It only looks like an endorsement of Wallace. "In Birmingham, *they* love the governor." What he's saying about Watergate there is that he thinks politics is totally corrupt. >>>>
I took a look at the lyrics and I don't think there's much to be said for them. Mostly the song is a home-town reaction to Young. The references to 'the governor' are at best cynical, but on the whole non-committal.
I don't get any feeling about corruption. If anything, there's a sense of resignation about the malignancy of the climate, coupled with an unwillingness to talk about it. "We all did what we could do" is a conversation stopper. Things sucks, leave us alone looks like the basic message.
By contrast, Young's song while slightly melodramatic is pretty powerful.
mbs