Pinocchio, Snow White, and Superman

Pinocchio, Snow White, and Superman are out for a stroll in town one day. As they walked they come across a sign: 'Beauty contest for the most beautiful woman in the world.'

'I am entering,' said Snow White.

After half an hour she comes out and they ask her, 'Well, how'd ya do?'
'First Place', said Snow White.

They continue walking and they see a sign: 'Contest for the strongest man in the world.'

'I'm entering,' says Superman and after half an hour he returns and they ask him, 'How did you make out?' 'First Place,' answers Superman.

They continue walking when they see a sign: 'Contest! Who is the biggest liar in the world?'

Pinocchio enters. After half an hour he returns with tears in his eyes. 'What happened?' they asked.

'Who's this Obama guy?' asked Pinocchio.

A tip of the Stetson to Uncawho for this one!