I disagree.  Binding and loosing is like saying "I've got your back". Much like you stand behind your spouse even when they may not have things quite right.  You may later decide to speak with your spouse later about it.  God will stand by those with the church but still try to correct them.  If This instead meant infallibility, why not be infallible on everything rather than the limited times infallibility applies.  That's silly and is just the churches way of excusing itself for the times it HAS been in error.