I certainly agree with everything you say. The anti-Russia hysteria was another typical Bush ploy to divert attention from his ongoing domestic and other foreign failures. Obama at least will enter with tabula rasa. I think he's fundamentally too decent to behave like Bush, and also he has nothing to gain from it for the time being at least.

I don't see why Russia, given some time, can't do well even if commodities stay cheap for a while, which in the long run is impossible. They still have a very low wage base and should be pretty competitive globally. I think Putin's behavior is the key here. He seemed a rational sort until recently when he seems to be suppressing democracy more and protecting consumers, especially bank account-holders, less. I hope this turns around.