A REGIONAL JET FLC CLBED ABOVE THE ASSIGNED ALT AND HAD AN NMAC ON DEP FROM ISP.

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THE CAPT WAS TALKING TO ATC AND COMPANY OPS ON THE GND; THEN WE WERE CLBING OUT OF ISP ON RADAR VECTORS TOWARDS BEADS INTXN -- OUR DEST WAS ATL. THE LAST CLRNC WE RECEIVED STATED TO CLB TO 14000 FT AND FLY HDG OF EITHER 180 DEGS OR 150 DEGS; I FORGET. THE CTLR HAD APPARENTLY SAID TO CLB TO 4000 FT; WHICH WE BOTH HEARD AS 14000 FT. THE CAPT WHO WAS THE PNF READ IT BACK AS 14000 FT. NEEDLESS TO SAY; WE ALMOST COLLIDED WITH WHAT I THINK WAS A SMALL ACFT WHICH WAS NOT EQUIPPED WITH TCASII; BUT THANK GOD HAD AN OPERATING XPONDER. THE RESOLUTION THAT OUR TCASII GAVE US ON THE VSI STARTED OUT AS FIRST 'TFC;' THEN IT SHOWED A RED ARC ON THE VSI OF ABOUT THE AREA BTWN 2000-3000 FPM; THEN THE ENTIRE VSI; WITH THE EXCEPTION OF THE -1500 FPM AND LESS WENT RED. THIS IS WHEN I SLAMMED THE THROTTLES TO IDLE AND PUT THE NOSE AGGRESSIVELY OVER TO DSND. OUR RATE OF CLB WHEN WE FIRST RECEIVED AN RA WAS ABOUT 3000 FPM. I LEARNED A VALUABLE LESSON ON READBACKS THAT...ACARS WOULD HAVE HELPED SINCE THE CAPT...WAS ALSO LISTENING TO THE COMPANY WHILE...ATC ON THE DEP.