First of all, the derogatory use of the term "tea-bagging" is a heck of a lot older than gamer culture. It's been used to describe a certain sex act for probably about as long as there have been tea bags and people with dirty senses of humor.
Second of all, I find it VERY hard to believe that so many proud Republicans do not know the derogatory meaning of this term. I think they're probably just taking advantage of the fact that it ties in to the Boston Tea Party thing, and that they can still say it on TV because a good deal of soccer moms might not know what it means.
Seriously, I refuse to believe that anyone would make a "Tea Bag Obama" sign and not get the joke.
Mixed feelings about MSNBC's coverage, though. They are not The Daily Show or the Onion. They are supposed to be reporting the news, not goofing around at the expense of their competitor for reading the most AP filings to America.
So I'm laughing, but also a little stunned at what this whole thing really reveals about the country I live in. Woof.