Why, yes. Yes I would.

Then release Ponson and send Rasner back to AAA.

Washburn is a move that helps now but also helps next year. He is not an all-star, front of the rotation pitcher, but he is the proverbial “innings eater” which has some value.

Next year’s rotation is uncertain. You’ve got Joba, although with an innings limit of probably 180, plus Wang who’s hopefully at full strength. After that, there are lots of variables: Andy Pettitte probably re-signs, Mike Mussina probably doesn’t. I also expect the Yankees to go after CC Sabatthia pretty hard. Then you’ve got Hughes and IPK as well who need to prove themselves.

With all that uncertainty, it certainly doesn’t hurt to have a plan B, plan C, plan D, etc. Washburn gives them a fallback, as does Rasner. I think that deal will inevitably happen.

There is absolutely no reason why Ponson should continue to get starts for the Yankees. Kennedy is a much better option because he is pitching well at AAA and he is the future. The Yanks need to give him more innings at the major league level, as there is not much more he needs to do at Scranton.
He needs to pitch in the Bronx and stay with the team for the last two months and get him his 10 starts or so. You do not know what you have with him for next season and beyond if he does not have the opportunity to pitch.
Let Kennedy and Rasner go until Hughes is ready to come back and then give Phil a few starts at the end. Better to go with the younger guys now down the stretch.
With last night’s performance and a brutal schedule in August and September, the Yankees are NOT making the playoffs in 2008.