That has to be what the Iranians are thinking, and they would be right. All we have done in the West is threaten, posture and blow smoke at Iran as it chases after nuclear weapons and actively kills U.S. troops in Iraq: http://www.opinionjournal.com/editorial/feature.html?id=110010655.
At what point, if any, will Iran begin to pay a price for its instransigence? When it announces that it does have a nuclear bomb? When it drops the nuke on Tel Aviv? When it actively invades Iraq? None of the above?