Last week, it was reported that P.S. 8 in Brooklyn Heights is getting an “F” on the city’s school report card. School Principal Seth Phillips has sent a letter to parents: “I would be lying to you if I said that this grade does not hurt, but I also strongly believe that this grade does not reflect the real progress that has taken place at P.S. 8 over the last several years…P.S. 8 is not a failing school. Far from it.” The full city report card is due out tomorrow. It will provide a break from the ongoing meltdown on Wall Street.–CityRoom