It does seem incredible. One suggestion for how it would be built is to build a factory at geostationary orbit, then have it start building cables in opposite directions, directly toward the Earth and directly away from it. The COG would stay at geostationary orbit, and tidal forces would stretch the cables taut. Eventually the lower end would reach close enough to the earth to be reachable somehow, perhaps even anchored to the ground. Another way is to build a little sky elevator one to hoist other cables up in a kind of pyramid scheme.
When it is built, you ride an elevator up to the far end. That far end would be whipping around at much higher than Earth escape velocity, so to launch that coummuter bus to the Moon, you just let go of it and it sails away, like a rock from David's (the Goliath-killer) sling. The entire structure will have lost some kinetic energy and its orbit will shrink a little, so it would need some way to correct its orbit (maybe by running electrical current through it to push against the Earth's magnetic field.)
It would seem crazy, but once it is built you can have relatively cheap interplanetary space flight, with no limit on payload. Also, it might not be practical on Earth, but it might be practical on the Moon or even Mars, perhaps even using existing materials like steel. People have suggested it as a way to return mined materials from fast-spinning asteroids.
And the earliest source of the idea I am aware of is the source of so many other visionary ideas, Arthur C. Clarke, in his 1979 novel, Fountains of Paradise. He imagined using diamond cables, but he later suggested buckminsterfullerene, aka carbon nanotubes.
This wikipedia article has a nice rundown of the design issues, costs, etc.