Here's a section of the Wikipedia Entry on Geraldine Ferraro. Honestly, it's freakishly similar to what is happening and what seems very possible for Sarah Palin
"Mondale selected Geraldine Ferraro to be his Vice-Presidential candidate on July 12, 1984, and Ferraro stated, "I am absolutely thrilled."[27] The Mondale campaign was wagering that her selection would shake up a race in which he was a decided underdog; in addition to attracting women, they were hoping that she could attract ethnic Democrats in the Northeast U.S., who had abandoned their party for Reagan in 1980.[13][17] In turn, Mondale was accepting the risk that came with her inexperience.[28] Ferraro's July 19 nomination at the 1984 Democratic National Convention was one of the most emotional moments of that gathering, with female delegates appearing joyous and proud at the historic occasion.[29] In her acceptance speech, Ferraro said, "The daughter of an immigrant from Italy has been chosen to run for vice president in the new land my father came to love."[30]
The choice of Ferraro was viewed as a gamble, and pundits were uncertain whether it would result in a net gain or loss of votes for the Mondale campaign.[31] In the days after the convention, Ferraro proved an effective campaigner, with a brash and confident style that forcefully criticized the Reagan administration and sometimes almost overshadowed Mondale.[30][29][13] Mondale had been 16 points behind Reagan in polls before the pick, and after the convention he pulled even for a short time."
The choice of Ferraro was viewed as a gamble, and pundits were uncertain whether it would result in a net gain or loss of votes for the Mondale campaign.[31] In the days after the convention, Ferraro proved an effective campaigner, with a brash and confident style that forcefully criticized the Reagan administration and sometimes almost overshadowed Mondale.[30][29][13] Mondale had been 16 points behind Reagan in polls before the pick, and after the convention he pulled even for a short time.[27]
But by the last week of July, questions were simmering about Ferraro's finances, those of her husband, and their separately-filed tax returns.[14] (While the Mondale campaign had anticipated some questions, the drawn-out vice-presidential selection process had not fully vetted her on this aspect.[32]) Ferraro said that she would release both their returns within a month, but maintained that she was correct not to have included her husband's financial holdings on her past annual Congressional disclosure statements.[14] Notice of the FEC's past investigation into Ferraro's 1978 campaign funds also came to light.[14] On August 12, she announced that her husband would not in fact be releasing his tax returns, on the grounds that to do so would disadvantage his real estate business and that such a disclosure was voluntary and not part of election law;[33] she then quipped, "You people who are married to Italian men, you know what it's like."[34]
This development dominated television and newspapers;[35] Ferraro was besieged by questions regarding the finances[36] as well as criticism for ethnic stereotyping.[34] As she later wrote, "I had created a monster."[34] Republicans saw her finances as a "genderless" issue that they could attack Ferraro with without creating a backlash.[33] A week later, Ferraro said her husband had changed his mind and would release his tax records,[36] which was done on August 20.[37] The full statements included notice of payment of some $53,000 in back federal taxes that she owed due to an accountant's error, but overall Ferraro said the statements proved that she had nothing to hide and that there had been no financial wrongdoing.[37]
Ferraro's strong performance at the press conference covering the final disclosure effectively put the issue behind her for the remainder of the campaign, but significant damage had been done.[38] No campaign issue during the entire 1984 presidential campaign received more media attention than Ferraro's finances.[35] The exposure would have the effect of diminishing Ferraro's rising stardom, removing whatever momentum the Mondale–Ferraro ticket gained out of the convention, and delaying the formation of a coherent message for the fall campaign.[29][13][38] As a Catholic, Ferraro also came under fire from some members of the hierarchy of the Roman Catholic Church for being pro-choice on abortion;[39] that issue would have her on the defensive during the entire campaign.[40] Nevertheless, Ferraro resumed her role as a strong campaigner, taking on the traditional running mate role of attacking the opposition vigorously, but also drawing large crowds witnessing the historic moment and chanting, "Ger-ry! Ger-ry!"[41]
There was only one Vice-Presidential debate between Congresswoman Ferraro and Vice President George H. W. Bush. It was held on October 11, and the result was proclaimed mostly even by the press and historians;[42][30] women voters tended to think Ferraro had won, while men, Bush.[40] Ferraro criticized Reagan's actions of refusing to support the Voting Rights Act. Her experience was questioned at the debate and she was asked how her three terms in Congress stacked up with Bush's experience. To one Bush statement she said, "Let me just say first of all, that I almost resent, Vice President Bush, your patronizing attitude that you have to teach me about foreign policy."[30] She strongly defended her position on abortion, which earned her applause and a respectful reply from her opponent.[43] In the days leading up to the debate, Second Lady of the United States Barbara Bush had publicly referred to Ferraro as "that four-million-dollar—I can’t say it, but it rhymes with 'rich'"; Barbara Bush soon apologized.[44]
On November 6, Mondale and Ferraro lost the general election in a landslide.