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CNBC Is Now Flagrantly Misrepresenting Reality
As of 10 minutes ago, Larry Kudlow would like you to believe that Q2 earnings are so much better than Q1. That is a flat out lie. The chart below, straight out of Bloomberg which we demand all readers with a BBERG terminal replicate using SPX Index EA <go>, demonstrates that Q2 earnings are now in fact worse than Q1. While in Q1 the YoY EPS drop was -31.49%, as of right now the drop is -32.41%. And the drop in revenues is much worse.
Larry Kudlow, please put this chart up on your show and advise people you are misrepresenting the truth.
And while Earnings are bad, here is the revenue comparison: the quarterly drop is in fact accelerating!
And here is the projected earnings growth rate over the next two quarters, needed to justify the rosy perspective on the economy: the bottom line: over 110% in projected EPS growth in 6 months. A jobless, revenueless doubling in earnings!
And this is what Larry Kudlow, Wall Street and Corporate America would like you to believe is achievable in order to justify an S&P at 1,000 and billions in Wall Street bonus payments. The Kool Aid is served in the ranch toward the back.
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I recieved my Zero Intelligence t-shirt yesterday...this kind of shit from CNBC makes me so proud to wear it...Thx TD
Me too, though I'm not wearing it until I see a 200 point drop on the Dow.
Just got mine too, was surprised by the high quality of the shirt! Better than any of the garbage you could order from CNBCrap.
Got mine as well.
nice to see they're priced in sterling over here,although you can see th scale of the kicking cable's taken at first hand
"When the legend becomes fact, print the legend"
My guitar wants to kill your mama
BTW that is a great blues CD/song. Hope you got it.
In the land of make-believe, anything is possible.
http://www.lomb.com/
The further we get from the truth. The more it looks like a lie. One of the oldest tricks in the book. Jimmyt
There lived a farmer in a remote village. His father asked him to sacrifice a goat. The farmer visited cattle fair and bought a healthy goat. He slung the goat he had bought over his shoulders and headed home. Now there were three thugs trying to befool unsuspecting people. They saw the farmer with the goat slung on his shoulders and thought that this what they were looking for. They hatched a plan to make the farmer part with the goat. They decided to meet the farmer separately at three different places as he headed back home. When the farmer came to a lonely spot, one of the thugs came over and asked the farmer "Sir, why are you carrying a dog on your shoulders!" The farmer was flummoxed. He angrily said "Can’t you see it is a goat and not a dog?"
The thug said "I am sorry but I told you what I saw.” The farmer kept on walking on his way home. Soon he met the second thug who said, “Sir, why are you carrying a dead calf on your shoulders?” The farmer was taken aback. He yelled back "How can you mistake a living goat for a dead calf?" The thug replied "you are making a great mistake. I just told you what I have seen” and moved on. He had hardly gone a little further when he came across the third thug who told the farmer, "Sir, why are you carrying a donkey on your shoulders?” and began laughing. The farmer thought all these three people could not be wrong. He thought that the goat, which he was carrying, might not be a goat, but rather a ghost since it kept on changing from a goat to a dog, from a dog to a dead calf and then into a donkey. He was so afraid that he began to tremble and threw the goat on to the roadside and took to his heels. This was what the thugs were waiting for. They caught the goat and had a sumptuous feast.
The headline should read:
CNBC Is Now Flagrantly Perverting RealityCNBC Has Been Flagrantly Misrepresenting Reality
hey deadhead - since its a slow news day :-) , I've been meaning to ask you
how many Dead shows did you see? I'm fairly certain I was at 30, and it may have been over 50 (memories from 1976-1986 are still pretty fuzzy) lol
"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness .."
hey now danz...probably around 30 in the early 70s to late 79/80. actually, i started appreciating their music more as i have grown older (mid 50s). I go to lots of ratdog shows, have become well acquainted with weir through a friend of mine who plays guitar with him. weir's a nice guy, always enjoy chatting with him. i did see the dead at the obama thing at penn state but chose not to go to their shows on the recently concluded tour. thanks for asking.
"sometimes you get shown the light in the strangest of places if you look at it right"
"the sky was yellow, and the sun was blue"
so nice to see all the deadies coming out of the woodwork....there is a LOT of grey hair at ratdog concerts, i'll tell you that!
High on the mountain, what do you see?
Bear tracks, bear tracks, looking back at me
You'd better get your rifles boys before it's too late
The bear's got a little pig and headed through the gate
Awsome, will put this one my profile.
Long live the BEAR....
"the rain is going to come, oh it surely looks like rain..."
Why are you shocked?
When has CNBC ever been truthful?
Same as it ever was.
20 years of CNBC, 12 years of zero return on stocks. Coincidence?
same as it ever was? hmmmmm
talking heads....
http://www.youtube.com/watch?v=Kw54-rCIrPs
Facts? who wants or needs facts at CNBC or its parent when they can determine what the truth is.....
Market prices = consumer confidence = recovery from this ahemm liquidity and confidence scare. That is the only truth that matters to CNBC, those that developed this message and deployed this PSYOP and its adherents.
Speaking for myself and for some of us who still value facts, debate and discussion, thanks again ZH!
xTrends is about to be over.
The last portfolio value on Sol's account was $3.9m
The current loss just on FAZ, ES and NQ is now around $3.7m, so it excluses the options (all of the OTM if I am not mistaken).
Goodbye xTrends: looks like after banning just about anyone Sol and Atilla are the ones to get banned in the end...by their brokers.
busted!
Why do you guys continue to watch that crap?
The system will collapse for failure to expand at the required exponential rate and there isn't anything anything Beeker or Kuturd is going to do to change that.
ok, maybe slightly off topic, but not much... why do we watch it... well Bloomberg can be a bit dry to be honest.
I usually refrain from ad hominem attacks, but I just can't resist this time, I just saw Tit's Cabrera shaking her stuff then turned staring blissfully into the camera smiling for at lest 90 seconds, just a deer in the headlights... good stuff... and it's all finally just making me laugh, anyone who get's burned by believing these guys, at this point, deserves it.
Sex sells Taj, sex sells...write that down.
But... we had mostly positive surprises! Analysts are obviously more important to the overall economy than silly things like earnings and revenues. Just ask GE. Hell, the entire market is up on an analyst upgrade of GE today.
And don't forget, on the CNBC website there is a great article about from an "Analyst" that says GE's stock could 'double' in 3 years!
BUY BUY BUY.
Can anyone explain why people buy into this...Let's set earnings expectations at zero and then when earnings come in at anything better than that, Whoo hoo, SURPRISE!
I'm also still under the impression that Santelli, Haynes, and Faber are still honest! True or False?
Well, what Sanetelli and Faber say usually makes sense, so yes. I don't keep up with Haynes.
It could go up by 1000x, priced in dollars
Yes...add that the 10 yr yield is at 3.7 and rising, OIL is popping, Dollar down a bit, stocks rocketing on WORSE unemployment news (not better as the Communist News Broadcasting Circus says!). Ok. We have consumers getting hurt by folks losing federal unemployment benefits and rolling on the state extended rolls (CNBC refuses to report...I have asked them too...no response amazingly!), folks LOSING benefits completely as they use them up, higher gas now and no jobs. Did I mention Consumer Sentiment is also down? I wonder why. The consumer is in hard defensive mode. I make damn good money and even I have cut back as I am concerned about the long term outlook. I am dramtically increasing my emergency Oh Shit fund and moving most investments into income or treasury funds. I consider this a BLOW OFF TOP and am looking for it to crash. With earnings so dramtically lower and the consumer NOT buying...HOW CAN GDP BE POSITIVE? Could someone please explain that? I am expecting GDP to be -3% or greater in loss. Does anyone think we will be higher/lower? If so...why?
-Silence Dogood
No doubt when crime rates rocket exponentially as desperate people act out, CNBC will see that as a "green shoot".
GAWD just saying that phrase makes me want to gag.
In Richmond and Vallejo CA the police do not have the capacity to investigate crimes against property. they just take the report.
here in sacramento they dont have the money to prosecute any misdemeanors. may just be a california phenom?
They'll just claim the Broken Window Fallacy to be proven fact.
a couple friends are small independent retailers. shoplifting has more than doubled in the last 2 years. they say that they could profile most of it before. not now.
be very careful with the gdp figures....i have
read -1.x% contraction but the tarp funds and
other bailout moneies are going to be counted
in gdp as special line-items....you know that
krudblow will use the doctored numbers as his
talking point....
if corp profits are down 32% on revenue declines
then -3% is more likely with -6-9% closer to the
truth.....
if people were smart and used gnp (rather than
gdp) they would have seem economic implosion
back in the 1990s and understood the dot com
phenomenon better.....fuck msnbs, krudblow,
bernanke, bush, odumbo, geithner, greedscam,
rockefeller, all pos CONgress crooks,
and every lying sack of shit bankster in america
and the world.....
i think you meant to say "the bud lite is served in the wing to the west".
these charts are reported EPS with no adjustments for writedowns etc, correct? isnt the upcoming bounce a result of horrific bank writedowns in Q408? granted, the spike has got to be significantly overestimated, but i would certainly not be surprised by a positive number.
Anyone can show a profit if enough expenses are excluded.
I bought FAZ at 33.90 today. This market is coming down faster than a meteorite one of the next few days or maybe after 7 year auction today.
bgz here at 27.07...that one might be a "buy and HOLD"
do not hold the levered etf's, they are day trading vehicles only!
Can you tell one non levered etf to buy and hold.
MISLEADING AGAIN FROM ZH
- What about the surprise +9.5% -- oh, no ZH will never show that column !!!!!!!!!!!!!!!!!!!!!!!!!11111
surprise? Who was surpirsed the analyst who brought them down per the comapny IR team? and then beat a lowered number ignroing of course the y\y 30% rev decline. Crawl back under your bridge.
Dude, you are a moron. Surprise +9.5 means they were projecting -43% and they beat. TD was precisely correct. Kudblow said earnings are better than Q1. It's a flat out lie. Typical CNBS
(Zombie voice): Ugggghhhhh,...Upward sloping yield curve,.....Money on sidelines,....Brains!!!!!! Brains!!!!!!!
Lots of junk running today:
Banks:
http://clearstation.etrade.com/cgi-bin/bbs?post_id=9067365
Other assorted short squeezes:
http://clearstation.etrade.com/cgi-bin/bbs?post_id=9103991
Carol Bartz should have stayed at Autodesk, or wherever she came from before Yahoo!
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=yhoo&sid...
Sorry, I don't know why the hotlinks are not working today.....
the banks are simply hysterical.....i may short rf after it hits 10 lol!
Autodesk
Sue as metaphor: http://www.hulu.com/watch/16388/saturday-night-live-surprise-party
I thought the only thing that really matters is "Beat Expectations"
LOL,good comment. Makes you love these kinds of headlines at CNBC.
"XYZ revenues down 700%, beating anaylsts' expectation of 702%, stock soars"
What is mind blowing is all the positive statements about a less than expected "LOSS" - like that's good.
EQUITIES ARE TURNING INTO OWNERSHIP OF LIABILITIES - NEGATIVE EARNINGS & CASH FLOW?
You haven't figured out yet to turn off CNBC between the hours of 11 AM and 2 PM???? Not to mention after 4 PM???
Interesting observation... when you watch CNBS these days, they have the VIX at the top of the screen for Oil, S$P and Nasdaq... do you remember when this started? Just about 2-3 weeks ago. Do you know why? The VIX was starting to go down, way down...it reminds of the days begining of the year when they used to put BAC, C, etc to short...
I guess the market will go down when they remove these tickers..
I would have posted earlier but I had to wait for an easy math CAPTCHA.
Dear CNBC Viewer,
Thank you for your submission to CNBC Customer Care.
We are committed to reviewing your submission and we will email you as quickly as possible with a response.
Our viewers typically receive responses within 24 hours.
Sincerely,
CNBC Customer Care Team
----- DELETED Wrote -----
First Name: John
Last Name: DELETED
Registered User: No
I don't know if what was reported in this link about Kudlow is correct since I don't watch CNBC anymore, however, if it is can Mr. Kudlow please explain where he gets his data?
http://www.zerohedge.com/article/cnbc-now-openly-misrepresenting-reality...
Now, now. Let's not be a bunch of digital dickweeds. Remember....HOPE AND FORTITUDE!!
"If I had a world of my own, everything would be nonsense. Nothing would be what it is, because everything would be what it isn't. And contrary wise, what is, it wouldn't be. And what it wouldn't be, it would. You see?"
-Alice, in Wonderland (TV Land)
This fantastic story will be eclipsed by the amazing rebound in GNP that the propagandists will put out shotly.
I can't wait!
The market's not gonna come down so long as there's one person left trying to short the damn thing. I remember reading about some poor sod who bought FAZ at $29... That was before their 10-1 reverse split.
Watch the GDP numbers tomorrow. Unless there's a double-digit drop it'll 'beat expectations' and the DOW will soar 300 points and oil will be back in the $75 dollar range.
how does that old saying go again? buy the rumor, sell the fact? something like that.
You'll never hear/read this stuff while you torture your brain listening to cnbs.
calling it Price Fixing 101. For those who don’t know, the Financial Stability Oversight Board (FINSOB) is supposed to be the fraud cop that oversees the $700 billion Troubled Assets Relief Program – you know the TARP TARP TARP that is your wealth that has been moved directly into the coffers of Humungous Bank & Broker (HB&B), ensuring their continued profitability and misleading guidance that all is well in America.
http://caracommunity.com/content/caras-commentary-community-chat-thursda...
When I hear Kudlow's condescending whine I change the station. If I want to watch cheerleaders, I can do better!
Kudlow needs to be euthanized.
I want the ZeroHedge Shirt in black!
this morning the goldman sachs squid said GE was a conviction buy. Isn't that special? Eddie Haskell said it.
does that include or exclude GM from total eps? could make a big diff since gm had such a big weighting.
Goldman Sachs traders are out at lunch right now loading up on Yohimbe Bark so they can blow a huge load all over the bears at the close.
S&P 1010 by the close.
The more they push this reflation the worse it will get...higher mortgage payments, less FCF for the consumer...this will literally put corporate america and the consumer into cardia arrest.
I can't wait...
CNBC has taken a break from doing specials on Pot, Hookers, NASCAR, and porn (all actually CNBC specials in recent weeks) to comment on how great the economy is?
I just hope they don't interrupt their Monster Tractor Pull or Dog Fighting specials for any more of this nonsense.
ZH,
I see more POS SURP then NEG SURP overall
Haven't been to McDonald's since '84, haven't watched CNBC in over a yr.
Specials on Pot, Hookers, and Porn could entice me back tho...
Actually they won't. I don't need TV to enjoy those.
If there were to be a massive nuclear missile exchange...
If 40% of the world population contracted swine flu and fell over dead...
If the sun exploded...
Lawrence Kudlow would be there to tell you that it would be good for the economy.
With 0% unlimited funny money from the Fed, I could buy a few shares too.
Cool, and the CBO just announced a Jan-Jun budget deficit of 1.1 trillion. Let's see: < 100 million Fed tax returns with a positive tax liability, so...
1.1 trillion / 100 million = 10k
They've screwed our kids and our future for another 10k per taxpayer for the first HALF of 2009.
well I'm not paying! I have no contract with this corporation, and I cannot be held liable.
Good Afternoon Children:
I have been talking with business owners, shippers, people with their ear to the ground here in Fairfield County, CNBC's and Larry Kudlow's backyard, and to others in other parts of the country, those who hire and fire, ship and receive, etc. They've NEVER seen it this bad. Tell me Larry, whatup with the "suspicious" house fires and all the 'for sale" and "for lease" signs in Ridgefield and surrounding areas? You CAN'T spin reality unless you're a fool and a liar.
"Shame shall be the legacy of fools."
This is what I've been wondering about.
Why haven't more people been burning down
their houses? I know it's happening with
the expensive cars.
Unemployment Report FAR Weaker Than Claimed
http://market-ticker.denninger.net/archives/1272-Unemployment-Report-FAR...
Cramer says NAZ can go much higher. He's promoting another naz bubble
Maybe he read this:
July 30, 2009
"I am 100% Sure That The US Will Go Into Hyperinflation"
http://marcfaberblog.blogspot.com/2009/07/i-am-100-sure-that-us-will-go-...
He'll probably be right for the wrong reasons.
A Bloomberg terminal is a risk to national security...
Ahhhh, I noticed some Deadheads mingling about the forum. You guys were getting’ busy when I was a toddler. LOL. My 1st show was in 1989 (when I graduated HS)…. I’ve been 6 total. My last was Jerry’s 2nd to last in St. Louis. By then, he was pretty spent. I was in Sydney on Bondi Beach when I heard that he died. Man, I wished I could have witnessed some of the earlier shows… All I can do now is read about them and listen. I’ve been compiling sets and books since I first heard them in 1987. Consider yourselves fortunate to have been killing brain cells with the BEST at their BEST!
I’ve yet to see the Dead or Ratdog
BTW, Jerry's Birthday is Saturday.
TD - love the stories with BB screenshots. Please keep up the good work.
I have BBG terminal indeed but I am still pretty green. So it is nice when you post command...
Tonight's Primetime CNBC Special:
TALF - How Taxpayers are Going to Get Rich Without Even Knowing
07-30 14:49: GE Capital (GE) to sell USD1.25bln in credit card bonds for Talf
Because those are obviously AAA assets.
Maybe Kudlow needs another 12 step program. This one would be Liars Anonymous.
krudblow would rather do a powder puff girls
stock market cheer than do a death dance with
the truth....
Tyler,
THANK YOU! I'm glad there are a few others out there who believe in No B.S.!
Do you keep these screen-shots to look back a year later to see how the "E" compares to "A"?
I'm telling you - short the stock market.
BoA closing 10% of NYC branches. Lots of big 2-story high glass hi-traffic corner windows and signage good to go.
The FED/gov't, whatever, will kill the dollar since US consumers aren't spending. By doing this, it will help increase exports by making it cheaper for foreign countries to buy our stuff, thus keeping the GDP from falling off a cliff for the time being. This is the last bullet before inflation starts kicking in big time.
quiet news day - "let's see guys, cover 7 year treasuries or baseball hero drug-tests from 8 years back? hmmm"
I like Larry, but I can only watch once every few months because of things like this.
I never thought he meant to mislead, he is just one of those people who look for silver linings in clouds, CONSTANTLY, and that is why I always end up forgiving him for stuff like this.
lol...who do you think Kudlow is? Do you think he really believes the sh$t coming out of his own mouth? He lies for a reason, and it pays well. He is part of the system.
Kudlow began his career as a Staff Economist at the Federal Reserve Bank of New York. He worked in a division of that bank that handled open market operations, which involve buying and selling bonds to help control inflation and interest rates. In 1976, when he was still a Democrat he worked on the U.S. Senate campaign of Daniel Patrick Moynihan along with Tim Russert against Conservative Party incumbent James L. Buckley, brother of William F. Buckley, Jr.
During the first term of the Reagan administration (1981-1985), Kudlow served as Associate Director for Economics and Planning in the Office of Management and Budget (OMB), which belongs to the Executive Office of the President. While he worked at the OMB, Kudlow was also the Washington, DC, reporter of CNN's news program Business Morning, and an Advisory Committee member of the Federal Home Loan Mortgage Corporation, more commonly known as Freddie Mac.[citation needed]
In April 2005, New York governor George Pataki included Kudlow in a six-member state tax commission.
In February of 2009, rumors began that Kudlow was considering a run for U.S. Senate in the 2010 Connecticut Senate election against Christopher Dodd[3]. However, on March 24, 2009 he announced on his program that he is not running for the Senate [4
Pull the financials line on that last chart. Oh, and compare it with all the other sectors.
Even accounting for baseline effect, you got to love Wall Street betting on itself.
I THINK EVERYONE ACCEPTS THAT THE DRAMATIC FALLS IN 08/09 WERE AMPLIFIED BY DERIVATIVES (LEVERAGE)
IS IT THAT HARD TO ACCEPT THAT THE UPSWING HAS ALSO ????
I think we should install diving boards outside all their windows, so when we come for them, they can have the option to perform their last great act.
Try it on the NASDAQ composite, and you can see that while earnings growth has increased 26%, sales are down 13.5%, which is worse than Q1.