No he said "you can wrap an old fish in a piece of paper, call it change, you know, its still going to stink."
Palin: Lipstick on a pig McCain: an old fish
You tube:
http://www.youtube.com/watch?v=QeKinyvqh0U
It is not clear who Obama was referring to when he said the old fish was going to stink.
Since he uses a teleprompter at scheduled rallies the comments were most likely intentional and were directed at Palin.
The man has no class. Making a middle finger gesture when talking about Hillary and the stinking fish comment tells me he has little respect for women.