No it isn't. Saying you might have saved money with an ARM in an environment of falling rates, but not if rates trended sharply upward is in no way an endorsement for getting an ARM now. It's a statement of fact.
What he was saying was that ARMs are legitimate financial tools that can save a homeowner money on the mortgage. And, he was saying it at a time when many potential homeowners, mortgage brokers, bankers, etc. were still wary of ARMs.
What's more -- his comments were used by brokers to sell ARMs to clients and add legitimacy to these cockamamie financial instruments.