Yeah it does. Sounds like a case of RTFM:
http://download-west.oracle.com/docs/cd/A87860_01/doc/server.817/a76956/views.htm#377
"If there are no syntax errors in a CREATE VIEW statement, Oracle can create the view even if the defining query of the view cannot be executed; the view is considered "created with errors." For example, when a view is created that refers to a nonexistent table or an invalid column of an existing table, or when the view owner does not have the required privileges, the view can be created anyway and entered into the data dictionary. However, the view is not yet usable.
By default, views with errors are not created as VALID. When you try to create such a view, Oracle returns a message indicating the view was created with errors. The status of a view created with errors is INVALID. If conditions later change so that the query of an invalid view can be executed, the view can be recompiled and be made valid (usable). For information changing conditions and their impact on views"
And then:
"Manually Recompiling Views
To recompile a view manually, you must have the ALTER ANY TABLE system privilege or the view must be contained in your schema. Use the ALTER VIEW statement with the COMPILE clause to recompile a view. The following statement recompiles the view EMP_DEPT contained in your schema:
ALTER VIEW emp_dept COMPILE;"
