Hey...we can work with this.
Remember, those scruffy Hobbits brought down Sauron (Obama? Soros?)
Obviously, Sarah Palin is Arwen Evenstar. That would make Todd Strider.
I'm not sure who would be Gandolf, but McStain is definitely Sauroman the traitor.
McCain is Bilbo Baggins, the senile old man.
Reagan would have to be Gandolf