4 Pinocchios for a truncated, 14-year-old Obama clip 

Just as we have not been very impressed about many of the Obama campaign’s claims about Mitt Romney’s business career many years ago, we were not initially that impressed with the Romney campaign’s effort to dredge up a 14-year-old quote to demonstrate that President Obama wants to “redistribute wealth.”  The clip was so old — he was just a state senator — and the context was rather unclear. Also, it appeared as if the YouTube version was clipped in mid-thought.

But now NBC News has obtained the rest of Obama’s comments, and it is clear his remarks were taken completely out of context. Obama is not talking about redistributing wealth at all — instead, he speaks about competition, the market place and innovation in an effort to improve government services in Chicago. Read More