MSNBC's Ed Schultz and E.J. Dionne highlighted some of Media Matters reporting this Wednesday evening on Fox News running 42 segments taking President Obama's words out of context during a campaign stop in Virginia. And now we've got the presumptive Republican presidential nominee, Mitt Romney repeating the distortions as well.

As both Schultz and Dionne pointed out, the Romney campaign is desperate to change the subject from his time at Bain Capital and his refusal to release his tax returns and they're getting desperate. Anyone with an ounce of common sense realizes what the President was talking about during his speech and as Schultz and Dionne noted, he was making the same points as we heard from Elizabeth Warren when she said this on a speaking tour last year: There's Nobody in This Country Who Got Rich on His Own, Says Elizabeth Warren.

Romney knows he's lying and distorting Obama's words, but he's been lying so much on the campaign trail, he's not going to stop now. And at a campaign stop in Ohio, Romney let the audience there know he actually agreed with President Obama's underlying point: Romney Doubles Down On ‘You Didn’t Build That’ — Then Affirms Obama’s Point. As Ed Schultz pointed out, they can't run against the President's actual record or what he's been saying on the campaign trail, so they've got to resort to making things up.

Here's more from Media Matters: REPORT: Fox News Spends Two-Plus Hours Distorting Obama's Small Business Comments:

Over two days, Fox News spent 42 segments and more than two hours of airtime manufacturing a scandal by deceptively editing comments President Obama made at a campaign appearance in Virginia.

On July 13, Obama made the unremarkable observation that business owners do not achieve success in a vacuum, but that public infrastructure - such as roads, schools, and fire departments - create a community that supports businesses:

OBAMA: If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you've got a business -- you didn't build that. Somebody else made that happen. The Internet didn't get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.

The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don't do on our own. I mean, imagine if everybody had their own fire service. That would be a hard way to organize fighting fires.

Media conservatives have distorted those comments to accuse the president of expressing hostility toward business.

In discussing the speech relentlessly in the past 2 days, Fox has fixated on the passage where Obama said, "If you've got a business, you didn't build that." But Fox ignores what Obama was talking about before saying "you didn't build that," when he touted "this unbelievable American system that we have that allowed you to thrive," and said: "Somebody invested in those roads and bridges."

Fox's manufactured controversy has now become the focus of an official Mitt Romney campaign ad. Read on...