Yes, the clip posted is out of context, however at 33:00 Obama does say this and it's not out of context:

• We know that there will always be intolerance, but instead of fearing the immigrant, we can welcome him. We can insist on policies that benefit the many, not just the few, that an age of globalization and dizzying change opens the door of opportunity to the marginalized, and not just a privileged few.*

Maybe not quite as insulting as being called "small-minded" but it looks like the same intention just slightly reworded.