In this cartoon, Elmer (referred to as "Elmer J. Fudd") is a wealthy oil tycoon. One day, his staff hosts a meeting to discuss a "crisis." The crisis being that Elmer has allegedly gone insane and now thinks he's a rabbit. His subordinates unanimously agree to place him in a mental hospital for treatment. Bugs walks past the window of Elmer's room, and Elmer bribes him with a carrot to open the window, so that he can escape. Bugs agrees, and Elmer escapes. Bugs, thinking Elmer just went out to get more carrots, settles into his hospital bed. Only for the psychiatrist Dr. Oro Myicin to come into the room. Dr. Myicin, naturally, mistakes Bugs for Elmer. And, when Bugs refuses to cooperate, the psychiatrist hypnotizes him into thinking he's "Elmer J. Fudd. Millionaire. Who owns a mansion and a yacht."
Bugs is later released from the hospital, still hypnotized into thinking he's Elmer. He's escorted by Elmer's limo driver to the woods for what would normally be Elmer's Wednesday morning hunting trip, only to encounter Elmer, who still thinks he's a rabbit. Thus begins a classic Bugs/Elmer chase, with the two characters' roles reversed. In the end, Bugs is taken to jail by an IRS agent (who thinks he's Elmer) for tax evasion. Elmer, meanwhile, reveals to the audience that he faked his bout of mental insanity as a way to leave somebody else (namely Bugs) holding the bag for his failure to pay company taxes.
The cartoon is a spoof of both psychoanalysis and Bugs Bunny cartoon cliches. The cartoon was also the first to use the 1955-1964 "Merrily We Roll Along" theme.
- All Psychology Is Freudian: Dr. Myicin is a blatant expy of Sigmund Freud and uses stereotypical Freudian methods of psychoanalysis.
- The Bad Guy Wins: One of the very few Bugs/Elmer cartoons where Elmer wins at the end.
- Bears Are Bad News: Elmer at one point tricks Bugs into entering a cave inhabited by a vicious bear. The bear chases Bugs, until he plays dead and lures the bear away.
- Bowdlerization: The following scenes were edited when this cartoon was shown on ABC's The Bugs Bunny and Tweety Show:
- The establishing shot of the mental hospital Elmer is committed to ("The Fruitcake Sanitarium: It's Full of Nuts") was cut, as per ABC's Standard and Practices rule at the time that forbids the mention and mocking of mental illnessnote .
- Elmer (as Bugs) plugging his finger on Bugs' (as Elmer's) gun.
- Bugs (as Elmer) diving headfirst into a lake, only to hit his head on an underwater rock.
- Corrupt Corporate Executive: Elmer did, after all, fake mental illness to weasel his way out of going to jail for tax evasion.
- Elmuh Fudd Syndwome: Bugs develops this after being hypnotized by Dr. Myicin. Strangely, Elmer actually averts this for most of the cartoon.
- Idiot Ball: Even when he's not being outsmarted by Elmer, Bugs is uncharacteristically dimwitted in this cartoon. From mispronouncing the word "proposition" to thinking that "taking a teaspoon of medicine" means swallowing the whole spoon.
- Jerkass Ball: See Manipulative Bastard below.
- Manipulative Bastard: Elmer, in a rare display of intelligence, tricks just about everybody into thinking he's gone insane to get out of going to jail for unpaid company taxes. He leaves Bugs holding the bag.
- Obfuscating Insanity: Elmer reveals at the end that he did this to avoid prison. See The Reveal below.
- Self-Parody: The cartoon is a parody of classic Bugs Bunny cartoons, playing out in the second half as a deliberately formulaic Bugs/Elmer cartoon, except with the roles reversed.
- Swapped Roles
- The Reveal: As Bugs is being taken to jail at the end, Elmer reveals to the audience that he faked his bout of insanity to avoid going to prison.