control input fields 'type' attribute jQuery

[ggalan]

i have this jquery code that alters the input fields value.

i would like to control its 'type' attribute.

this kind of works but it feels off,
is there a better way of handling this task?

	$('#password').live("click", function(){
		if( $(this).val() == "Password" ) { 
			$(this).val("").css({'color':'#000'});
		}else{
			$(this).css({'color':'#000'});
		}
		
		var oldButton = $(this);
    var newButton = oldButton.clone();

    newButton.attr("type", "password");
    newButton.attr("id", "newPassword");
    newButton.insertBefore(oldButton);
    oldButton.remove();
    newButton.attr("id", "password");
	});
	
	$("#password").blur(function() {

		 if( $(this).val() == "" ) {
		 
		 
			var oldButton = $(this);
			var newButton = oldButton.clone();

			newButton.attr("type", "text");
			newButton.attr("id", "newPassword");
			newButton.insertBefore(oldButton);
			oldButton.remove();
			newButton.attr("id", "password");
			
			$(this).val("Password").css({'color':'#777'});
		} 
	});

RE: this did the trick

$(this).get(0).type = 'password';