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CNBC Is Now Flagrantly Misrepresenting Reality

Tyler Durden's picture





 

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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Thu, 07/30/2009 - 11:57 | Link to Comment djchill2
djchill2's picture

I recieved my Zero Intelligence t-shirt yesterday...this kind of shit from CNBC makes me so proud to wear it...Thx TD

Thu, 07/30/2009 - 12:11 | Link to Comment texpat
texpat's picture

Me too, though I'm not wearing it until I see a 200 point drop on the Dow.

Thu, 07/30/2009 - 12:35 | Link to Comment Altan311
Altan311's picture

Just got mine too, was surprised by the high quality of the shirt! Better than any of the garbage you could order from CNBCrap.

Thu, 07/30/2009 - 13:03 | Link to Comment Quantum Noise
Quantum Noise's picture

Got mine as well.

Thu, 07/30/2009 - 15:23 | Link to Comment rigger mortice
rigger mortice's picture

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

Thu, 07/30/2009 - 11:59 | Link to Comment bpj
bpj's picture

"When the legend becomes fact, print the legend"

Thu, 07/30/2009 - 12:10 | Link to Comment Veteran
Veteran's picture

My guitar wants to kill your mama

Thu, 07/30/2009 - 12:23 | Link to Comment crzyhun
crzyhun's picture

BTW that is a great blues CD/song. Hope you got it.

Thu, 07/30/2009 - 12:01 | Link to Comment Danz Gambit
Danz Gambit's picture

In the land of make-believe, anything is possible.

Thu, 07/30/2009 - 12:26 | Link to Comment wallst1980
Thu, 07/30/2009 - 12:01 | Link to Comment jimmyt
jimmyt's picture

The further we get from the truth.  The more it looks like a lie. One of the oldest tricks in the book. Jimmyt

Thu, 07/30/2009 - 14:08 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:02 | Link to Comment DebtorShredder
DebtorShredder's picture

The headline should read:

CNBC Is Now Flagrantly Perverting Reality
Thu, 07/30/2009 - 12:05 | Link to Comment deadhead
deadhead's picture

CNBC  Has Been Flagrantly Misrepresenting Reality

Thu, 07/30/2009 - 12:28 | Link to Comment Danz Gambit
Danz Gambit's picture

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 .."

Thu, 07/30/2009 - 12:40 | Link to Comment deadhead
deadhead's picture

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"

Thu, 07/30/2009 - 13:08 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:45 | Link to Comment deadhead
deadhead's picture

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!

Thu, 07/30/2009 - 15:47 | Link to Comment Anonymous
Thu, 07/30/2009 - 17:37 | Link to Comment Anonymous
Thu, 07/30/2009 - 20:39 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:04 | Link to Comment OrganicGeorge
OrganicGeorge's picture

Why are you shocked?

When has CNBC ever been truthful?

Same as it ever was.

 

 

Thu, 07/30/2009 - 12:29 | Link to Comment mdtrader
mdtrader's picture

20 years of CNBC, 12 years of zero return on stocks. Coincidence?

Thu, 07/30/2009 - 15:52 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:05 | Link to Comment Miles Kendig
Miles Kendig's picture

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!

Thu, 07/30/2009 - 12:06 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:06 | Link to Comment Project Mayhem
Project Mayhem's picture

busted!

Thu, 07/30/2009 - 12:08 | Link to Comment Mako
Mako's picture

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.

Thu, 07/30/2009 - 12:16 | Link to Comment D.O.D.
D.O.D.'s picture

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.

Thu, 07/30/2009 - 13:21 | Link to Comment Anal_yst
Anal_yst's picture

Sex sells Taj, sex sells...write that down.

Thu, 07/30/2009 - 12:13 | Link to Comment kote
kote's picture

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.

Thu, 07/30/2009 - 12:22 | Link to Comment Gigantor
Gigantor's picture

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.

 

 

 

Thu, 07/30/2009 - 12:53 | Link to Comment KawKaw
KawKaw's picture

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?

 

Thu, 07/30/2009 - 13:39 | Link to Comment Anonymous
Thu, 07/30/2009 - 19:11 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:13 | Link to Comment silencedogood
silencedogood's picture

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

Thu, 07/30/2009 - 12:18 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

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.

Thu, 07/30/2009 - 12:26 | Link to Comment Miles Kendig
Miles Kendig's picture

In Richmond and Vallejo CA the police do not have the capacity to investigate crimes against property.  they just take the report.

Thu, 07/30/2009 - 13:30 | Link to Comment e1even1
e1even1's picture

here in sacramento they dont have the money to prosecute any misdemeanors. may just be a california phenom?

Thu, 07/30/2009 - 12:48 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:27 | Link to Comment e1even1
e1even1's picture

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.

Thu, 07/30/2009 - 19:56 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:15 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:15 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:27 | Link to Comment Miles Kendig
Miles Kendig's picture

Anyone can show a profit if enough expenses are excluded.

Thu, 07/30/2009 - 12:18 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:42 | Link to Comment deadhead
deadhead's picture

bgz here at 27.07...that one might be a "buy and HOLD"

Thu, 07/30/2009 - 12:53 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:59 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:22 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:46 | Link to Comment Anonymous
Thu, 07/30/2009 - 23:31 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:29 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

(Zombie voice): Ugggghhhhh,...Upward sloping yield curve,.....Money on sidelines,....Brains!!!!!! Brains!!!!!!!

Thu, 07/30/2009 - 12:34 | Link to Comment RobotTrader
RobotTrader's picture

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...

 

 

 

Thu, 07/30/2009 - 12:35 | Link to Comment RobotTrader
RobotTrader's picture

Sorry, I don't know why the hotlinks are not working today.....

Thu, 07/30/2009 - 12:43 | Link to Comment deadhead
deadhead's picture

the banks are simply hysterical.....i may short rf after it hits 10 lol!

Thu, 07/30/2009 - 13:17 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:34 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:36 | Link to Comment MarkD
MarkD's picture

I thought the only thing that really matters is "Beat Expectations"

 

Thu, 07/30/2009 - 12:46 | Link to Comment Kaiser Soze
Kaiser Soze's picture

LOL,good comment. Makes you love these kinds of headlines at CNBC.

"XYZ revenues down 700%, beating anaylsts' expectation of 702%, stock soars"

Thu, 07/30/2009 - 16:37 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:36 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:40 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:42 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:46 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:48 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:49 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:51 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:37 | Link to Comment e1even1
e1even1's picture

how does that old saying go again? buy the rumor, sell the fact? something like that.

Thu, 07/30/2009 - 12:52 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:54 | Link to Comment Anonymous
Thu, 07/30/2009 - 12:59 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:02 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:07 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:08 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:12 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:17 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:24 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:32 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:36 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:44 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:45 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:45 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

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.

Fri, 07/31/2009 - 20:29 | Link to Comment Anonymous
Thu, 07/30/2009 - 13:51 | Link to Comment Chumly
Chumly's picture

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."

 

Thu, 07/30/2009 - 14:46 | Link to Comment Anonymous
Thu, 07/30/2009 - 14:46 | Link to Comment Anonymous
Thu, 07/30/2009 - 14:52 | Link to Comment Anonymous
Thu, 07/30/2009 - 14:59 | Link to Comment Anonymous
Thu, 07/30/2009 - 15:07 | Link to Comment Anonymous
Thu, 07/30/2009 - 15:14 | Link to Comment Texasmotion
Texasmotion's picture

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.

Thu, 07/30/2009 - 15:18 | Link to Comment Anonymous
Thu, 07/30/2009 - 15:59 | Link to Comment Anonymous
Thu, 07/30/2009 - 16:35 | Link to Comment Gilgamesh
Gilgamesh's picture

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.

Thu, 07/30/2009 - 17:13 | Link to Comment Anonymous
Fri, 07/31/2009 - 00:13 | Link to Comment Anonymous
Thu, 07/30/2009 - 17:29 | Link to Comment Anonymous
Thu, 07/30/2009 - 21:30 | Link to Comment Anonymous
Thu, 07/30/2009 - 21:48 | Link to Comment Anonymous
Thu, 07/30/2009 - 22:31 | Link to Comment Anonymous
Fri, 07/31/2009 - 01:11 | Link to Comment Anonymous
Fri, 07/31/2009 - 01:23 | Link to Comment i.knoknot
i.knoknot's picture

quiet news day - "let's see guys, cover 7 year treasuries or baseball hero drug-tests from 8 years back? hmmm"

Fri, 07/31/2009 - 03:09 | Link to Comment agrotera
agrotera's picture

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.

Fri, 07/31/2009 - 20:26 | Link to Comment Anonymous
Fri, 07/31/2009 - 06:32 | Link to Comment Anonymous
Fri, 07/31/2009 - 07:29 | Link to Comment Anonymous
Fri, 07/31/2009 - 20:23 | Link to Comment Anonymous
Mon, 08/10/2009 - 12:43 | Link to Comment Anonymous
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