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.