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I think you may have the right idea.
As for Nobama painting himself into a corner by claiming Executive Privilege I have to disagree with the article. Nobama knows that his claim will be challenged in court. There is no way the court will rule on any challenge before the election. Nobama is banking on getting reelected, then dealing with Fast & Furious. I figure that January 25 or so, someone will bring up F&F, then Nobama will simply state that everything had been answered before the election and only an idiot or racist would bother questioning him at that point. Case Closed!

Nobama knows that his claim will be challenged in court. There is no way the court will rule on any challenge before the election.

He is not well-informed then. In U.S. vs Nixon, Judge Sirica rendered his decision that Nixon should surrender the tapes on May 31. The deciusion was appealed to SCOTUS on July 8...and their decision was handed down less than three weeks later.

The court can move expeditiously...when it needs to.

And this would be such a case...

There is no way the court will rule on any challenge before the election. Nobama is banking on getting reelected, then dealing with Fast & Furious. I figure that January 25 or so, someone will bring up F&F, then Nobama will simply state that everything had been answered before the election and only an idiot or racist would bother questioning him at that point. Case Closed!

That sounds vaguely familiar. Kinda reminds me of the Constitutional eligibility question...

Before the primaries we made the case.
They said it wasn't the right time because he wasn't actually his party's candidate.
Before the main election we made the case.
They said it wasn't the right time because he wasn't actually the president elect.
Before the electoral college vote we made the case.
They said it wasn't the right time because he hadn't actually been elected until the electoral college said so.
Before the congress accepted the electoral college vote we made the case.
They said it wasn't the right time because he hadn't actually been approved until the congress accepted the electoral college vote.
Before was sworn in we made the case.
They said it wasn't the right time because he hadn't actually violated the constitution until he became president.
Now that he is in the White House, they say it's too late, you should have said something sooner!