MCCAIN: There are many steps that can be taken absolutely, including the gas tax holiday. Everybody -- everybody...
STEPHANOPOULOS: Not a single economist in the country said it'd work.
MCCAIN: Yes. And there's no economist in the country that knows very well the low-income American who drives the furthest, in the oldest automobile, that sometimes can't even afford to go to work.
STEPHANOPOULOS: But they all say that that's...
MCCAIN: And they haven't met...
STEPHANOPOULOS: ... not who's (ph) going to get the benefit. The oil companies, the gas companies are going to absorb...
MCCAIN: You know, they..
STEPHANOPOULOS: ... any reduction.
MCCAIN: ... they say that. But one, it didn't happen before, and two, we wouldn't let it happen. We wouldn't let it -- Americans wouldn't let them absorb that.
STEPHANOPOULOS: How would you prevent that?
MCCAIN: We would make them shamed into it. We, of course, know how to -- American public opinion. And we would penalize them, if necessary. But they wouldn't. They would pass it on.
Silly economists for forgotting about the role of the invisible hand of shame in the free market system. Don't you remember the supply/shame graphs from Econ 101?
Wrong Rating: 1 out of 4 (spin)
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