Our President, the Stock Tout

The President on Tuesday told citizens of the world that stocks in the United States were a bargain.  He said and I quote "the P/E ratio, the profit to earnings ratios are low."  He was, I think, referring to P/E ratios used by everyone that stand for "prices to earnings."  It was a breathtaking error born of ignorance.  He is, by his own admission, not well-informed about market mechanics and has consistently, for over two years, disparaged capital markets and capital market traders and financiers.  Moreover, since his tepid endorsement the market has dropped significantly. His statement is reminiscent of the famous claims by President Hoover in 1930 and President Roosevelt in 1935 that the market declines were over.  Presidents ought to stay out of the market prediction business, especially when they know little and do not care to figure it out correctly in light of their other aims and goals.