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Biden accused McCain of changing his view on the economy, but did he?.

The Statement
In remarks at a campaign event in Rochester, New Hampshire, on Monday, Oct. 13, Democratic vice presidential nominee Sen. Joe Biden repeated one of the Obama-Biden campaign's frequent themes targeting Republican nominee Sen. John McCain. "At 9 a.m. on Monday morning, September 15th, when the bottom started to fall out of the market, John McCain said ... the fundamentals of the economy are strong," Biden said. "At 11 a.m. that morning, he said - quote - There's a great economic crisis we have on our hands." Then he continued, "lurching from one view to another in a matter of hours is not what presidents do."

Get the facts!

The Facts
On Sept. 15, McCain spoke at two events in Florida. Shortly after 9 a.m. during an appearance in Jacksonville, McCain said: "There's been tremendous turmoil in our financial markets and Wall Street. People are frightened by these events. Our economy - I think still, the fundamentals of our economy are strong. But these are very, very difficult times."

About three hours later, at an appearance in Orlando, McCain said: "We're going to put an end to the abuses in Washington and on Wall Street that have resulted in the crisis that we are seeing unfold today." At the same event, McCain said, "The American workers, those are the fundamentals of America and I think they're strong. But they are being threatened today. Those fundamentals are
being threatened today because of the greed and corruption that some engaged in on Wall Street." McCain's second speech focused more heavily on the economic troubles, with him repeating several times the assertion that Wall Street greed had led to the crisis.

McCain's comments came during a tumultuous month which, by its mid-point, had already seen the government try to stabilize the troubled U.S. housing market by taking control of Fannie Mae and Freddie Mac (Sept. 7), and seen financial giant Lehman Brothers put itself up for sale on Sept. 10 after reporting a $4 billion loss, then trying unsuccessfully to negotiate a government bailout. On
Sept. 14, U.S. regulators made it clear there would be no bailout of Lehman Brothers, and that day beleaguered Wall Street rival Merrill Lynch & Co. arranged a hasty deal to be bought by Bank of America Corp.

Early Sept. 15, Lehman Brothers announced it would file for bankruptcy, the largest such filing in U.S. history. Also that day, concern focused on American International Group Inc. (AIG), the nation's largest insurer, after that company's stock plunged and all three credit ratings agencies downgraded its debt.

The Verdict: Misleading. Biden takes some of McCain's remarks out of context.