Technically he said "Fine."
Video of the actual Obama quote:
Quote:
The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone.
The private sector is doing fine. Where we're seeing weaknesses in our economy have to do with state and local government. Oftentimes cuts initiated by, you know, Governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don't have the same kind of flexibility as the federal government in dealing with fewer revenues coming in.
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It's not much different than the subsequent hammering McCain took after his "the fundamentals of our economy are strong" comment the day after Lehman Bros. filed for bankruptcy.