Spin Cycle

McCain, speaking in Florida, asserts that “as recently as September of last year,” Mr. Obama “said that subprime loans had been, quote ‘a good idea.’” But what he actually said in September, 2007, was:

“Subprime lending started off as a good idea helping Americans buy homes who couldn’t previously afford to." And he added, “As certain lenders and brokers began to see how much money could be made, they began to lower their standards. Some appraisers began inflating their estimates to get the deals done. Some borrowers started claiming income they didn’t have just to qualify for the loans, and some were engaging in irresponsible speculation. But many borrowers were tricked into glossing over the fine print.”

The NYTimes rips him for this and roughly ten other misrepresentations and distortions on housing, taxes and health care in his speech.

Meanwhile, factcheck.org looks at McCain's latest ad and -- as Spin Cycle did this morning -- finds that it is based on misrepresenting an Obama vote on troop funding and an Obama statement on Afghanistan.