No, actually you're both correct, only you misinterpreted what he was talking about, in that he was obviously talking about Presidential elections. He wasn't talking about Congressional elections. The last Presidential election, the Republicans did get hammered. The last Congressional election, the Democrats were slapped in the face.
The context was all there, Obama won't be competing in an election against Representative and Senator candidates.
Perhaps he should have been clearer because the last time around, the last major elections was not in 2008... it was in 2010. In 2010 the Democrats managed to lose their advantage in a mere two years.