In this excerpt from an article on Google Wave by the Newspaper Association of America, the NAA gives us just another example of how the organization continues to misunderstand how its members make the money they use to pay its dues. Google Wave does not offer any sustainable revenue stream for publications. If everyone would give away their content for free, a lot of people could come up with a cool way of displaying it too. But Wave does nothing for the publications who actually have to pay people to go out and write stories. Hard to believe that the NAA consistently misses this point, maybe they believe, as Google does, that as long as your motto says you intend to do no harm, it is ok to wrip off print publications.

Here is what they said. Full story here, if you have the stomach to read it.

As Google Wave ends its first year of existence, we have learned two things:

First, there’s no shortage of critics who are happy to argue that the Google product, which combines threaded conversations with collaborative document editing and a host of embedded interactive gadgets, may be a technology searching for a purpose.

Second, the term “beta” applied to a Google product means just that for a change—until a recent round of bug fixes, the service slowed to a crawl or crashed as soon as the number of visitors participating in a “wave” reached the kind of critical mass a media site would draw.

Does that mean newspapers should wait to begin experimenting with Wave? Not at all – especially given its potential to shape conversations both within and beyond news organizations, argue early industry dabblers in the technology.

“Think about how many newsrooms would have killed to be on top of a social media tool like Twitter four years ago, before it became as popular,” says Chris Taylor, online editor of TBO.com, who oversees converged Web operations for The Tampa Tribune and WFLA-TV. “We want to make sure our newsroom is familiar with Wave so if it becomes the next great tool for media consumption, we know how to be there for our audience.”