President Obama is under the impression that history owes him $1 trillion right now to spend on whatever he wants. His language is strident and full of irritation that anyone would question his right to live out his personal dream of being Franklin Roosevelt to George Bush’s Hoover. This, he says, is what the election was all about.

For many investors, a low Price/Earnings (P/E) ratio is a sign of value. But don’t you bet on it – at least, not yet. According to Michael T. Darda, chief economist for MKM Partners LLC, analysts have overestimated earnings by an average of 30% to 35% in the last three recessions. For millions of investors who use low P/E ratios as a litmus test for selecting their investments, that’s going to be a rather unpleasant shock.

With the U.S. “Big Three” of General Motors Corp. (GM), Ford Motor Co. (F), and Chrysler Corp. seeking as much as $34 billion in bailout money, there’s a lot at stake for the American auto industry. There would also be quite a bit at stake for Congress, given the personal stakes that elected officials own in the automakers, FoxBusiness.com reports.