He talks about how we all, of necessity, have our own sort of language and that words do not mean precisely the same thing for one as for the next. However, the utility of a precise language is great, hence why Russell was into Logic. In Logic definition and meanings are precise and there's great utility in being able to communicate and have my words and your words mean the same thing.

However, I would like to point out, that if you're gonna re-define socialism and call Obama it, it's quite misleading. It's like I re-define Nazi and then can call any politician I don't like the term.

In order for us to communicate, we must do what we can to understand the terms that others use--we should be all "lookit me! I'm makin my own meanings for words that people have been using for decades!"