In what was being billed as a "major speech on the economy," Senator McCain today laid forth an, um, underwhelming plan to help the tanking American economic system. In addition to the conservative staple of cutting corporate tax rates, St. McCain proposed a bold plan to help Americans who are having trouble paying their mortgages. His solution: fill out a form at the post office. I kid you not. When it comes to high energy costs, McSame revives a 10 year old Bob Dole plan to suspend federal taxes on gasoline over the summer. Never mind that he wants this plan to go into effect this summer, a whole six months before his term as President would begin. CNN's Ali Velshi breaks down the specifics (or lack thereof) of McCain's plan.

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When John McCain admitted that he didn't understand the economy, he wasn't kidding. The absurdity of his housing "plan" speaks for itself, but his summer gas holiday plan underscores a fundamental misunderstanding of the energy problems this country faces. Instead of advocating a bold, sweeping plan to wean the country off foreign oil -- which is the root of many of our problems far beyond high gas prices at the pump -- he dusts off a decade-old plan that would have a marginal effect for a short period of time.

Memo to McCain: The last thing you should do -- especially in light of this article in NY Magazine -- is propose anything similar to Dole.

John Amato: And I won't even get into his opposition of the new GI Bill at this time....