Of pigs and lipstick
NPR has a great overview of the current scandal/gate/tempest-in-a-teapot brewing in US politics. Hearing more of Obama's speech, it's clear that the "pig" comment refers to his "that's not change" riff. Out of context, I guess it's easier to associate the comment with the "hockey moms vs. pit-bulls" "joke" from Palin's convention speech.
Anyway, the piece from NPR references "lipstick on a pig" comments made in times past, including quotes from Vice President Dick Cheney, Representative Charles Rangel, and Senator John McCain.
Um, Candidate McCain? Senator McCain would like to have a word with you.