Obama's not saying all information is bad. What he's saying is too much of it can be a bad thing when it is treated with indifference as to it's accuracy. Which can be true (be the source the internet or a government).

Of course while this argument can be used to make be people be critical in reference to their sources of information it can also be used as a prologue to censorship, firstly by saying only certain sources are credible (i.e. the government and MSM) and secondlythen discrediting, marginalising and ultimately shutting down other sources for inaccuracy (whether the inaccuracy actually exists or not).