McCain might have stood a chance, but when the economy, not McCain's self admitted strong point melted down, McCain lost all credibility by saying the fundamentals of the America economy are strong and then flailing ineffectually thereafter.
And while no one can doubt McCain's love of country, but he sadly has a third rate intellect in MHO, more image than any substance. And the only advisers he was able to obtain were lobbyists, not exactly what amounts to the organizing core of a national campaign, because once again, the forte of those folks is image and not substance. And of course, we cannot ignore the fact that GWB did much to doom any republican in 08.
Perhaps we should be turning this question around and asking what McCain did right?