saying, quote, the private sector is doing fine. but he later said this -- >> listen, it is absolutely clear that the economy is not doing fine. there are too many people out of work. the housing market is still weak and too many homes under water. and that's precisely why i asked congress to start taking some steps that can make a difference. >> so, joe, did the president misspeak originally? >> i think what the president was trying to say was technically true in that if you look across the board, private sector hiring is up, not by a lot. and in some areas, it's flat. but it is in positive territory compared with public sector spending, which combined with republican austerity programs and capitol hill denial of aids to states has gone through the roof. so private sector unemployment is doing better, and private businesses also have billions of dollars in capital that's sitting on the sidelines. and that's for two reasons.