I think O is just being nice to his sidekick here.
Perhaps he’s also thinking that Biden would make a great puppet for the Obama team that’s already in place.
Reading between the lines ... “If as great an intellect as Myself cannot succeed, then I don’t see why lesser mortals such as Joe and Hillary would even bother trying.”
One benefit of a Biden presidency would be this — he can’t be any worse than Obama, so the perception might spread that Obama wasn’t very bright after all, I mean, look at Joe. Case closed.
Hillary’s bright enough, but eeeee-vil. In an evil sort of way.