If the only argument here were the phrasing of the 14th Amendment, then you would be correct Charlie. Of course the 14th amendment is not the only argument. We actually have two different Constitutional issues here. the First is your argument already provided. The second tho is quite different. Article II Section 1 Paragraph 5 of the United States Constitution states:

"No person except a natural born citizen, or a citizen of the United States, at the time of the adoption of this Constitution, shall be eligible to the office of President; neither shall any person be eligible to that office who shall not have attained to the age of thirty five years, and been fourteen Years a resident within the United States."

This in conjuction with the 14th amendments rather unfortunate phrasing is what leads the Supreme Court to rule in favor of jus soli (Citizenship by Birth) rather than jus sanguinis (Citizenship by Inheritance). In every test to date The Supreme Court has held that a person who is Born on US Soil is a citizen, if one or both of his parents were us citizens or non us citezen resident aliens not in the diplomatic corps or attached to a foreign military at war with the United states.

John McCain was born of US Citizens in the Panama Canal Zone (Not US Soil not taxed or treatied with as US Soil but sovereign soil of Panama leased to the United States and the Panama Rail Company). If you were born in the smae place at the same time as McCain, upon entry into the US, you would have to become naturalized and therefore would not be a "Natural Born" citizen. Therefore the conclusion is that John McCain is NOT a "Natural Born Citizen." Perhaps he meets the other qualification? Lets see: the alternative requirement is: "...a citizen of the United States, at the time of the adoption of this Constitution..." again that lets John McCain out. he would have had to been alive at the signing and a citizen. so that puts him out. Now unless Congress amends the Constitution on or before the first Tuesday in November 2008 then John McCain is by Supreme Court Precedent inilligible to be President of the United States.