Golden DeLay Award for Fiscal Policy

The Golden DeLay Award for Fiscal Policy goes to...

Rep. Jeb Hensarling (R-Tex.) for his alternative proposal to solve the current economic crisis. Hensarling, chairman of the "Republican Study Committee," offers the following plan: repeal the capital gains tax.

But Hensarling doesn't stop with tax breaks for Wall Street. He also recommends, suspending the "accounting rules that require banks to estimate the market value of their troubled mortgage securities".

Hensarling's plan is, presumably, based on the economic theory that says a big, steaming pile of sub-prime negative amortization loans packaged and repackaged into meaningless derivatives are worth whatever you say they are. This is also known as, "pay no attention to the man behind the curtain" economics, but we like to refer to it by its Main Street name, which is "bullshit."

Rewarding destructive financial irresponsibility with tax breaks and weaker accounting rules? Only a true Tom DeLay Republican could come up with something like that.

Congratulations, Jeb Hensarling. You are today's winner.