Fareed Zakaria said:

In his speech McCain proposed that the United States expel Russia from the G8, the group of advanced industrial countries. Moscow was included in this body in the 1990s to recognize and reward it for peacefully ending the cold war on Western terms, dismantling the Soviet empire and withdrawing from large chunks of the old Russian Empire as well. McCain also proposed that the United States should expand the G8 by taking in India and Brazil—but pointedly excluded China from the councils of power.

Via Laura Rozen

Personally, I'm troubled by developments in Russia, and I think we should stop kissing China's behind, but this proposal goes too far.