Obama 'redistribution' video: President in 1998 Loyola University video discusses government's role

NBC News has obtained video of President Barack Obama in 1998 discussing government's role in creating a society where everyone has "a fair chance" at success.

Obama was speaking at a conference at Loyola University in Chicago in October of 1998. Romney used Obama's words in this video against him during a speech in Miami yesterday.

In the video, Obama says:

"Let me just close by saying, as we think about the policy research surrounding the issues that I just named, policy research for the working poor, broadly defined, I think that what we're going to have to do is somehow resuscitate the notion that government action can be effective at all. There has been a systematic -- I don't think it's too strong to call it a propaganda campaign against the possibility of government action and its efficacy. And I think some of it has been deserved. Chicago Housing Authority has not been a model of good policymaking. And neither necessarily have been the Chicago Public Schools.

What that means, then, is, is that as we try to resuscitate this notion that we're all in this thing together, leave nobody behind, we do have to be innovative in thinking, what are the delivery systems that are actually effective and meet people where they live? And my suggestion, I guess, would be that the trick -- and this is one of the few areas where I think there are technical issues that have to be dealt with, as opposed to just political issues -- I think the trick is figuring out how do we structure government systems that pool resources and hence facilitate some redistribution, because I actually believe in redistribution, at least at a certain level to make sure that everybody's got a shot."

This video comes after hidden camera video of Mitt Romney speaking "off the cuff" at a Boca Raton was leaked on the Internet by Mother Jones.

Do you think this video of Obama will continue to be used against him during this campaign? And do you think his words are damaging?