Don't Worry, the Financial Wizards are in Charge

This quote today from President Obama made me wistful for a Mitt Romney presidency: "On the other hand, what you're now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it." 

Profit and earning ratios? Oh my. How many points did the Dow drop on that one? Perhaps Obama was thinking of P/E ratios - which stands for price/earnings. 

Here's how the AP reported the gaffe: "Trying to pump up the nation's confidence, President Barack Obama said Tuesday that Wall Street has been hammered so hard that 'buying stocks is a potentially good deal'..." Nothing to see here folks. He's a genius, trust us.