Congressman Maurice Hinchey (D-NY) held a press conference at his Kingston Office on Monday to discuss the current national economic crisis, where he said "this is the most corrupt and incompetent administration since 1929," comparing the current president's administration to that of Warren Harding, who is largely cited as having had a direct hand in the Great Depression of the early twentieth century.

Congressman Hinchey referred to the $700 billion bailout plan to purchase "toxic mortgages" held by financial institutions across the country, which has since made worldwide headlines all week, as a "con job," and he credited a large portion of the current financial crisis with the 1999 repeals of several provisions from 1933's Glass-Steagall Act, a law which originally had placed more regulations on financial firms and banks, and helped stabilize the national economy during the Depression.   >  MORE...

COMMENTS about this article (37)