Guest post: Banks are Burning

You may find this surprising, even upsetting, but there are still some people, in 2009, who don't have a blog of their own. Imagine. Terrible. CF is always happy to help this poor beleagured minority. JonesTheSteam has guested here before, with this fine post, and now he has something to say about our banks.

Take it away, JonesTheSteam:....

 


I agree with every golden word CF writes on the subject of bonuses. The debate frustrates me, not just because it is crude political showboating. The flip side of politicians saying that bonuses should be lower and deferred/in shares is, logically, that bank profits should be higher. Why should that be desirable? Who does it serve if banks pay higher dividends? Only, perhaps, the government which recklessly shored up the banks with our money and would like to flog the shares on as soon as possible.

The real problem is that bank profits are too high. Companies are desperate for debt capital, you know, the stuff they need to grow or maybe just survive a downturn. In the good times the banks offered then debt at 6 times (or more) their annual cashflow at rate just above the bank rate. Now the renewals are coming round they are lucky to be offered 2 times cashflow at a huge spread to the bank rate. Imagine trying to plan your personal finances if your mortgage provider tried the same thing - not when you moved house, but right now. UK banks can do this because they have very little to lend (their assets, the stuff they lend against, have been greatly diminished by the recession) and because foreign banks have had to withdraw their capital from the UK. So the banks can be very picky and lend only on low risk on high margin.

We need the banks to lend more, to lend as much as possible to help reduce the effects of the recession. The bail-out has made clear that the banks are not regular businesses. To make their profits they depend on a guarantee from the state, from us. When the guarantee gets called on, like last year, it results in a disaster for us. So it seems obvious to me that the lending business should be tightly regulated. To get the name "bank", to be able to take deposits from the public with a guarantee from the government, you would have to able to only hold certain kinds of assets (ideally ones the directors of the banks understand - which was clearly not the case) and only loan a certain multiple of those assets (which was). Since the capital of the banks has been shown to be public capital and it provides a service to the economy, why not treat it like the assets of the regulated utilities and the railways and fix a maximum return on that capital. The "problem" of banks being too profitable would be fixed by forcing them to lower lending rates to bring the profits down and giving proper businesses access to the capital they need. Don't want to operate under this regime? Fine - don't be a bank, don't take deposits. Be a trading business, take risks on complex financial instruments, make a fortune or go bust - I don't care because you wont take the new, tightly regulated banks with you.

So, yes, let's separate banks from trading risk taking businesses. The Government did think about this and, wisely consulted experts. To chair the committee they chose Sir Win Bischoff, former Chairman of Citigroup. That would be the Citigroup which lost 90% of its share value owing, in part, to poor risk control. I'm all in favour of the principle that if you want to know how to stop buildings being set on fire you should consult an arsonist, but ideally a reformed arsonist and you probably want to ask a fireman too. Sir Win's committee did not conclude that banks should be separated from other activities - but then it did start the Executive Summary with the phrase

"UK International Financial Services – a centre of excellence working in partnership with the world"

You probably don't believe me so have a look at this document.

To summarise the report - "lets chuck some more petrol on the embers to see if we can get that blaze going again". The representative of the fire service was not available for comment.


----

Please show your appreciation for this damn fine guest blogger. And let CF know if you're one of the poor blog-less, and would like to do the same.

348 comments:

Anonymous said...

aX8J7i http://www.shopstivaliitalia.info/ rS8Z7x[url=http://www.shopstivaliitalia.info/]ugg italia[/url] tS0Y5l ugg italia wZ5A2b
tR7V1d http://canadaoutlet.webs.com cE5Y4j[url=http://canadaoutlet.webs.com]uggs canada[/url] vD5O3y ugg boots canada gX3S8z
hV2H3b http://www.isabelmarant0.sitew.de sU8J7z[url=http://www.isabelmarant0.sitew.de]isabel marant[/url] pI2T8b isabel marant tN6V6v
cP1O2j http://www.stivaliitaliashops.info/ oG4A8i [url=http://www.stivaliitaliashops.info/]stivali ugg[/url] yE9W0i stivali ugg zZ2N1o
xS7U1s http://bootsshop0.webnode.jp eJ9J1h[url=http://bootsshop0.webnode.jp]ugg[/url] uO7T7z ugg sN8J3r
iX2E7u http://botasbaratas.webnode.es yT0F6g[url=http://botasbaratas.webnode.es]botas ugg[/url] wB5C3z botas ugg baratas iX2D2u

Anonymous said...

lR8W5v http://bootsonline.blinkweb.com cheap uggs online dT6Y5f [url=http://bootsonline.blinkweb.com]uggs outlet online[/url] fL6Q4r ugg outlets rJ6Y7r
aY4Y2s http://bootsoutletstore.webs.com/ nD4H6l [url=http://bootsoutletstore.webs.com/]uggs outlet[/url] iQ0X5z uggs outlet store vE4N5p
oF7G6x http://genuineboot.webeden.co.uk zC9N9n[url=http://genuineboot.webeden.co.uk]genuine ugg boots uk[/url] zV8C7w genuine ugg boots uB7R5v
lW1M2s http://cheapbootsuk.jimdo.com/ kZ1X7s [url=http://cheapbootsuk.jimdo.com/]cheap ugg boots[/url] vR6K6h ugg boots sale uk eI4A8m
lT3G2k http://bootssales.webs.com/ vG5X7t [url=http://bootssales.webs.com/]ugg boots sale[/url] hS4U5n uggs for sale pS6X9h
nV1Q8o http://bootsclearance.moonfruit.com/ rO0F0y [url=http://bootsclearance.moonfruit.com/]uggs on clearance[/url] bK2R8v uggs on clearance qA6G4l

Anonymous said...

锘縴J3N9n http://laarzenssales.webnode.nl/ dR8T1m[url=http://laarzenssales.webnode.nl/]uggs outlet[/url] jA5N7u uggs kopen vL7P6n
rX5A8k http://bottesfrench.webnode.fr yP5X1t [url=http://bottesfrench.webnode.fr]ugg soldes[/url] uS3D5n ugg soldes oX0V4h
tQ1H7s http://www.goedkope-bootss.nl/ zL9J6l [url=http://www.goedkope-bootss.nl/]uggs outlet[/url] tR4B6h goedkope uggs bestellen tB4E4x
mP2U3n http://botasuggs.webnode.es wS8O5j [url=http://botasuggs.webnode.es]ugg聽espa帽a[/url] sJ8X2x botas聽ugg sU5A9a
mJ3O7w http://goedkopesale.simpsite.nl/ zD0S1t[url=http://goedkopesale.simpsite.nl/]uggs sale[/url] xP0H2c uggs sale qT5M6b
kT5Y7z http://bottespas2.monwebeden.fr mT8F1l [url=http://bottespas2.monwebeden.fr]ugg[/url] dM2Z3u bottes ugg rD4B8h

Anonymous said...

tA7J2j http://www.bootsssdeutschland.info zD1A6q [url=http://www.bootsssdeutschland.info]ugg boots günstig[/url] vK8L2u ugg boots günstig lQ3U6x
cC2K3c http://www.bootsnederlandsales.info uT0J1o [url=http://www.bootsnederlandsales.info]uggs online bestellen[/url] xA4T3u uggs online bestellen aG5J5w
wH0N1b http://uitverkoop.simpsite.nl yC9E6u [url=http://uitverkoop.simpsite.nl]uggs uitverkoop[/url] aQ8T7d uggs kopen mT5U0x
wA9C8a http://www.shoponlinesstivali.info yD8H9a [url=http://www.shoponlinesstivali.info]ugg shop online[/url] lZ0U4v ugg italia tZ4R1x
aM4W8d http://www.canadabootssoutlet.info sV2M0e [url=http://www.canadabootssoutlet.info]uggs canada[/url] nR3J5d uggs outlet yP2H1t
jG0B2a http://www.bootsspascherfrance.info bB9X7w [url=http://www.bootsspascherfrance.info]ugg pas cher[/url] sX8E1m ugg pas cher iS3E0f

Anonymous said...

xB0C6m http://botasuggs0.webs.com dT0U4a [url=http://botasuggs0.webs.com]ugg baratas[/url] hC7C5n botas ugg uR2N7h
hS0R9s http://bootsoutletstore.webs.com/ tK3Q2m [url=http://bootsoutletstore.webs.com/]ugg outlet stores[/url] uU6E9t uggs outlet stores eA3D6p
pO9F8t http://www.cheapbootssoutletus.info iV0W3v [url=http://www.cheapbootssoutletus.info]cheap uggs outlet[/url] iD7J1i cheap uggs outlet rW4S6h
xL5Z6e http://www.genuinebootsssaleuk.info oI6Z2j [url=http://www.genuinebootsssaleuk.info]genuine ugg boots sale[/url] zO8V3f genuine ugg boots kG5M9o
zX3G4s http://bootsoutlets.webs.com eZ1L0w [url=http://bootsoutlets.webs.com]ugg outlet[/url] sT6X2h uggs outlet stores rR9Y1x
sV4K8m http://www.isabelmarantsneaker.sitew.de/ vA8S7t [url=http://www.isabelmarantsneaker.sitew.de/]isabel marant sneaker[/url] lC0P4m isabel marant sneaker vN6C6t

Anonymous said...

oZ5G3c http://www.bootsssdeutschland.info nT1T7o [url=http://www.bootsssdeutschland.info]ugg boots g眉nstig[/url] cJ8Q1e ugg boots g眉nstig lY1G5g
cF9L9j http://botasuggs.webnode.es vB4L9t [url=http://botasuggs.webnode.es]ugg[/url] vW9Z8s ugg聽espa帽a jT5D5y
rU0B6x http://www.bootsspascherfrance.info mU4I8m [url=http://www.bootsspascherfrance.info]ugg france[/url] tO0P9d bottes ugg pF7Z3d
lC5Q7o http://bootsnederland9.webnode.nl/ oT6Y8m [url=http://bootsnederland9.webnode.nl/]goedkope uggs[/url] iW0Q9m goedkope uggs uG5S0l
nV8B5phttp://www.stivaliitaliashopss.info ugg italia tB6W7b [url=http://www.stivaliitaliashopss.info]ugg italia[/url] cL9D3k stivali ugg xF3F2l
锘縱U5A3i http://sneakerssale.webgarden.com/ gW4L0v[url=http://sneakerssale.webgarden.com/]isabel marant sneakers[/url] tU0R9o isabel marant gC1R6z

Anonymous said...

uS4Z0t http://bootsnederland9.webnode.nl/ wU7R8k [url=http://bootsnederland9.webnode.nl/]uggs bestellen[/url] yS6F6u goedkope uggs tQ6J0d
zR0Y9z http://www.bootsspascherfrance.info vV6X9z [url=http://www.bootsspascherfrance.info]ugg pas cher[/url] lA1X6y bottes ugg dU0F9o
xA5T5p http://bottesfrench.webnode.fr lR1N8f [url=http://bottesfrench.webnode.fr]bottes ugg[/url] zX1J3l ugg soldes aZ0M6s
锘縡R3Y4j http://sneakerssale.webgarden.com/ kL9Y5p[url=http://sneakerssale.webgarden.com/]isabel marant boots[/url] jC6D0e isabel marant nY5U4s
lX8I1bhttp://www.stivaliitaliashopss.info ugg shop online zY7W1n [url=http://www.stivaliitaliashopss.info]stivali ugg[/url] uV7J0m ugg italia cQ9P0a
lI0Z5k http://botasuggs.webnode.es cK9N6o [url=http://botasuggs.webnode.es]ugg聽espa帽a[/url] iE0N0n ugg sB5B1l

Anonymous said...

lL4C9r http://bootshop2.webnode.jp rJ8M0s [url=http://bootshop2.webnode.jp]ugg 通販[/url] lD0L3g ugg 通販 iM6K6c
tX5I6f http://www.bootssaless.sitew.de tV0W1y [url=http://www.bootssaless.sitew.de]uggs günstig[/url] bP7V9d ugg boots sale zM9W1z
bS3Q7w http://bootsshopjp.webnode.jp tM7L9u [url=http://bootsshopjp.webnode.jp]ugg ブーツ[/url] gV2S9t ugg lB1H2s
yP4L9n http://uggbaratases9.webnode.es oB5I0z [url=http://uggbaratases9.webnode.es]ugg espa?a[/url] tH2J0m ugg eV7C5d
aV8C3z http://www.japanbootssshop.info/ aJ9Y6n [url=http://www.japanbootssshop.info/]ugg[/url] sI5C2t ugg kZ4Q8h
gM2U3e http://bottesaustralia.webnode.fr vR8Z2o [url=http://bottesaustralia.webnode.fr]ugg[/url] lJ8F3g ugg rS8K5h

Anonymous said...

xS6G3h http://stivalishopit.webs.com/ jV2D5w [url=http://stivalishopit.webs.com/]ugg[/url] tO7R3j ugg oJ7H4c
dK2T5m http://www.bootsdeutschland.sitew.de/ qI5K2x [url=http://www.bootsdeutschland.sitew.de/]ugg boots deutschland[/url] jK0J0i ugg boots g眉nstig lS4J2e
gI9O1m http://canadaboot.webs.com/ nZ4H4c [url=http://canadaboot.webs.com/]uggs canada[/url] qN0V0f uggs canada yG4A5f
锘縥R8G9m http://goedkopebootssales.webnode.nl/ cP7V0d [url=http://goedkopebootssales.webnode.nl/]uggs outlet[/url] yJ9C6q uggs kopen fZ1G2q
eY1Y5s http://botassale.webs.com/ lI1J0r [url=http://botassale.webs.com/]ugg[/url] eQ9U4n ugg hD7E2e

Anonymous said...

lA1C8x http://stivalishopit.webs.com/ dJ7X3t [url=http://stivalishopit.webs.com/]stivali ugg[/url] oT9I7s ugg italia eH9O5o
uQ4P1l http://frenchbottes.webnode.fr/ oE8G9v [url=http://frenchbottes.webnode.fr/]ugg pas cher[/url] pK2W3w ugg pas cher uD7B5s
kP9X1m http://canadaboot.webs.com/ kA0Z4f [url=http://canadaboot.webs.com/]uggs canada[/url] hS2B9w uggs canada pL7P8d
锘縳K6N1k http://goedkopebootssales.webnode.nl/ pD7C5i [url=http://goedkopebootssales.webnode.nl/]uggs amerika[/url] aA5L0q uggs amerika gE8U0p
yF3M5h http://www.bootsdeutschland.sitew.de/ hM8B3l [url=http://www.bootsdeutschland.sitew.de/]ugg boots sale[/url] zD9K7w ugg boots sale nK2C3z

Anonymous said...

uC7Z7q http://botasuggs.1minutesite.es qW1M7j [url=http://botasuggs.1minutesite.es]botas ugg[/url] eX3Z5t botas ugg baratas bH3B5b
dU6O4i http://goedkopeonline.jimdo.com fC8S8i [url=http://goedkopeonline.jimdo.com]uggs laarzen[/url] zI4T6o uggs online fH5T5s
tC7Y5m http://bootsshopit.blinkweb.com eZ8B9x [url=http://bootsshopit.blinkweb.com]ugg italia[/url] nF3G5e ugg italia oL8W1q
hA1A8q http://goedkopelaarzen0.webnode.nl sJ9R9o [url=http://goedkopelaarzen0.webnode.nl]uggs laarzen[/url] cW2X0c uggs laarzen aI5O7a
vO5K7t http://canadaoutletboots.webs.com sQ1G0o [url=http://canadaoutletboots.webs.com]ugg boots canada[/url] vK2C8t uggs canada wY1N0l
gC1B9f http://bootspascherfr0.webnode.fr nF8C9n [url=http://bootspascherfr0.webnode.fr]ugg pas cher[/url] pC1G8z chaussures ugg dJ9B6f

Anonymous said...

qJ7N0y http://www.bootsoutletshopus.info aY0V7c [url=http://www.bootsoutletshopus.info]ugg boots outlet[/url] yI6T7x uggs outlet bB9I5c
vL6B5s http://cheapbootssuk.webs.com/ uM1G8c [url=http://cheapbootssuk.webs.com/]real ugg boots[/url] cR7J2k real ugg boots gV4K2m
sT9J2e http://www.bootssoutletclearance.info tF0F7u [url=http://www.bootssoutletclearance.info]ugg australia outlet[/url] pH5O2w uggs outlet online nT9P8u
cP2C1f http://www.bootsssaleukcheap.info iI7Z7b [url=http://www.bootsssaleukcheap.info]ugg boots uk sale[/url] cZ8T1t ugg boots uk sale qT9Z4z
fM3W9h http://cheaprealboots.webeden.co.uk oE1O2f [url=http://cheaprealboots.webeden.co.uk]cheapest ugg boots[/url] oB5D4j cheap real ugg boots oY2F2o
cY1S2y http://fashionbootscheap.webs.com iH2W0h [url=http://fashionbootscheap.webs.com]uggs on sale cheap[/url] rT7J0o uggs on sale cheap mY0Y0r

Anonymous said...

how to buy valium online buy valium goa - valium online pharmacy no prescription

Anonymous said...

pO2L8n http://fashionbootscheap.webs.com xA0H2v [url=http://fashionbootscheap.webs.com]uggs on sale cheap[/url] jZ1O4d ugg usa sY3B3j
eS6U6t http://www.bootsoutletshopus.info zY0N2o [url=http://www.bootsoutletshopus.info]uggs factory outlet[/url] tZ1W7h uggs outlet vX6F6h
dB4D9z http://cheapbootssuk.webs.com/ yI0F4h [url=http://cheapbootssuk.webs.com/]real ugg boots[/url] fC5C3r real ugg boots nJ2M3i
cZ9Q2i http://www.bootsshopinde.info yU3C0c [url=http://www.bootsshopinde.info]ugg boots günstig[/url] cG7Q5o ugg deutschland vN5W8j
gY2L7d http://stivalisale.webs.com zV9K6x [url=http://stivalisale.webs.com]stivali ugg[/url] gF5R7j stivali ugg tJ7D5x
xX7T3b http://www.bootsitaliashop.info kK6U5l [url=http://www.bootsitaliashop.info]ugg[/url] sO0Y8d ugg eK7O6d

Anonymous said...

wK5J2w http://www.bootssincanada.info pD7X0u [url=http://www.bootssincanada.info]uggs canada[/url] fZ3Q2o ugg canada yH7S8e
dW5A9n http://stivalishop.oneminutesite.it cU0N2v [url=http://stivalishop.oneminutesite.it]stivali ugg[/url] eZ9Z4t ugg qX7H8w
nZ1F5t http://goedkopebestellen.jouwweb.nl uH2U5p [url=http://goedkopebestellen.jouwweb.nl]uggs outlet[/url] uC8W4m goedkope uggs bestellen oZ4T1g
xR3L3e http://botasuggss.1minutesite.es yO7S8n [url=http://botasuggss.1minutesite.es]botas ugg[/url] nF8C2u ugg eL7X2q
bZ2N8b http://frbottes.webnode.fr pK8U3b [url=http://frbottes.webnode.fr]chaussures ugg[/url] mR8L4j ugg pas cher uP2Y8t
nC2J0s http://bootskopenonline.jouwweb.nl hO0M5y [url=http://bootskopenonline.jouwweb.nl]uggs nederland sale[/url] oT4S2b uggs online jM7F5k

Anonymous said...

ativan 2mg what are ativan withdrawal - ativan ep 905

Anonymous said...

order tramadol online without prescription tramadol dosage back pain - buy tramadol online usa

Anonymous said...

purchase ativan ativan online no prescription canada - ativan dosage dentistry

Anonymous said...

buy tramadol online tramadol ultram online - tramadol withdrawal+muscle aches

Anonymous said...

buy discount tramadol tramadol dose for high - tramadol hcl 319

Anonymous said...

order ativan online 1mg lorazepam too much - illegal buy ativan online

Anonymous said...

tramadol online cheap tramadol - buy tramadol pharmacy

Anonymous said...

klonopin pill teva best generic klonopin - xanax klonopin social anxiety

Anonymous said...

buy tramadol online no prescription cheap buy cheap tramadol cod - tramadol online missouri

Anonymous said...

order tramadol no prescription buy cheap tramadol - buy tramadol 50mg online

Anonymous said...

ativan pills lorazepam 1 mg vademecum - what's normal dosage ativan

Anonymous said...

best buy tramadol tramadol pain killer dosage - buy generic tramadol.net

Anonymous said...

can you buy tramadol online best site purchase tramadol - discount tramadol

Anonymous said...

tramadol online tramadol 50mg bula - tramadol online no prescription cheap

Anonymous said...

klonopin online who makes generic klonopin - 2mg klonopin vs 2mg xanax

Anonymous said...

buy tramadol online reviews tramadol hcl breastfeeding - buy tramadol online cod

Anonymous said...

buy tramadol tramadol sr 100 mg side effects - tramadol canine dosage

Anonymous said...

buy ativan online lorazepam 1 mg for sleep - ativan online no prescription

Anonymous said...

buy tramadol cheap tramadol hcl contraindications - order tramadol with money order

Anonymous said...

buy tramadol buy tramadol online usa - tramadol generic for ultram

Anonymous said...

tramadol online overnight order tramadol florida - tramadol hcl 377

Anonymous said...

order ativan ativan uses and dosages - 4mg ativan high

Anonymous said...

generic ambien buy ambien generic online - ambien sleep medication side effects

Anonymous said...

soma price where to buy soma - soma drug contraindications

Anonymous said...

buy tramadol without rx tramadol is the generic of what - tramadol 50 mg is equal to

Anonymous said...

buy tramadol overnight delivery buy tramadol australia online - buy tramadol cheap

Anonymous said...

buy ambien online ambien klonopin overdose - ambien sleep walking driving

Anonymous said...

klonopin for sale generic klonopin not effective - klonopin dosage plmd

Anonymous said...

buy soma soma controlled medication - jeffree star soma san diego

Anonymous said...

online ambien ambien side effects withdrawal - buy cheap ambien no prescription

Anonymous said...

tramadol online tramadol hcl premature ejaculation - tramadol for dogs - crush

Anonymous said...

soma online soma san diego as i lay dying - buy cheap soma online no prescription

Anonymous said...

klonopin no prescription 2mg klonopin withdrawal - snorting generic klonopin

Anonymous said...

buy tramadol cheap online order tramadol online overnight - tramadol codeine high

Anonymous said...

cheapest ambien ambien cr generic equivalent - zolpidem (ambien) y zaleplon (sonata)

Anonymous said...

ambien drug cheapest ambien no rx - generic ambien cr 6.25

Anonymous said...

buy tramadol overnight delivery buy tramadol online us pharmacy - buy tramadol line uk

Anonymous said...

ambien pills stories of ambien addiction - ambien dosage extended release

Anonymous said...

buy soma online cheap parking soma - aura soma 99

Anonymous said...

buy tramadol overnight cod tramadol dosage mayo clinic - tramadol 50 mg para que sirve

Anonymous said...

buy klonopin online canada 2 mg klonopin - what is klonopin high like

Anonymous said...

tramadol online tramadol no prescription usa - generic tramadol no prescription overnight

Anonymous said...

tramadol 100 tramadol for sale online no prescription - tramadol hcl blood pressure

Anonymous said...

iV4M9w http://cheapbootssonsale.webs.com aC9F6y [url=http://cheapbootssonsale.webs.com]uggs boots on sale[/url] rA4V1n uggs boots on sale yW7U1f
zR9O6d http://bootssonclearance.webs.com/ bD0O6i [url=http://bootssonclearance.webs.com/]uggs on clearance[/url] uK0T4v pink uggs vK9C2t
jY3E0h http://soldesbottes.monwebeden.fr xB1U1w [url=http://soldesbottes.monwebeden.fr]bottes ugg pas cher[/url] uC5B1r bottes ugg pas cher eS5N2b
nG6K8c http://storesbootsoutlet.webs.com/ uF2H7p [url=http://storesbootsoutlet.webs.com/]ugg outlet stores[/url] dP0A7i ugg outlet stores kM6Y9p
rL5O7w http://salegoedkopeboots.com mP8W7s [url=http://salegoedkopeboots.com]uggs sale[/url] yA2H0u uggs kopen uL2G4m
gU0G3i http://bootskopenoutlet.simpsite.nl fJ8F3z [url=http://bootskopenoutlet.simpsite.nl]goedkope uggs[/url] aG4P3f uggs online bestellen jM7K7y

Anonymous said...

buy ativan online buy lorazepam india - overdose of ativan side effects

Anonymous said...

purchase ambien ambien cr and generic - ambien effect sleep quality

Anonymous said...

tU5H7e https://www.pet-home.jp/lv.php pX6C3f [url=https://www.pet-home.jp/lv.php]louis vuitton 鞄[/url] eF4C3x louis vuitton ネクタイ bJ9Y9a
bN1B2d http://soldesbottespascher.webnode.fr/ lW4T4m [url=http://soldesbottespascher.webnode.fr/]ugg soldes[/url] sQ2L8h ugg soldes gB4M5r
bD4L2t http://shopbootsjp1.webnode.jp/ eH2B4h [url=http://shopbootsjp1.webnode.jp/]ugg[/url] yH5G9w ugg ブーツ nW7G2n
iS4X1k http://shopbootss.webnode.jp/ yX4Z8i [url=http://shopbootss.webnode.jp/]ugg 激安[/url] eD4K9e ugg 激安 xD9Y1f
jL2Q0a http://goedkopesales.webnode.nl/ bD2H1a [url=http://goedkopesales.webnode.nl/]uggs[/url] gS0G4y uggs dP6G8s
wU8U4l http://bootsforsales.webs.com/ oH1E2w [url=http://bootsforsales.webs.com/]cheap uggs[/url] sT5P5k ugg boots for sale qN0N4b

Anonymous said...

zolpidem without prescription ambien withdrawal headache - recovering ambien overdose

Anonymous said...

ambien 5 ambien sale online - generic sleeping pill ambien

Anonymous said...

buy tramadol online tramadol 50 mg snort - tramadol hcl tylenol

Anonymous said...

klonopin for anxiety klonopin withdrawal symptoms cold turkey - generic brand for klonopin

Anonymous said...

ambien on line cheap ambien no prescription - highest safe dosage ambien

Anonymous said...

order ambien online ambien dosage max - ambien pictures

Anonymous said...

viagra online viagra online pharmacy us - buy viagra online without rx

Anonymous said...

carisoprodol soma buy muni pass soma - soma printable coupons 2012

Anonymous said...

viagra online generic viagra reviews india - where to buy viagra online in canada

Anonymous said...

buy tramadol online mastercard overnight cheap tramadol cod - tramadol euphoria

Anonymous said...

buy tramadol online order tramadol online mastercard - tramadol pain

Anonymous said...

buy ambien online overnight side effects of ambien sleeping pill - ambien side effects anger

Anonymous said...

viagra online dosage does viagra come - cheap female viagra online

Anonymous said...

generic ambien ambien cr withdrawal effects - ambien side effects high blood pressure

Anonymous said...

soma online much do soma cost street - order soma no prescription

Anonymous said...

viagra online generic viagra online - buy viagra online canada

Anonymous said...

order ambien ambien zolpidem order - ambien online no prescription cheap

Anonymous said...

generic ambien ambien side effects fda - order ambien mastercard

Anonymous said...

order ambien online no prescription average street price ambien - difference between ambien generic brand

Anonymous said...

buy viagra online buy viagra and cialis - viagra online 24 ore

Anonymous said...

klonopin buy taking 2mg klonopin - klonopin dosage for recreational use

Anonymous said...

buy ambien online buy ambien cheap no prescription - ambien online no prescription

Anonymous said...

ambien order ambien overdose many mg - ambien the drug

Anonymous said...

buy generic viagra buy cheap viagra pills online - cheap viagra from india

Anonymous said...

can you buy viagra online cheap viagra paypal - where to buy generic viagra

Anonymous said...

carisoprodol without prescription soma 50 - legal buy soma online

Anonymous said...

tramadol online buy generic ultram online - tramadol hcl para que serve

Anonymous said...

buy clonazepam online klonopin xanax erowid - klonopin withdrawal is hell

Anonymous said...

ambien zolpidem can ambien overdose kill - generic medication ambien cr

Anonymous said...

buy viagra viagra online lloyds - viagra erection

Anonymous said...

buy viagra online buy viagra houston - buy generic viagra nz

Anonymous said...

buy cialis prescription online buy cialis online fast shipping generic - buy cheap viagra cialis

Anonymous said...

viagra without prescription viagra online forum - viagra buy forum

Anonymous said...

cialis online can you buy cialis over the counter in canada - generic cialis online pharmacy reviews

Anonymous said...

order cialis no prescription buy cheap viagra and cialis - health online cialis

Anonymous said...

order herbal viagra buy viagra online new york - cheap viagra men

Anonymous said...

buy viagra houston viagra me buy online - order viagra in canada

Anonymous said...

cialis cost cialis online purchase - cialis overnight shipping

Anonymous said...

generic soma soma pill dan 5513 - order soma overnight delivery

Anonymous said...

purchase tramadol klonopin and tramadol high - buy tramadol overnight delivery no prescription

Anonymous said...

buy viagra online pharmacy order viagra online - viagra online australia net

Anonymous said...

cheap tramadol taking tramadol high blood pressure - cheap tramadol online no prescription

Anonymous said...

order viagra reputable viagra online pharmacy - buy viagra with discover card

Anonymous said...

cheap sildenafil buy viagra online lloyds - viagra buy online canada

Anonymous said...

buy tramadol online tramadol for dogs recommended dosage - buy tramadol online no prescription overnight

Anonymous said...

sildenafil online buy-generic viagra reviews - buy 5 viagra pills

Anonymous said...

buy viagra online buying generic viagra online reviews - buy viagra online pharmacy

Anonymous said...

cheap tramadol no prescription buy tramadol online utah - tramadol withdrawal emedicine

Anonymous said...

tramadol online pharmacy buy tramadol online overnight mastercard - tramadol 50 mg how many

Anonymous said...

sildenafil tablets where to buy viagra canada - viagra online jersey

Anonymous said...

tadalafil tablets cialis 5mg online canada - cialis online in usa

Anonymous said...

buy propecia online propecia vs generic - cheap propecia london

Anonymous said...

hY1C7s http://storesbootsoutlet.webs.com/ dI1X8p [url=http://storesbootsoutlet.webs.com/]uggs outlet store[/url] qR8L3w uggs outlet stores xL3Q8q
tH0T2s http://bootskopenoutlet.simpsite.nl sL0F9p [url=http://bootskopenoutlet.simpsite.nl]goedkope uggs[/url] wU5H3o uggs online cM2A3q
kO2C7s http://salegoedkopeboots.com iH6C6k [url=http://salegoedkopeboots.com]uggs sale[/url] qR1C9c uggs sale dX2N8p
dF7X6v http://bootssonclearance.webs.com/ nX0N4l [url=http://bootssonclearance.webs.com/]pink uggs[/url] iC7D1n uggs clearance wB4T9h
kK7R7g http://soldesbottes.monwebeden.fr gO8L8l [url=http://soldesbottes.monwebeden.fr]ugg pas cher[/url] fB0C0p bottes ugg pas cher qB1K4q
kT7Y5u http://cheapbootssonsale.webs.com dJ5K8r [url=http://cheapbootssonsale.webs.com]uggs boots on sale[/url] sJ2S7z uggs boots on sale cW0J8y

Anonymous said...

hW2J0c http://cheapbootssonsale.webs.com cM7C1l [url=http://cheapbootssonsale.webs.com]uggs boots on sale[/url] cU5V9e ugg outlet online lC6P7i
hD0I2t http://salegoedkopeboots.com mI8W3a [url=http://salegoedkopeboots.com]uggs bestellen[/url] wI7L6m uggs sale sX7I8m
rB3P8l http://storesbootsoutlet.webs.com/ mH4R6b [url=http://storesbootsoutlet.webs.com/]uggs outlet stores[/url] oL1T4g uggs outlet stores gP9Y8m
oR9D2q http://soldesbottes.monwebeden.fr fN6Q6o [url=http://soldesbottes.monwebeden.fr]ugg pas cher[/url] xV1N4w bottes ugg pas cher dX7T8v
pN5S1o http://bootskopenoutlet.simpsite.nl uM5X2k [url=http://bootskopenoutlet.simpsite.nl]uggs online bestellen[/url] oJ3M8r uggs online iG8T6m
qV3D9i http://bootssonclearance.webs.com/ nQ8A7l [url=http://bootssonclearance.webs.com/]uggs on clearance[/url] mC1Z0r ugg tall boots xN9Z6z

Anonymous said...

aT6I7q http://bootskopenoutlet.simpsite.nl sX6S7w [url=http://bootskopenoutlet.simpsite.nl]uggs online[/url] pD0R8o uggs online hV0Z5u
rU9Q2p http://cheapbootssonsale.webs.com kX6E3j [url=http://cheapbootssonsale.webs.com]ugg outlet online[/url] iQ6H4a ugg outlet online qO8G1b
kV8E6t http://bootssonclearance.webs.com/ dH9O5u [url=http://bootssonclearance.webs.com/]pink uggs[/url] dL2V8h ugg tall boots fB9H1b
hM7S3j http://soldesbottes.monwebeden.fr pJ6I6d [url=http://soldesbottes.monwebeden.fr]ugg bottes[/url] xW3O0d ugg bottes wE4Q3i
sL7O3t http://salegoedkopeboots.com tP9N1l [url=http://salegoedkopeboots.com]uggs bestellen[/url] pN4Z4j uggs kopen iC6Y9f
qK7Y6l http://storesbootsoutlet.webs.com/ iU0W6e [url=http://storesbootsoutlet.webs.com/]ugg outlet stores[/url] wE9N4b ugg outlet stores yH1P3q

Anonymous said...

tramadol generic tramadol hcl used for depression - tramadol 37.5 addiction

Anonymous said...

buy viagra buy viagra generic online - buy now viagra 8080

Anonymous said...

buy generic viagra buy viagra hujagra 2011 - viagra beer

Anonymous said...

buy tramadol online no prescription cod tramadol 50 mg reviews - illegal order tramadol online

Anonymous said...

buy strattera generic strattera available us - strattera side effects sweating

Anonymous said...

buy tramadol tramadol 50mg side effects for dogs - tramadol hcl weight loss

Anonymous said...

buy sildenafil buy viagra nz - generic viagra 200mg

Anonymous said...

buy tramadol without prescriptions tramadol withdrawal how long - tramadol hcl 50 mg get you high

Anonymous said...

buy propecia cost of propecia in india - propecia users

Anonymous said...

tramadol without prescription tramadol dosage dogs 50 mg - tramadol 100 mg withdrawal

Anonymous said...

buy tramadol without rx tramadol 50mg yahoo - tramadol online delivered florida

Anonymous said...

propecia cost makes generic propecia - order generic propecia online

Anonymous said...

buy strattera generic strattera atomoxetine - strattera vs adderall weight loss

Anonymous said...

buy tramadol saturday delivery tramadol hcl 50mg tablet amnea - order tramadol online prescription

Anonymous said...

buy generic viagra online overnight buy viagra online new york - viagra dosage in dogs

Anonymous said...

tramadol online tramadol buy online no prescription - tramadol addiction success stories

Anonymous said...

buy retin retin a 1 or 5 - retin a gel or creme

Anonymous said...

buy generic viagra buy viagra online dublin - viagra jello shots

Anonymous said...

generic strattera strattera good study drug - erowid strattera vault

Anonymous said...

buy viagra los angeles buy viagra online from usa - buy viagra in canada no prescription

Anonymous said...

buy strattera drug interactions of strattera - strattera generic drug

Anonymous said...

buy tramadol online tramadol hcl back pain - dosage for tramadol for dogs

Anonymous said...

generic propecia toco-8 propecia - is propecia generic yet

Anonymous said...

buy discount tramadol tramadol dosage 200 mg - tramadol 50mg dosage for adults

Anonymous said...

buy tramadol online side effects to tramadol 50mg - tramadol 50 mg norsk

Anonymous said...

buy tramadol online buy tramadol online with cod - but tramadol online usa

Anonymous said...

buy tramadol online illegal buy tramadol online uk - order tramadol no prescription

Anonymous said...

buy tramadol for dogs tramadol kratom - tramadol 50 mg vs percocet

Anonymous said...

uM4D9w http://bootsfactoryoutlet.webs.com/ dS0M1o [url=http://bootsfactoryoutlet.webs.com/]clearance uggs[/url] lE9B7f clearance uggs sP3A8w
kI0A3k http://canadaoutletbootss.webs.com rP2U2d [url=http://canadaoutletbootss.webs.com]ugg canada[/url] jA5V0y uggs canada online yK8U0n
sL7V6i http://discountbootsoutlet.webs.com/ yQ8D2u [url=http://discountbootsoutlet.webs.com/]ugg snow boots[/url] tC1L9e discount uggs boots zH1W6c
xC5E7y http://botasegges.webs.com/ eK6X5v [url=http://botasegges.webs.com/]botas ugg[/url] yJ7S1s botas ugg baratas vK4T3u
锘縤R2R8t http://bootskopensale.simpsite.nl/ xI1M2t [url=http://bootskopensale.simpsite.nl/]uggs kopen[/url] zB3U4l uggs amerika jT5G1g

Anonymous said...

zB3H9h http://botasegges.webs.com/ jH5H5k [url=http://botasegges.webs.com/]ugg espa帽a[/url] mA9E4o botas ugg bG4K3g
mJ2W3y http://bootsfactoryoutlet.webs.com/ lR4W7f [url=http://bootsfactoryoutlet.webs.com/]ugg store[/url] tY2Q1c clearance uggs qY7P6w
锘縥E3J5s http://bootskopensale.simpsite.nl/ tG8S9l [url=http://bootskopensale.simpsite.nl/]uggs amerika[/url] fL6V0e uggs kopen hV8M1s
bL3Q4k http://discountbootsoutlet.webs.com/ oJ0H1c [url=http://discountbootsoutlet.webs.com/]ugg snow boots[/url] cC6V6u ugg outlets tP4V8h
aD9C0p http://canadaoutletbootss.webs.com qQ0V5w [url=http://canadaoutletbootss.webs.com]uggs canada online[/url] fO1L2i uggs canada zQ9W9f

Anonymous said...

buy tramadol buy tramadol with paypal - tramadol hcl tab 200mg

Anonymous said...

buy tramadol online buy tramadol online overnight - buy tramadol no prescription cheap

Anonymous said...

cheap finasteride can you buy generic propecia - is generic propecia ok to use

Anonymous said...

buy retin-a retin-a tazorac and avage - retin a cream vs renova

Anonymous said...

cheap tramadol where can i buy tramadol online usa - tramadol dosage body weight

Anonymous said...

buy propecia online propecia generic effective - propecia side effects gynecomastia

Anonymous said...

buy tramadol can order ultram online - has bought tramadol online

Anonymous said...

propecia online propecia online pharmacy uk - generic to propecia

Anonymous said...

order tramadol online overnight buy tramadol 50mg online - ultram tramadol made

Anonymous said...

tramadol 50 mg tramadol 200 mg withdrawal - tramadol 50mg info

Anonymous said...

buy tramadol cod good site buy tramadol - tramadol for dogs kidney failure

Anonymous said...

best buy tramadol tramadol overdose medscape - no prescription tramadol overnight delivery

Anonymous said...

buy strattera online will generic strattera available - strattera dosage adhd

Anonymous said...

tramadol 50 mg best buy tramadol - order tramadol online no rx

Anonymous said...

buy tramadol online tramadol online usa - order tramadol online with mastercard

Anonymous said...

buy tramadol online tramadol 50 mg high - 10 50 mg tramadol

Anonymous said...

propecia online is generic proscar as good as propecia - buy propecia cheap online

Anonymous said...

buy tramadol without a script can i buy tramadol in usa - buy tramadol online in australia

Anonymous said...

tramadol 50mg buy tramadol with visa - tramadol hcl xr 100mg

Anonymous said...

tramadol 50mg buy tramadol online illegal - tramadol hcl acetaminophen par

Anonymous said...

tramadol online purchase tramadol 50mg - buy tramadol cod fedex

Anonymous said...

buy tramadol buy tramadol australia - tramadol 50mg good

Anonymous said...

buy propecia online generic propecia 2013 - propecia effectiveness over time

Anonymous said...

buy tramadol with paypal tramadol for sale online no prescription - tramadol online cheap no prescription

Anonymous said...

tramadol online tramadol with alcohol - tramadol for dogs high

Anonymous said...

tramadol 50mg buy tramadol c.o.d saturday delivery - high dose of tramadol

Anonymous said...

buy tramadol online online purchase of tramadol - tramadol for sale

Anonymous said...

purchase propecia how to buy propecia in uk - propecia side effects over exaggerated

Anonymous said...

buy tramadol tramadol hcl tv 58 - tramadol hcl zydol 50mg

Anonymous said...

tramadol online pharmacy best way buy tramadol online - can you buy tramadol over counter

Anonymous said...

tramadol 50mg tramadol versus vicodin - tramadol 50mg to get high

Anonymous said...

tramadol online non generic tramadol - order tramadol cheap

Anonymous said...

discount propecia propecia peak results - generic propecia the same

Anonymous said...

tramadol 50 mg buy tramadol online no prescription cheap - buy tramadol online florida

Anonymous said...

tramadol 50mg tramadol dosage in the elderly - buy tramadol online usa

Anonymous said...

tramadol 50mg 50 mg tramadol lot - tramadol 100 mg ratiopharm

Anonymous said...

generic viagra viagra buy in usa - buy pfizer viagra no prescription

Anonymous said...

tramadol 50 mg tramadol 50 mg cheap - tramadol dosage strengths

Anonymous said...

tramadol 50 mg cheap tramadol usa - does tramadol hcl 50 mg contain acetaminophen

Anonymous said...

order viagra viagra in us for sale - buy viagra us

Anonymous said...

buy tramadol buy tramadol online for dogs - buy tramadol in uk no prescription

Anonymous said...

viagra online without prescription viagra online mexican pharmacy - buy real viagra online cheap

Anonymous said...

buy cialis professional cialis online is it safe - cialis daily does it work

Anonymous said...

buy tramadol buy tramadol tablets online - tramadol metabolism

Anonymous said...

viagra online without prescription buy viagra online scams - cheap viagra england

Anonymous said...

viagra online without prescription generic viagra online free shipping - buy viagra online usa

Anonymous said...

buy tramadol tramadol online consultation - tramadol hcl for headache

Anonymous said...

tramadol 50 mg buy tramadol online saturday delivery - tramadol quick release

Anonymous said...

generic cialis generic cialis mastercard - cialis мнения

Anonymous said...

cheap viagra viagra online overnight - buy viagra online us

Anonymous said...

cialis pharmacy cialis online with prescription - cialis daily erfahrungen

Anonymous said...

cialis professional viagra cialis online canada - cialis daily from canada

Anonymous said...

generic viagra order viagra online from us - viagra online pharmacy us