The saying means what is considered good is in fact bad and what is considered bad is actually good.
an example could be you trust someone and they seem to be a good person but looks are deceiving and they turn out to be bad
        
             
        
        
        
The third stanza is the answer
        
             
        
        
        
The answer to this question is : There is no end to the logical fallacies that he has shared with us today. In fact, I would imagine that nothing in this speech was factually credible.
        
                    
             
        
        
        
The wordplay is Onomatopoeia