason’s Woods! Celebrating 23 years, featuring 9 hair-raising haunted attractions with breathtaking special effects. Free fabulous pre-show entertainment including LIVE bands, DJ’s, magic shows and more! 2 all new attractions for 2008!!” Ticket prices vary from $12 to $40. Jason’s Woods is located at 99 Stehman Rd. in Conestoga Township. Visit http://www.jasonswoods.com.

At the Pennsylvania Academy of music, Friday night, violin virtuoso Ann Fontanella will perform Early Romantic music. The performance is at 8:00 p.m. Ticket information can be obtained by contacting the Pennsylvania Academy of Music.

On Saturday October 4th, Columbia and Wrightsville will hold their 20th Annual Bridge Bust. “Voted one of the Top 10 Craft Shows in Lancaster County Magazine for 2007! More than 300 antiques, art, craft and food vendors are returning to this popular event across the historic Route 462 Veteran’s Memorial Bridge connecting Columbia and Wrightsville.” From 8:00 a.m. to 4:00 p.m. Adult tickets are $2 and children under 13 attend for free. For more information, visit http://www.parivertowns.com.

This weekend is Fall Farm Fest at Dutch Wonderland. “Get down on the farm as Dutch Wonderland hosts the annual Fall Farm Fest! Guests will get an up-close look at life on a farm through interactive demonstrations and hands-on activities.” These special events are included with park admission. Dutch Wonderland is located on Lincoln Highway East (Rt. 30). Park hours this weekend are 10 a.m. to 6 p.m. For more information, visit http://www.dutchwonderland.com.

The Hands-on House Children’s Museum of Lancaster is putting on a 5k and half-marathon on Saturday. Proceeds will benefit the museum. First prize for the half marathon is $300. The course is described as scenic and passing a covered bridge and single-room schoolhouse. It starts at the museum at 721 Landis Valley Rd. Registration is $40 for the half-marathon or $20 for the 5k. Registration is $5 more if the runner does not register in advance. Visit http://www.handsonhouse.com/news_race.asp for further information.

Saturday October 4th is the “Harvest Breakfast” at Central Market in downtown Lancaster. “Come to downtown Lancaster for a celebration of Lancaster County’s harvest, with music, children’s activities, cooking demonstrations, and food tasting.”

For more local and regional events, visit http://www.padutchcountry.com/events_calendar.

Both TRRACC and NewsLanc ignore the fact that Norfolk Southern itself has said that none of TRRACC’s proposed alternatives would work. If the railroad says they won’t work, it’s irresponsible for both you and TRRACC to claim they will. It becomes just NIMBY.

Editor’s response: We are not aware of having advocated the TRRACC plan. What we have said is TRRACC should have been represented by an attorney to assure that their suggestions would be given serious consideration by Franklin & Marshall and Norfolk Southern.

The following was recently posted on the website of the Government Study Commission. Prepared by commission member Jim Miller using data from the Pennsylvania Department of Community & Economic Development and Franklin & Marshall College’s Center for Opinion Research, it is a property tax rate comparison between comparably sized Pennsylvania counties that have adopted “Home Rule” and Class 3 Pennsylvania counties that have not, including Lancaster.

The analysis indicates, among other things, that the average adjusted millage rate of non-Home Rule Class 3 Counties (Dauphin, Chester, Berks, Luzerne, York, Westmoreland, and Lancaster) is 5.40, while the average adjusted millage rate for similarly-sized Home Rule counties (Lehigh, Northampton, Delaware, Lackawanna, Allegheny, and Erie) is 5.18.

The data sheet can be found here: http://www.co.lancaster.pa.us/lancastergsc/lib/lancastergsc/Per_Capita_Tax_Comparison-JAM.pdf

At their weekly meeting tomorrow, the Lancaster County Commissioners are expected to present Letters of Commendation to 10 paramedics and EMTs from Lancaster EMS and Susquehanna Valley EMS for volunteering to help evacuate special-needs patients from the City of New Orleans in advance of Hurricane Gustav on August 29.

The Commissioners are also expected to approve a project change order for restorations to the Big Conestoga #2 Bridge, also called the Bitzer’s Mill Covered Bridge near the intersections of Routes 222 & 322 in West Earl Township. The project is already complete and the bridge is open, but with paperwork processing, a cost of $1,825 is being added for the materials and equipment needed to paint the bridge for a total cost of $76,325, according to Assistant County Engineer Barry Garman.

Also, just as the Commissioners opened a period of public comment on the future use of the 225 W. King St. county building, they are also going to announce a public comment period tomorrow in relation to about eight acres of land the County owns along old trolley tracks adjacent to the Sunnyside Peninsula. Commissioner Scott Martin said he is uncertain how the County first acquired the land. Further information will be provided at Wednesday’s meeting.

With regard to 225 W. King, the Commissioners noted that they have received “multiple letters of interest.”

Finally, the Commissioners announced that they are hiring a special counsel at a rate “not to exceed $270/hour” if needed to deal with “potential litigation regarding insurance matters” but refused to elaborate on the nature of the issue.

The Lancaster Newspapers better save a few copies of that recent Pittsburgh Post Gazzette article…they will need it.

All Lancaster residents should be prepared to see an almost identical story within 3-5 years of our CC opening. LNP can merely change the names as the naysayers say that they predicted this and the supporters shrug off the under-acheiving performance of the building and point to some nebulous economic impact to substantiate thier white elephant.

Didn’t that Heyward Sanders guy come to Lancaster and tell us all of this before we even turned a spade of dirt?

Over the weekend and as presaged here, the Federal Reserve intervened to enable CitiGroup to acquire the failing Wachovia Bank.

Nevertheless, tax payers of the City of Lancaster must live with the consequences of the Wachovia’s irresponsible guarantee of convention center and hotel bonds, something that other financial institutions had declined to undertake.

Successful capitalism relies upon bankers acting prudently, not seizing momentary profits while disregarding the future likelihood of default. Sadly, for some the system broke down.

If the current and future commissioners stand firm and refuse to raise the hotel room sales tax to further subsidize the Convention Center at the expense of tourist business, the cost to county residents should not be that great. The county guarantee is for only 50% of convention center debt service. Due to an agreement achieved by the heroic outgoing county commissioners, Convention Center Authority funds must first be applied to pay debt service. So the county is in a strong position.

CitiGroup, which now will guarantee the bonds, will not want to own and operate a convention center, especially one in Lancaster!

On the other hand, the city tax payers have provided a 100% guarantee of the huge Marriott Hotel debt. And they are fully on the hook. Woe is Lancaster!

Update: Wachovia Bank fell from $10 at Friday’s closing to $1.84 at closing on Monday.

According to the San Antonio Business Journal:

“Citigroup Inc. has agreed to acquire Wachovia’s banking operations, according to the Federal Deposit Insurance Corp.”

“The FDIC, in a press statement, stressed that ‘Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC.’

“Under the agreement, Citigroup will absorb up to $42 billion of losses on a $312 billion pool of loans.”

“The FDIC will absorb losses beyond that.”

“Citigroup (NYSE:C) has granted the FDIC $12 billion in preferred stock and warrants to compensate the federal regulator for bearing this risk.”

I’d like to add an item to your list [of what the Lancaster Newspapers should seek forgiveness.]

One of our editors once referred to the sitting head of the Board of Commissioners as the “angel of death”. I think that one qualifies too.

The communication below received from Bob Desmarais of the School Lane Hills Neighborhood Association (SLHA) seems to distance the organization from what should be a core concern. We worry whether Desmarais has been either distracted, is not up to his position, is overly concerned about offending anyone (especially John Fry), or has been co-opted by establishment forces.

At the sole SLHA meeting several months ago, Desmarais rejected the idea that an attorney should be engaged to represent the Association at a public meeting concerning relocation of the rail yard that was held at Franklin & Marshall. This was a huge blunder with devastating consequences for the home owners.

Subsequently, no further meeting of SLHA has been convened nor has there be meaningful communication.

Lastly, Desmarais had privately promised to pursue efforts to ‘vacate’ the Wilson Drive stub at the Franklin & Marshall athletic field and thus return title to the road bed to the home owners with frontage on the stub. This would greatly reduce the chances that Wilson Drive someday would be extended to the Harrisburg Pike . We are unaware of any action that he has taken.

We encourage residents of School Lane Hills to attend the Oct. 7th meeting and, in addition to being briefed concerning the status of the railyard plan, to consider whether there is a need to select more pro-active leaders for its own organization.

“To Our Association Members,

“School Lane Hills Neighborhood Association
c/o Bob Desmarais
1410 Newton Road
Lancaster, PA 17603-2461
717-381-1840″