Yippee! Obama Crackdown on Waste Will 'Save' $40 Billion

Forget about spending trillions and driving us into generations of debt. The genius is announcing a "crackdown" on waste that will ostensibly "save" $40 billion.

Reuters stenographer Matt Spetalnick dutifully transcribes.

President Barack Obama on Wednesday will order a crackdown on waste and cost overruns in U.S. government procurement that he estimates will save up to $40 billion a year, an administration official said.

Elected on campaign promises of sweeping change and greater accountability in Washington, Obama, who took office on January 20, will sign a presidential memorandum seeking to "reform our broken system of government contracting," the official said.

The president will unveil his plan at a White House ceremony at 10:00 a.m. EST, nine days after holding a "fiscal responsibility" summit where he pledged to make curbing procurement excesses, especially in defense spending, one of his top priorities.

If you can tell the difference between this and a White House press release, by all means let me know.

Meanwhile, coming off decades of experience in the stock market, Obama is now offering stock tips. Where would we be without such brilliance?

While I'm worried about the economy, I believe the worst is behind us. I think the economy will stabilize, but at a much lower level.

I also believe that, 15 years from now, today's values will look cheap. If 15 years is what Obama means by a long-term perspective, I agree with him.

My concern is that we have destroyed a generation of investors. Many will stop investing because they have no more money. Others will cut back for lack of trust.

If you are investing based on Obama's suggestion that you look at earnings, remember no one has any clue as to what they'll be. Nonetheless, many stocks are starting to look cheap to me.

Speaking of not having a clue, Obama clearly has no idea what a P/E ratio is.

Maybe Rush Limbaugh can pick on him some more and point this out.