A lot of people are griping about our current POTUS, whether independent, conservative or liberal, support is slipping. Seems he can only get high approval from black voters (Gallup chart). A lot of his supporters feel this is not the change they expected in 2008. One change that would have pleased a lot of people would have been a break up of AIG and Citigroup when they came groveling for more money in Spring of 2009. Being tough with Wall St would have made Main St a lot happier. He didn't do this, Wall St got back to screwing us over, and Main St received more pain. This preference to help Main St and not enact change on Wall St (and subsequent piis poor performance) might qualify as a 'bait and switch', but there have been worse... at least one.
Looking over some historical election records, the absolute worst presidential election bait and switch would be Woodrow Wilson's 1916 campaign and subsequent actions in the spring of 1917. His entire 1916 campaign centered around Wilson keeping America out of WW1 (not hard since we had no must defend treaties with belligerents). Seriously, the campaign slogan was "He kept US out of the War". He even attacked his opponent for talking about preparedness and building up our defense system. He won in Nov of 1916, was inaugurated in March of 1917 for a 2nd term, and what did he do in April of 1917? He sent a War Message to Congress asking to declare war on the Central Powers!!! That is an awful bait and switch.
*I dislike Wilson for many reasons: he imprisoned Socialists for giving speeches, jailed others just for opposing the War once we entered, was a horrible racist, segregated the Federal goverment and rolled back advances blacks had made under GOP admins, created the FED and the progressive income tax. Somehow he is hailed as one of our greatest presidents.