This new riff from President Obama is hilarious, hitting Mitt Romney over his “severely conservative” positions that he’s desperately trying to hide now.

The Obama campaign has focused more on Romney’s extreme right wing positions over his flip-flopping, but the Romnesia line nicely encapsulates both arguments.

Expect to hear much more of this argument for the rest of the campaign, highlighting Romney’s disingenuous attempts to hide hos own record.

This is going to be a tough campaign season. Both sides are going to level harsh attacks at one another, and many of us will become sick of it as the campaign season moves on.

President Obama has certainly gone negative as he makes Bain and Mitt Romney’s business record an issue, and Romney and the right wing super pacs are being very tough on Obama over the economy.

But it’s rather pathetic, and perhaps a little desperate, when a campaign takes a string of words completely out of context in order to distort what a candidate said. That’s what’s going on with the “you didn’t build that” line of attack against Obama, implying that he said entrepreneurs didn’t build their own business. When you read the entire context of what Obama said, he was clearly referring to the roads an bridges built by society. See the video above as well.

Hopefully we’ll see Obama address this on the stump in a mocking tone of how desperate Mitt has become.

Here’s a fascinating video of Mitt Romney’s Power Point presentation he made to the Heritage Foundation in 2006. Romney explains the conservative position that any individual mandate should be called the Personal Responsibility Principle.

This is yet another example of how Mitt Romney’s positions are mostly governed by political expediency. The man seems to have no principles whatsoever, except for his consistency when it comes to cutting taxes for the wealthy.

I’ve been saying for a while that Mitt Romney’s biggest problem will be his compulsive lying. It’s stunning how he repeatedly changes his positions, and then denies ever taking the previous position.

With that track record, the Obama campaign seems to have come up with an appropriate slogan – “Mitt Romney vs Reality.” The first ad has to do with Romney’s hilarious statement in Cleveland that he deserved plenty of credit for the recovery of the auto industry . . . even though he opposed the bailout. The ad is excellent, though coming up with ads against Romney should be pretty easy.

This is Mitt Romney’s biggest problem.

Projecting moderation while professing extremism is quite a trick, and Romney may perhaps grasp the brass ring. But he makes everyone uneasy. Moderate Republican voters, of whom there may be more than meet the eye, may worry that President Romney will be captive to a GOP Congress beholden to the base. Tea Party types may worry that he’ll shake the Etch-A-Sketch again when dancing to a different piper, the general electorate and/or a divided Congress. No one, in any case, likes a liar, and people across the political spectrum know that Romney lies from sunup to sundown. Democrats know that nothing he says about Obama is true; conservatives know that nothing he says about his past positions and actions is true; and moderates know, or should know, that he’s betrayed them to the base.

Every politician plays the game, but Romney is just shameless.

Not surprisingly, Mitt Romney’s Super PAC is now going after Rick Santorum. Romney’s team has no choice, as Romney’s support is plummeting, yet all the negativity surrounding Romney’s attack ads is taking its toll on Romney as well. He’s a lame candidate, and his only strategy seems to be tearing apart even lamer candidates. His support among independents is tanking, and his “severely conservative” speech is making him a laughing stock with conservatives.

As for Santorum, he’s vulnerable to attack for many reasons. In a general election he’ll have to answer for his extreme positions on social issues, but he’s also the poster child for Republican mistakes during the Bush years when they spent like crazy trying to keep their majority.

Yet even with all these vulnerabilities, the Romney ad comes across as a series of cheap shots. Sure, Santorum voted to increase the debt limit, but everyone was voting that way, including practically all Republicans when Bush was president.

I still have no idea how this is going to play out, but whoever emerges from this savage primary season will be very damaged heading into a general election.

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I have a feeling this story is going to get a lot of coverage again if and when Mitt Romney locks up the GOP nomination. Watch the video as Rachel Maddow revisits the story of Mitt Romney and the unfortunate incident when he placed his dog on the roof of his station wagon for a 12-hour road trip. At one point the dog became so scared or irritated that he defecated on the roof of the car. The story is pretty gross.

There are web sites sprouting up around the web (see Spreading Romney) and Newt Gingrich is also bringing this up in a web ad.

Small things like this can have a big impact on a campaign. With the Internet, you can see dog lovers making this a big issue. It doesn’t help that Romney already comes across as a stiff robot.

The Mitt Romney flip-flop ads just write themselves as Romney is the most brazen flip-flopper in modern political history. He’s a total opportunist.

While John McCain has now endorsed Romney, it’s fun to see one of the ads he ran against him back in 2008.

The folks at BusinessInsider.com point out that Mitt Romney’s biggest problem might be his tax returns. So far he has refused to release his tax returns and he reiterated that position in a recent interview with Chuck Todd.

Romney’s campaign team has clearly decided that the political risk of releasing the returns outweighs the potential problems of not doing so. No one knows for sure what the documents would say, but by the candidate’s own admission, the bulk of Romney’s retirement income from Bain has been from capital gains, which are subject to 15% tax rate.

That means that for the past 10 years, Romney has likely been paying a lower tax rate than most middle class voters. If this is the case, that information could be devastating to Romney’s presidential bid.

The issue of tax fairness is huge right now, and Romney might become the poster-child for that problem. Warren Buffet has famously come out strong on this, saying that it’s not fair that he pays a lower effective tax rate on his income than his secretary.

I think this is a huge problem for Romney. If he makes it to the general election, the Obama campaign and the Democratic PACs are going to hammer him on not releasing his tax returns. If that issue catches fire and he ultimately releases them, then the story is huge.

But it’s huge regardless of when he releases them. He might want to just get it out of the way and have a response ready.

Either way this one can be problematic.