(Updated with video) McCain's last ditch effort is to say that Obama is a socialist. Wallace called him out on it.

WALLACE: But, Senator, you voted for the $700 billion bailout that's being used partially to nationalize American banks. Isn't that socialism?

As we know, Conservatism has run up the largest debt this country has ever known, started two wars and destroyed Wall Street under the "Compassionate One," but be afraid of Obama. I saw Sarah Palin saying the same thing.

On Sunday, she went a step further.

“Barack Obama calls it spreading the wealth,” she said. “Joe Biden calls higher taxes patriotic. But Joe the plumber and Ed the dairy man, I believe that they think that it sounds more like socialism. Friends, now is no time to experiment with socialism.”

Didn't she redistribute the wealth in Alaska? You know, take the oil profits, impose a tax and kick it back to Alaskans?

As Eric Kleefield says:

Note: Sarah Palin is the governor of a state that practices collective ownership of oil and other natural resources, and equally distributes the state's cut of the revenues to every citizen.

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