Uh, Really?

This line from the president's speech is getting a lot of laughs out there:

"But by avoiding some of the overhead that gets eaten up at private companies by profits, excessive administrative costs and executive salaries, it could provide a good deal for consumers."

Profits are part of overhead, according to the president. I guess Bearing Point did a really good job lowering its overhead in recent years.

If that's really what the president thinks, then Adam Smith just rolled over in his grave.