Where's a time machine when you need one?

My latest project

Last year sometime: Marketing decide they want to introduce new services.

Mid Jan : I get the requirements for the first time, along with the release date*. I laugh and tell them it's not feasible.

Mid Feb . I hand in an initial design, based on much consultation with the external agancies involved and much changing of requirements in the meantime.

Today : They say that's no good because they won't meet the release date. I point out that the release date was totally unrealistic and must have been based on the marketing crystal ball, which is notoriously foggy. Furthermore what I have quoted is entirely reasonable given the scope of the project.

Later today : They ask what we can leave out of the project in order to reduce the estimates to about half what they currently are. I tell them it needs to be some of the major requirements. They tell me that's not possible - they're all required. I point out the futility of it all and think about reading some Camus, as it might be slightly less depressing.

Last thing today : I hear they're thinking about postponing the project because they can't meet the deadline (so obviously it's better to be a couple of months late than a couple of weeks).

Now, I ask you, does any of this seem like a sensible way to run a project?

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(*) It should be noted that marketing do not have the faintest clue what is involved in bringing their requirements to fruition. This is fine, as it's my job, not theirs. Unfortunately it doesn't seem to prevent them from setting the timeplan.