The Hobbits were the only beings that had a pure enough spirit that they could carry the The One Ring and not be corrupted by it's power. The race of Men lusted for power and the Rings consumed him.
So, according to McCain himself, only the Tea Party should be entrusted with great power. No insult at all, if you understand the storyline.
He does seem to like movie character metaphors. IIRC he likened himself to Luke Skywalker way back when.