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New York Governor Eliot Spitzer announces his resignation from office effective on March 17, 2008, at a New York press conference on March 12, 2008. Spitzer is resigning over revelations that he has paid for prostitution. (UPI Photo/Ezio Petersen)

Spitzer, whose resignation was effective Monday, left the office after his link to a high-priced prostitution ring was revealed.

Cheers interrupted the swearing in, prompting Chief Judge Judith Kaye to quip, "Not yet." The oath was nearly drowned by eruption of applause and chants of "David, David, David."

"Let me re-introduce myself," said Paterson, the popular former minority leader of the state Senate, "I am David Paterson and I am the governor of New York state."

In his 12-minute inaugural address, the state's 55th governor warned "our economy appears to be headed toward crisis," and called for a bipartisan effort of unity and hope, The New York Times (NYSE:NYT) reported.

Paterson, who is legally blind, displayed a sense of humor as he poked fun at state legislative leaders and himself.

A political who's who attended Paterson's swearing-in, including former governors George Pataki and Hugh Carey, as well as the state's congressional delegation, including Sen. Charles Schumer and Sen. Hillary Clinton, who broke away from campaigning to be the Democratic presidential nominee to attend the ceremony.