Romney's quote has to be taken completely out of context, the before & after edited out -- or better yet, not even his own words, but some clapping seal simply "saying what Romney said". The word "binders" was made to mean something completely other than what he said.

Biden meant exactly what he said. There is no missing context, and the quote can be played entirely without losing meaning. It was planned and rehearsed -- in the video you can see how pleased he was with his delivery.