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(Media Matters)   Do you understand the difference between revenue and income? Congratulations. You are too smart to work at CNBC   (mediamatters.org) divider line 64
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5281 clicks; posted to Business » on 27 Feb 2009 at 6:37 AM (5 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2009-02-26 10:05:09 PM
No shiat, I hear this all the time from Republicans- like JoeSam the Plumberdude. Hellloooooooo? Deductions? Operating expenses? Write offs?

But, then, that'd be asking for intelligence and/or intellectual honesty. Sorry. What was I thinking?
 
2009-02-26 10:09:15 PM
Be fair, gentlemen. It takes Maria a few hours to clean the cum out of her hair, face and ears in the morning.
 
2009-02-26 10:14:43 PM
As a big proponent of reality, I hereby declare that all 24x7 news stations cease operation and show F-Troop reruns in perpetuity for their egregious infractions against common sense.

/Vote Quimby!
 
2009-02-26 10:17:23 PM
CNBC math:

www.math.ucsd.edu
 
2009-02-26 10:23:59 PM
Hell, none other than the almost-Commerce-Secretary Judd Gregg himself was peddling the same shady lie on All Things Considered this afternoon.
 
2009-02-26 10:32:55 PM
DamnYankees: CNBC math:

I think I might've pulled that off a couple times in high school. I do remember writing "A CD by Ozzy Osbourne" as the answer to the question "What is osmosis?" once, anyway.
 
2009-02-26 10:34:15 PM
www.madmann.com
 
2009-02-26 10:43:44 PM
Just remember, every time you watch CNBC and think, "How could you possibly be that stupid?!!," that the network is very popular amongst Wall Street types. (Or so I'm told).

/Jim Cramer's (and some other person) interview of Sheila Beir (sp?) was almost as frustrating as watching Hannity.
 
2009-02-26 11:03:49 PM
img136.imageshack.us


What other network would give Larry Kudlow a job?
 
2009-02-26 11:08:04 PM
Remember, this is a network that employs Cramer as a financial analysis when his stock picks are less accurate than a coin flip.

I turn on CNBC to get market data and then turn it off.
 
2009-02-26 11:09:32 PM
GAT_00: Remember, this is a network that employs Cramer as a financial analysis when his stock picks are less accurate than a coin flip.

I turn on CNBC to get market data and then turn it off.


Has he ever beeb asked about this in an interview? I wonder what he would say.
 
2009-02-26 11:30:03 PM
GAT_00: Remember, this is a network that employs Cramer as a financial analysis when his stock picks are less accurate than a coin flip.

TO be fair to Cramer- who is an idiot- the linked analysis doesn't appear to take into account dividends, which do matter. But more importantly, it is extremely difficult to "beat the market." After factoring in opportunity cost, the stock market resembles a random walk for most players. Link (new window) Link (new window)


Now, in rebuttal to my own point, Behavior Finance and Economics has some very good criticisms. (Especially with the rise of integrated national media, and large followers of Cramer, etc...) And Hedge Funds employ complex mathematical analysis and data mining to make very efficient picks.
 
2009-02-27 01:46:52 AM
Is this thread about prostitution?
 
2009-02-27 06:42:12 AM
Sun God: Is this thread about prostitution?

Raging hormones?
 
2009-02-27 06:53:02 AM
revenue IS income.
 
2009-02-27 06:53:19 AM
You don't have to be smart...
img338.imageshack.us
with boob's like that.
 
2009-02-27 07:25:10 AM
talk about bad math, I heard Obama's budget director on NPR

Reporter- You say you can cut the deficit in half in 4 years, but to do that you're predicting large GDP growth. GDP growth we haven't seen since the height of the 80's. What happens to the deficit if that doesn't materialize

Budget Director- Well that's why we passed the stimulus bill to speed up the recovery.

Reporter- but what if it doesn't work like you project, how will you pay for all of this spending

Budget Director- That's why we passed the stimulus bill.
 
2009-02-27 07:35:36 AM
MugzyBrown: talk about bad math, I heard Obama's budget director on NPR

Reporter- You say you can cut the deficit in half in 4 years, but to do that you're predicting large GDP growth. GDP growth we haven't seen since the height of the 80's. What happens to the deficit if that doesn't materialize

Budget Director- Well that's why we passed the stimulus bill to speed up the recovery.

Reporter- but what if it doesn't work like you project, how will you pay for all of this spending

Budget Director- That's why we passed the stimulus bill.


Circular reasoning FTL.
 
2009-02-27 07:38:12 AM
John Paul Jones: As a big proponent of reality, I hereby declare that all 24x7 news stations cease operation and show F-Troop reruns in perpetuity for their egregious infractions against common sense.

/Vote Quimby!


There Just Isn't That Much News.

/vote sideshow bob
 
2009-02-27 07:52:10 AM
GAT_00: Remember, this is a network that employs Cramer as a financial analysis when his stock picks are less accurate than a coin flip.

I turn on CNBC to get market data and then turn it off.


Oh God. Look, Cramer is an idiot, but going "hay his stocks went down" AFTER THE FARKING MARKET CRASHES is stupid. It's like walking in to Wisconsin in the summer and biatching that you can't make snowmen.
 
2009-02-27 07:54:20 AM
Control_this: revenue IS income.

The distinction is between business revenue and personal income. A small business with a $250,000 per year revenue is not likely to have an owner with a $250,000/year income.
 
2009-02-27 08:09:00 AM
sloppy shoes: Just remember, every time you watch CNBC and think, "How could you possibly be that stupid?!!," that the network is very popular amongst Wall Street types. (Or so I'm told).

That's only because they want to make motorboat noises in Maria's
chesticalogical region.

/Me, too, as it happens
 
2009-02-27 08:32:38 AM
MugzyBrown: talk about bad math, I heard Obama's budget director on NPR

Reporter- You say you can cut the deficit in half in 4 years, but to do that you're predicting large GDP growth. GDP growth we haven't seen since the height of the 80's. What happens to the deficit if that doesn't materialize

Budget Director- Well that's why we passed the stimulus bill to speed up the recovery.

Reporter- but what if it doesn't work like you project, how will you pay for all of this spending

Budget Director- That's why we passed the stimulus bill.



LoL, actually why the hell am I laughing. We are so screwed. I think that's why Obama really won. And before you complain, I voted for him. I'm starting to think "they" wanted him to win to make sure no black man or woman could ever rise as high as him ever again because his failure will be so spectacular. We won't be a 3rd world country, we'll be shiat hole country after his four years.
 
2009-02-27 08:52:43 AM
As someone who works for a division of RBS that announced layoffs yesterday, I am getting a kick out of these replies.

/More like a kick in the nuts.
 
2009-02-27 09:09:18 AM
Obama has done some things I agree with. But I really, really hate how roughly half of what he says directly contradicts the other half at any given time. So you know half of what he is saying is political BS... but you don't know which half until he acts.

All during the campaign, and even today, he has consistently said that he will raise spending, cut taxes, and balance the budget. Everybody knows that is simply not possible to do. Two of the three, sure, all three, no way. But if you question this, well, you don't have "hope" for "change". Gagh!

Well, now we know what he is going to do. It's in his budget summary, plain as day. Raise spending, cut taxes, blow the deficit to heck, and blame Bush and the economy for the latter. Sure it might work politically, and it will certainly get us past the next couple years, but the current recession will be mild compared to the massive inflation that's going to be needed to dig us out of our mountain of federal debt. It's our biggest problem, and Obama is making it far worse.

Oh, and while doubling the federal debt over the next decade (it's in his budget summary if you need a citation), he says verbally that he will half the deficit in four years. That's what gets reported on the news - it's a great one-liner. But in the budget summary he clarifies that he's not talking about halving the $300 billion deficits we used to run, or even the record $450 billion deficit we had in 2008, he's talking about halving the $1.7 trillion deficit he created in 2009. Which will get us down to about $700 billion, which is twice as high as the deficits we used to run. Color me unimpressed, and quite peeved at the deliberate misdirection going on.

And then there that BS stimulus bill. I'll rank on that some other day, but I have to get to work :(
 
2009-02-27 09:19:57 AM
Is that like the difference between work and a job?

SomeAmerican: Obama has done some things I agree with. But I really, really hate how roughly half of what he says directly contradicts the other half at any given time. So you know half of what he is saying is political BS... but you don't know which half until he acts.

All during the campaign, and even today, he has consistently said that he will raise spending, cut taxes, and balance the budget. Everybody knows that is simply not possible to do. Two of the three, sure, all three, no way. But if you question this, well, you don't have "hope" for "change". Gagh!

Well, now we know what he is going to do. It's in his budget summary, plain as day. Raise spending, cut taxes, blow the deficit to heck, and blame Bush and the economy for the latter. Sure it might work politically, and it will certainly get us past the next couple years, but the current recession will be mild compared to the massive inflation that's going to be needed to dig us out of our mountain of federal debt. It's our biggest problem, and Obama is making it far worse.

Oh, and while doubling the federal debt over the next decade (it's in his budget summary if you need a citation), he says verbally that he will half the deficit in four years. That's what gets reported on the news - it's a great one-liner. But in the budget summary he clarifies that he's not talking about halving the $300 billion deficits we used to run, or even the record $450 billion deficit we had in 2008, he's talking about halving the $1.7 trillion deficit he created in 2009. Which will get us down to about $700 billion, which is twice as high as the deficits we used to run. Color me unimpressed, and quite peeved at the deliberate misdirection going on.

And then there that BS stimulus bill. I'll rank on that some other day, but I have to get to work :(


What color is the sky in bizarro world?
 
2009-02-27 09:34:00 AM
sloppy shoes: After factoring in opportunity cost, the stock market resembles a random walk for most players. Link (new window) Link (new window)

I would just like to say that when I was taught random walk it was by an asian professor who speaks very calmly and carefully explaining as getting very drunk and not knowing where to go.

/I understood completely
 
2009-02-27 10:06:02 AM
Revenue and income are the same. Revenue and NET income are different.

Fail by subby and most of the people in this topic.

http://en.wikipedia.org/wiki/Net_income

/flammable means inflammable? What a country!
 
2009-02-27 10:22:33 AM
apeiron242: Is that like the difference between work and a job? What color is the sky in bizarro world?

How about you do me a favor.

Go to page 114 of the budget summary report, which is available from multiple sources including CNN.

Look at the line projecting deficits over the next ten years. And tell me how those numbers somehow do not add up to an additional $8 trillion in federal debt.

Alternately, please tell me how adding an additional $8 trillion to our already massive $10 trillion in federal debt is a long term solution to our financial problems.

Please, go ahead, I'm all ears over here in bizzaro world.
 
2009-02-27 10:29:56 AM
Silly me, I thought it was being able to understand a CDS.
 
2009-02-27 10:35:11 AM
abigsmurf: Revenue and income are the same. Revenue and NET income are different.

Fail by subby and most of the people in this topic.


When we're talking about taxes though, net income and taxable income are pretty much the same thing. Revenue is just wrong, no tax that I know of is based on revenu.
 
2009-02-27 10:36:02 AM
abigsmurf: Revenue and income are the same. Revenue and NET income are different.

Fail by subby and most of the people in this topic.

http://en.wikipedia.org/wiki/Net_income

/flammable means inflammable? What a country!


Aren't we getting at the fact that revenue usually refers to business income and is taxed differently than personal income.
 
2009-02-27 10:37:06 AM
pnjunction: abigsmurf: Revenue and income are the same. Revenue and NET income are different.

Fail by subby and most of the people in this topic.

When we're talking about taxes though, net income and taxable income are pretty much the same thing. Revenue is just wrong, no tax that I know of is based on revenu.


Sales tax?
 
2009-02-27 10:40:10 AM
abigsmurf: Sales tax?

That's based on spending (and only on some things, paying employees doesn't result in sales tax), not revenue or income.
 
2009-02-27 10:48:59 AM
SomeAmerican: apeiron242: Is that like the difference between work and a job? What color is the sky in bizarro world?

How about you do me a favor.

Go to page 114 of the budget summary report, which is available from multiple sources including CNN.

Look at the line projecting deficits over the next ten years. And tell me how those numbers somehow do not add up to an additional $8 trillion in federal debt.

Alternately, please tell me how adding an additional $8 trillion to our already massive $10 trillion in federal debt is a long term solution to our financial problems.

Please, go ahead, I'm all ears over here in bizzaro world.


You won't get an answer, because bizarro world also conveniently happens to be based on logic. Logic has no place amongst magic unicorns pissing fairy dust being ridden by first term junior senators from Illinois.

The One, yeah, sure. More like The Number One Spender of What They Don't Have.
 
2009-02-27 11:04:30 AM
Maria Bartiromo pics or GTFO

www.dealbreaker.com
 
2009-02-27 11:15:11 AM
ooo looky! here is some found fundage here (expect more of these stories)!

http://www.istockanalyst.com/article/viewiStockNews/articleid/3058037

and here (expect more of these as well)

http://www.whistleblowerlawyerblog.com/medicare_and_medicaid_fraud/

investigations like this help too

http://bucknakedpolitics.typepad.com/buck_naked_politics/2009/02/for-monday-inv e stigators-look-into-bribery-by-senior-military-officers.html

this will help too
http://www.reuters.com/article/businessNews/idUSTRE51A4H620090211
 
2009-02-27 11:30:26 AM
DamnYankees: CNBC math:

There it is! I have been looking for that.
 
2009-02-27 11:44:31 AM
itazurakko: Hell, none other than the almost-Commerce-Secretary Judd Gregg himself was peddling the same shady lie on All Things Considered this afternoon.

Yep, I heard that, and was just screaming, "Liar" at the radio. It is the same ol' tired story, intellectual dishonesty. The Republicans have no new ideas, because it is always party before country for them. Oh, and sucking corporate cack, don't forget that.
 
2009-02-27 12:12:04 PM
img3806.imagevenue.com

What a drag it is getting old.
 
2009-02-27 12:36:46 PM
SomeAmerican: All during the campaign, and even today, he has consistently said that he will raise spending, cut taxes, and balance the budget. Everybody knows that is simply not possible to do. Two of the three, sure, all three, no way. But if you question this, well, you don't have "hope" for "change". Gagh!

Some of what you said sounded realistic, but this paragraph was almost completely untrue WHARRGARBL.
 
2009-02-27 01:35:47 PM
pnjunction: abigsmurf: Revenue and income are the same. Revenue and NET income are different.

Fail by subby and most of the people in this topic.

When we're talking about taxes though, net income and taxable income are pretty much the same thing. Revenue is just wrong, no tax that I know of is based on revenu.


Personal income is mostly based on revenue minus allowable expenses. Cut the allowable expenses and bingo you have a tax based on revenue.

There are many FARkers out there that consider all expenses, including direct material and labor costs, to be evil loopholes used by those evil corporations and need to be closed.
 
2009-02-27 01:52:49 PM
krelborne: SomeAmerican: All during the campaign, and even today, he has consistently said that he will raise spending, cut taxes, and balance the budget. Everybody knows that is simply not possible to do. Two of the three, sure, all three, no way. But if you question this, well, you don't have "hope" for "change". Gagh!

Some of what you said sounded realistic, but this paragraph was almost completely untrue WHARRGARBL.


I stand by that paragraph.

First the easy part - he has definitely said he would cut taxes and decrease the deficit since the beginning. Both were pivotable campaign promises - do you disagree? As for spending increases, he made a ton of promises about new programs that he would put in place. It was even somewhat of a running joke at the time, with numerous political cartoons of Obama throwing money everywhere to pandering crowds.

Now, I grant you that at the time he said he would somehow fund all the spending promises he was making with efficiency gains. However, there were many independent reviews of that claim, the most respected one by the party neutral Tax Policy Center. All the studies said the same thing - his spending cuts would cover at most 10% of the promised programs, resulting in massive spending increases. There was never anything close to a credible plan on the table to fund the promises made.

Personally, I certainly believed during his campaign that he was promising tax cuts, spending increases, and a balanced budget, and at the time that was my main gripe with him because I did not believe that he was being honest about what could be accomplished. I'm instinctively wary of populists who promise everything to everyone with no consequences. I wanted to know up front where the hammer would fall.

If you want more evidence, you could try searching for my posts back in Q4 of last year about how Obama's claims to cutting taxes, increasing spending, and balancing the budget rang false. You'll find that I'm not misrepresenting history here.
 
2009-02-27 02:16:45 PM
krelborne: SomeAmerican: All during the campaign, and even today, he has consistently said that he will raise spending, cut taxes, and balance the budget. Everybody knows that is simply not possible to do. Two of the three, sure, all three, no way. But if you question this, well, you don't have "hope" for "change". Gagh!

Some of what you said sounded realistic, but this paragraph was almost completely untrue WHARRGARBL.


And actually, one thing that disturbs me is how some folk refuse to believe that Obama has lied to them, regardless of evidence.

For example, the time during the campaign that he said "We need to renegotiate NAFTA", and then sent a delegate to Canada to reassure them that that was just campaign talk. Lots of flak in the media about that one.

Or after he beat Clinton for the nomination, and started distancing himself from many of his previous statements, to better position himself for the main campaign. When the media called him on it, same thing, why are you surprised, these kinds of things are just what you have to do.

The guy is a politician. He lies. On purpose. To you. They all do, so, you know, get over it and start focusing on what is going on - not what they tell you is going on.
 
2009-02-27 02:47:45 PM
SomeAmerican: krelborne: SomeAmerican: All during the campaign, and even today, he has consistently said that he will raise spending, cut taxes, and balance the budget. Everybody knows that is simply not possible to do. Two of the three, sure, all three, no way. But if you question this, well, you don't have "hope" for "change". Gagh!

Some of what you said sounded realistic, but this paragraph was almost completely untrue WHARRGARBL.

I stand by that paragraph.

First the easy part - he has definitely said he would cut taxes and decrease the deficit since the beginning. Both were pivotable campaign promises - do you disagree? As for spending increases, he made a ton of promises about new programs that he would put in place. It was even somewhat of a running joke at the time, with numerous political cartoons of Obama throwing money everywhere to pandering crowds.


Nice sources you have there.

Obama's tax hikes on those making over $250,000 was a key point of his campaign. He was promising cuts FOR SOME, not FOR ALL. You can decrease the deficit while lowering taxes for some.

Secondly, Obama has clearly stated that balancing the budget was not a priority, while McCain supported it:
"Once we have stabilized the budget, then over time we would be able to reduce the deficit from where it is currently and where it will be. I do not make a promise that we can redue it by 2013 because I think it is important for us to make some critical investments in America's families."
 
2009-02-27 02:51:24 PM
That network would be better served in the long run by trying to focus a little more on reality and a lot less on being stock market cheerleaders. They also need to make sure they stop inviting on and airing the self serving "Now is the time to buy stocks!!!!" assclowns. They were wrong at Dow 14,000 and they have been wrong all the way down to 7,000.
 
2009-02-27 03:10:10 PM
crazytrpr: Personal income is mostly based on revenue minus allowable expenses. Cut the allowable expenses and bingo you have a tax based on revenue.

There are many FARkers out there that consider all expenses, including direct material and labor costs, to be evil loopholes used by those evil corporations and need to be closed.


Umm...OK. Don't lump me in those morons. Taxable income is revenue minus expenses, what expenses should be allowed is irrelevant. At the moment, many expenses can be deducted, hence referring to revenue as being taxed is incorrect.
 
2009-02-27 03:35:28 PM
ryarger: Control_this: revenue IS income.

The distinction is between business revenue and personal income.


Well there you have her alibi. She was speaking the same headline language subby used.
 
2009-02-27 04:42:41 PM
ChubbyTiger: MugzyBrown: talk about bad math, I heard Obama's budget director on NPR

Reporter- You say you can cut the deficit in half in 4 years, but to do that you're predicting large GDP growth. GDP growth we haven't seen since the height of the 80's. What happens to the deficit if that doesn't materialize

Budget Director- Well that's why we passed the stimulus bill to speed up the recovery.

Reporter- but what if it doesn't work like you project, how will you pay for all of this spending

Budget Director- That's why we passed the stimulus bill.

Circular reasoning FTL.


actually he conceded the point that these are the best estimates, and would have to change plans as the situation occurs. I mean the question was pointless since it is a hypothetical and the budget was not created with that assumption.
 
2009-02-27 04:49:10 PM
abigsmurf: Revenue and income are the same. Revenue and NET income are different.

Fail by subby and most of the people in this topic.

http://en.wikipedia.org/wiki/Net_income

/flammable means inflammable? What a country!


I don't know about where you live but we in America get taxed on income (profit) and not revenues.
 
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