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"You can put lipstick on a pig - its still a pig. You can wrap a piece of old fish in a piece of paper and call it change, its still going to stink after 8 years."

I think only a fool would argue that he wasn't alluding to Sarah Palin (a woman who's most famous quote to date involves her being a bulldog with lipstic on) and John McCain (a man who is constantly criticized for being old) with this quote. I think the association he wanted to make was quite a bit different than the one he did make (I assume he wanted people to associate Sarah Palin with pork filled bills/earmarks) and didn't think about the negative connotations of calling a woman a pig.