"You didn't build that" is swelling to such heights that it has the president somewhere unprecedented: on defense. Mr. Obama has felt compelled-for the first time in this campaign-to cut an ad in which he directly responds to the criticisms of his now-infamous speech, complaining his opponents took his words "out of context."

 

The problem with the president's denials - and the denials of the liberal punditocracy who claim the attack is a "lie" - is that few believe that he really doesn't believe what he said. His claims to be in love with free enterprise and small businesses aren't credible considering the effect of his policies on both.