South Ossetia was towards the end of the Bush presidency, not to mention the US was too busy drowning in the Iraqi and Afghan swamp. Not to mention going up against Russia is a different ball game than Saddam's Iraq.
Putin is relying on Obama's ideology and the platform he was elected on (driven by the three words "don't invade Iraq) , as such he probably made a cold , calculated assumption that Obama wouldn't do much and neither would the Europeans who think they are at the end of history (or at least they act like it).
Even if this is Obama's last term , he has to think about the future of his party too , unpopular decisions made by him will reflect badly on a future candidate , so there is that to consider. Do I think Obama wants to appear as a leader? maybe (sending Kerry to the Mideast, enduring an Egyptian body search and running to Qatar shows how desperate he is at least in one region) , but the tools he is willing to use are limited, making him pretty useless.
on a slightly more satirical note, Putin was a KGB agent when Obama was smoking dope in college , maybe that has something to do with it .
Im half joking with that comment.
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