footmisc has to be loaded after setspace - Why?

If footmisc package is loaded before the setspace package, then it doesn't work. Though I don't need a work around, since this is easy to incorporate in a document, I just thought that I should share this. If anyone knows the reason behind this, it will be interesting to know (unless there is a mistake in MWE).

MWE

\documentclass{report}
\usepackage[hmargin={2cm,7cm}]{geometry}
\setlength{\marginparwidth}{5cm}
%
\usepackage{setspace}
%
\usepackage[side]{footmisc}
%
\begin{document}
Tedius line of text for the main body.\footnote{This is a respectable line   of drab footnote.}
\end{document}

-
Both packages change the meaning of \@footnotetext. Each one undoes the redefinition performed by the other. –  egreg Dec 30 '12 at 17:36

The footmisc manual describes its interactions with various other packages, including setspace. This quote is from section 2:
The setspace package modifies the way line spacing is calculated in footnotes. Footmisc knows about this, and preserves the change. However, you must load setspace before footmisc.
If you load setspace last, then footmisc cannot undo the changes made by it.