This page has been archived and commenting is disabled.

Guest Post: Snake Oil Economics

Tyler Durden's picture




 

Submitted by Sean Corrigan of Diapason Securities

Snake Oil Economics

The world’s biggest, richest, most comprehensive statistical agency has just announced significant revisions to the mainstream economists’ bellwether number – GDP – and not just over the period of the last eight years, but for the last couple of quarters, too, we have seen a substantial alteration in the picture being painted (not that we have any grounds to suppose that the revisions, even now, are in any sense definitive).

Moreover, the most highly paid, highly vocal SELL side pundits who have been indoctrinated to rely on such a methodologically-suspect, empirically-unreliable aggregate of aggregates to help guide investment decision-making (oh, alright then: to generate commissions for their employers) are now scrambling pitifully to explain why they were wrong (yet again) in both their current analyses and their (typically over-optimistic) projections for what is to come – a plight made even worse by today’s ‘disappointment’ not just in the US purchasing managers’ report, but by the weaker numbers to be found in those emanating from elsewhere in the stimulus-addled Old World (flirting, in that narcotic’s absence with ‘triple dip’) and those erstwhile powerhouses of the recovery (now facing a looming stagflation) in the New one.

By contrast, it is a case of so far so good for our, Austrian-based ideas of enduring a marked deceleration over the course of the summer/fall, as first expressed a good six or seven months ago and reinforced frequently since. Does this contrast make us, personally, special?  No – but it surely underlines the fact that while there may be many, many economic analysts, there is only one correct way of performing economic analysis. 

Returning to last Friday’s fiasco, let us note that, even if we were to set aside our deep-seated objections to the fatuous idea of trying to shoehorn the myriad activities of 300-odd million American men, women, and children - each unceasingly exchanging an uncountable variety of goods, services, and government ‘bads’, by means of a monetary circulation of some $100 billion a day -  into one single datum, the very, very best we can say of GDP is that it is akin to the frozen snapshot of reality provided by the earnings report of a vast, complex conglomerate, whose many, diverse, far-flung departments file incomplete reports, each compiled with differing degrees of diligence and rigour, and whose none-too scrupulous CFO has the ability greatly to recast the raw numbers within the wide latitude accorded him by the regulatory regime under which he operates.

Any one risking their capital in such a company without looking at the cash flow statement, the balance sheet, and the derivative footnotes – as well as taking a more objective view of the doings of that firm’s customers, suppliers, and competitors, alongside those of the broader market in which it operates - is leaving himself open to a severe loss of wealth.

Similarly, anyone analyzing an ‘economy’ – if there truly is such an animal – by fixating on this damnable number and/or its childishly tautologous, Keynes-Kuznetz building blocks (and especially, its narrow, final consumption constituents) without probing more deeply into the dynamics of the beast, is doomed before he starts. Any one who succumbs to the all-pervading temptation to appear authoritative by making scientific sounding extrapolations from blind, numerical entanglements of sub-indices whose own validity is equally questionable, is furthermore likely to suffer from a serial inability to make any demonstrably-skillful predictive statements about the shape of that uncertain future into which it is our intent honestly to try to peer.

Even if all that remains otherwise is to be confident of our deductive, microeconomic a prioris but only cautiously qualitative and broad brush in our prognoses of how all those individual choices contribute to an incalculably complex whole, this is far and away preferable to the act of sheltering behind a façade of faux determinism. Remember that is far better – and certainly more useful - to be imprecisely right than to be embarrassingly wrong to three significant figures.

It is of course the case that so deeply engrained are statistics such as these in the vocabulary of both the market and the voodoo of Maynardian macro-economics that it is unrealistic to expect any practitioner to avoid any reference to them whatsoever. What is absolutely crucial, however, is (a) constantly to bear in mind that these are nothing but examples of a convenient shorthand which often conceal as much as they reveal - in the same way a mean height above sea level or an average annual temperature tells us little about the topography or climate of a region, much less about how those features may be changing – and (b) that the generation of a positive change in the metric is not an end in itself (as far too many policy jockeys and talking heads seem to believe). An amphetamine junkie getting his next fix by spending the contents of the old woman’s purse he just snatched generates more instant GDP than an engineer sitting quietly at his desk, trying to puzzle out a radical new way to create more useful output with less input, but it should be fairly obvious which man is likely to do more to improve both his own material comforts and those of the people around him.

Beware, then, the appallingly low signal:noise ratios in much of the data  - particularly when combining them arithmetically. The disproportionate (and typically unmentioned) impact on the small difference between two individually dubious estimates for the global  supply and demand for some key commodity, as these are continually cast and recast, is a classic case in point. Remember, too, that if an overly mechanical and mathematically-abstruse reasoning by induction from such data is the accepted way to build a glittering academic career – and even to head up a central bank or a supranational agency - it does very little to forewarn of the great turning points in gross economic activity, much less of short-term developments in the Greater Fool-populated financial markets which use the same numbers to help shape the landscape of the RPG universe which they inhabit.

If you follow this advice – humbling as it may be in terms of acknowledging your innate, human inability to foresee the details (rather than the rough direction) of the road ahead - you might just be able to give a good account of yourself the next time Her Britannic Majesty querulously asks you and your peers, “Why did nobody see it coming?”

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 08/01/2011 - 18:50 | 1514697 mynhair
mynhair's picture

Ok, nice.  Now let's vote on the Steaming Pile.

Don't forget your EURUSD purchase.

Mon, 08/01/2011 - 18:56 | 1514712 snowball777
snowball777's picture

the frozen snapshot of reality provided by the earnings report of a vast, complex conglomerate, whose many, diverse, far-flung departments file incomplete reports, each compiled with differing degrees of diligence and rigour, and whose none-too scrupulous CFO has the ability greatly to recast the raw numbers within the wide latitude accorded him by the regulatory regime under which he operates.

So the GDP is akin to forward-looking statements from any business in the FIRE sector?

Mon, 08/01/2011 - 18:56 | 1514713 DormRoom
DormRoom's picture

As far as I know, Keynes, advocated fiscal stimulus, and not monetary stimulus,  to support Aggregate Demand.  Moreover, there was global fiscal stimulus packages 2 years ago.  And it usually takes 16-18 month for fiscal stimulus to make its way throughout the economy, which coincides nicely with the bull run, and the end of the bull run. Now that the global fiscal stimulus is depleted we are witnessing the global economy stalling.

 

So your analysis suffers because it assumes monetary stimulus to have the same effectiveness as fiscal stimulus, which Keynes himself, never argues.

 

 

 

Mon, 08/01/2011 - 20:03 | 1514999 Baptiste Say
Baptiste Say's picture

Maybe you should actually read or learn about Keynes (i.e. the truth, not the romanticised crap your college professors teach you about him) before you claim to now what he advocated.

 

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.

http://www.marxists.org/reference/subject/economics/keynes/general-theor...

 

The above is straight from Keynes' 'General Theory' chapter 10 section vi. Keynes did advocate monetary stimulus,

 

Then again as Murray Rothbard explains below, Keynes wasn't exactly known for principle or courage but rather for adapting his views to be palatable to the power elite of the time so perhaps at other times he denounced monetary stimulus:

Maynard Keynes's approach in economics was not unlike his attitude in philosophy and life in general. "I am afraid of 'principle,'" he told a Parliamentary committee in 1930 (Moggridge 1969: p. 90). Principles would only restrict his ability to seize the opportunity of the moment and would hamper his will to power. Hence, he was eager to desert his earlier beliefs and change his mind on a dime, depending on the situation.

http://mises.org/daily/3845

 

Mon, 08/01/2011 - 20:27 | 1515090 snowball777
snowball777's picture

You're apparently much better at copying and pasting than you are at basic reading comprehension.

Tue, 08/02/2011 - 02:18 | 1515887 Yen Cross
Yen Cross's picture

Snowball +1  )  how about  ) Meticulous thought?  I love your Brain..   Yensky on Parabolics!

Mon, 08/01/2011 - 23:52 | 1515646 gwiss
gwiss's picture

You're a knob.  You're missing his whole point, one would suspect on purpose.  You attempt to steer the topic back to the specifics of the labels written on your imaginary dials because you desperately need to hold on to your imaginary reality, which is that the economy is some machine that we created that we can steer.

 

THE ECONOMY IS AN ECOLOGY, NUMBNUT!

 

You don't steer ecologies.  You leave them the fuck alone.  The more you fuck with them, the more screwed up they get.  And right now, ours is more screwed up than a soup sandwich.  And it's screwed up precisely because we have invented this psuedoscientific, scientistic personification of the economy in which we take an incredibly complicated, intricate, convoluted and complex system full of independently variable feedback loops and try to paste a simplistic one dimensional outcome measure over the top of it and then lean back and smile with satisfaction, thinking that we are steering the bitch while we are actually only measuring our own interference with the system.  No one is steering the Goddamn economy.  Hurry up and get your dumb monkey brain around that concept so that you can finally realize that you need to quit fucking the system up for the rest of us.

Mon, 08/01/2011 - 18:56 | 1514715 DormRoom
DormRoom's picture

As far as I know, Keynes, advocated fiscal stimulus, and not monetary stimulus,  to support Aggregate Demand.  Moreover, there was global fiscal stimulus packages 2 years ago.  And it usually takes 16-18 month for fiscal stimulus to make its way throughout the economy, which coincides nicely with the bull run, and the end of the bull run. Now that the global fiscal stimulus is depleted we are witnessing the global economy stalling.

 

So your analysis suffers because it assumes monetary stimulus to have the same effectiveness as fiscal stimulus, which Keynes himself, never argues.

 

 

 

Mon, 08/01/2011 - 22:00 | 1515386 ZackLo
ZackLo's picture

In the current environment today isn't fiscal stimulus the same as monetary stimulus? Because it's apparent that the government borrows the stimulus still pillaging the future fanning the flames of the fractional reserve oven (inflation) that we live in...Now if we were under a gold standard, no fractional reserve banking and the Government Could be trusted to save in good times and spend in weathered times keynes might get someones ear in this day and age....But I see nothing of the sort....So pick up henry hazzlitt's failure of the new economics...It's free on the mises.org website with the link in the left corner....You will understand how much of a contradictory piece of clap trap the general theory was if you read it....he picks it apart LINE BY LINE...investment does not equal savings...you have to have savings before you can invest in a real economy....you know not where everyone deposits there money into the banker fraud pool....

Mon, 08/01/2011 - 18:57 | 1514720 mynhair
mynhair's picture

Dims need to cough up 10 votes.

Mon, 08/01/2011 - 19:02 | 1514733 Hedgetard55
Hedgetard55's picture

I find it astonishing and quite revealing that the Dems and the lamestream media would demonize the Tea Party by calling them terrorists, led by Uncle Joe Stalin, I mean Biden. It's the first step towards rounding them up and jailing them for having different ideas/solutions, i.e. police state tactics.

Mon, 08/01/2011 - 19:12 | 1514761 Dr. Engali
Dr. Engali's picture

The true terrorists are our "elected/selected" officials.

Tue, 08/02/2011 - 18:22 | 1518674 BigJim
BigJim's picture

It's hyperbolic and inflammatory, but ultimately dilutes the meaning of 'terrorist', which is a good thing, because at the moment, people think there's a big difference between 'terrorists' and elected governments.

Mon, 08/01/2011 - 19:03 | 1514735 gwar5
gwar5's picture

.

 

The debt ceiling in 2006 was $8.2 Trillion. We're now doubling it to >$16.4 Trillion in just 5 years.

If government spending creates jobs, where are they?  Romer's Keynesian multiplier effect doesn't work anymore because it is overwhelmed by massive debt. She's gone. The debt is still here. We was robbed.

Mon, 08/01/2011 - 19:10 | 1514756 mynhair
mynhair's picture

Got EURUSD G?  Is now the best of the worst.

Mon, 08/01/2011 - 19:18 | 1514790 TSA Thug
TSA Thug's picture

So many unqualified thoughts about MAX(debt) on the hedge.

We have plenty of room for adding additional debt to the paradigm. PLENTY!

Your debt-2-GDP fatal fantasies will limit YOUR success and no one else. Keep that in mind.

Mon, 08/01/2011 - 19:25 | 1514824 fuu
fuu's picture

junk

Mon, 08/01/2011 - 19:28 | 1514841 TSA Thug
TSA Thug's picture

Reply without substance. Your style is not unique but we are friends, no?

Mon, 08/01/2011 - 19:04 | 1514736 The Cash Flow i...
The Cash Flow is King's picture

Such an interesting time as an investor when it could be argued that never before has there been such uncertainty in the marketplace as goverment intervention has played such a unquanitfiable roll in the S&P 500 and in real estate.  Compound this with the uncertainty of when the market is going to accept that this type of fiscal stimulus does not have a positive effect on the broad economy.  It seems as if the US is going to enter a 10 year period of deleverage and because of the dramatic increase in the monetary supply, eventually stagflation will take a toll on the middle class.  

www.thecashflowisking.com 

Mon, 08/01/2011 - 19:07 | 1514742 mynhair
mynhair's picture

RIP USA

 

uurrppp

Mon, 08/01/2011 - 19:15 | 1514776 zorba THE GREEK
zorba THE GREEK's picture

I believe the growing number of businesses reporting planned lay-offs, now totaling over 45,000, is

a far better indicator of the economy than some backward looking indicator like the GDP or the retail sales

figure for last month. It doesn't take an economist to see how upcoming massive state and municipal

lay-offs, due to budget shortages, is going to negatively affect the economy.  I don't need to refer to a

graph or chart to see a down trend in business activity when all around me are empty stores and

warehouses. By now everyone should know that numbers coming out of Washington have been tweaked

and twisted to reflect a more positive image on the current administration. 

 

Mon, 08/01/2011 - 19:26 | 1514831 problemfixr
problemfixr's picture


The grammar on this piece was killing me.  I couldn’t even continue reading it.  What a bummer…

Tue, 08/02/2011 - 18:24 | 1518680 BigJim
BigJim's picture

The grammar's fine. He's a little wordy for some people, though.

Mon, 08/01/2011 - 19:26 | 1514836 Cdad
Cdad's picture

Moreover, the most highly paid, highly vocal SELL side pundits who have been indoctrinated to rely on such a methodologically-suspect, empirically-unreliable aggregate of aggregates to help guide investment decision-making (oh, alright then: to generate commissions for their employers) are now scrambling pitifully to explain why they were wrong (yet again) 

 

 

Mr. Corrigan,

Please, tell us how you really feel about criminal syndicate Wall Street analysts.  LOL!

Over at the BlowHorn [CNBC], nary a criminal syndicate Wall Street banker ever thinks he is wrong...even as the stock he just recommended the previous day, and based on some loosely sewn together tatters of thought, plunges after reporting "unexpected" things.  Instead, he simply moves on to his next bit of gathering notions as if the world was still waiting with baited breath.

I give the example of John Najarian, an options junky extreme constantly involved in his revelations of insight based on "unusual activity" in things.  This is the same man who once said, "If I could buy one stock right now and put it away, I'd take Energy Conversion Devices."  He said the same of Akami not two months ago, as well, and yet he never really faces up to his tattered shreds afterwards.

How about Cramer...who explicitly put people into Conoco Phillips as the stock was opening up $10 on news that it was breaking up...only to say nothing now down almost that entire amount...in days.  Perhaps, best of all was Joe Teranova's call, telling people to buy JC Penny on a day when it was up 18% due to the addition of a former Apple big wig.  Of course, that 18% is now a red number in the book of the fool who listens to fellows such as these.

Tatters.  That word could describe the entire criminal syndicate Wall Street banking industry.  There is nothing left of rigor there, or morality, or even common courtesy.  It has become the abysmal and parasitic creature, serving only itself in the nanoseconds it takes to cobble together its notions and dump them upon its customers with the speed of algorithms.

Nice work, sir.

 

Tue, 08/02/2011 - 02:15 | 1515884 BlackholeDivestment
BlackholeDivestment's picture

Cdad, I would love to give you http://www.youtube.com/watch?v=gPQ44FmimLM a thousand green arrows for that, so just think of One as a Thousand. http://www.youtube.com/watch?v=axHtNfAcJ8o&feature=BFa&list=PL0A0E78F933A920AC&index=7

http://bible.cc/proverbs/29-18.htm

 

Tue, 08/02/2011 - 08:34 | 1516203 Cdad
Cdad's picture

Thanks for the 1000 nods, Blackhole.  Rock on, dude...and spread the word that it is not safe.

Mon, 08/01/2011 - 21:28 | 1515290 PulauHantu29
PulauHantu29's picture

...and here is Mr El again from PIMCO:

"Regarding overwhelming government debt burdens, the outspoken El-Erian wrote in an article posted on Reuters: "Other than some short bursts, Europe and America are unable to sustain the sort of economic recovery that would make a meaningful dent in their debt dynamics…If they are unable to grow out of their debt problems, countries...can default, and let restructuring lower our debt burdens, albeit in a rather disorderly fashion; or we can implement austerity, spending less in order to generate cash to pay off our debt."

http://www.ai-cio.com/channel/NEWSMAKERS/PIMCO_s_El-Erian__Debt_Deal_Wil...

The "Q" is, "Will Japan continue to buy our 30 year bonds after today?

Tue, 08/02/2011 - 01:12 | 1515805 BlackholeDivestment
BlackholeDivestment's picture

The title of this article caught my attention, ''Snake Oil Economics'', fantastic.

It fits perfectly with the ''prophetic'' false offer and 2011 ''MARK down-the rabbit (black) hole we go''

 >>> http://newsfeed.time.com/2011/02/02/chinese-new-year-happy-4709-the-true-meaning-of-the-year-of-the-r                                                     

                                                  TO                                

                                ''Enter The 2012 Dragon MYTH''  

http://www.infoplease.com/spot/chinesenewyear1.html <<< call of the Great Wal Mart of China 

...and the ''Snake'' http://www.asia-home.com/china/animal/animal/6.php <<<(lol) ...set to come upon this generation. 

The employed (and deployed) whore(s) has forsaken all, for another bite   http://www.usbridalguide.com/special/chinesehoroscopes/Snake.htm <<<too funny) of the strong delusion (under water sign), ... which represents the ''Economics'' touted by the corrupt (occult) elite and leaders of the nations.

The point ''well defined'' (lol) within the article,  ...the rule of thumb and the nature of the new world order crowd riding the global market beast, is that ''Oil'' waxes into entendre gore ...and defines the Greece'd PIIGS etc... possessed by the mark of debt and all in possession by the ''Saved by Zero'' http://www.youtube.com/watch?v=euBzxXFEuA4 FIXX/attempt to hide the hole put in labor's gas tank, as labor is overcome by the ill-liquidity (inside the City of Babylon) offering of hopium to the entire global mass of people captured by the new (loss) tax burden now required by the number of the self devouring beast.

...for it is a human number. http://www.youtube.com/watch?v=q9kT37eIkaY 

 http://www.youtube.com/watch?v=h2qy2wrwY-Q   There is no rate of return to sell ''by the numbers'', do to the want of addicts http://www.youtube.com/watch?v=4qzEswAvhkQ and the power of temptation which has now sealed the seller's door and the buyer's black hole. What has been sewn by the thread is the Eye of the Needle. http://bible.cc/matthew/19-24.htm

To enter this market is evil, you must divest all the bullshit and get the beast to kneel. 

What does it all mean Alf? Is there really a question at this point? 

 '' ...if you drink from the BTFD Cup of Fornication etc... inside the 666 Citi sucker MC House of Card Sharks, ...and let the hopium run, you shall not die?

...if you eat the children, the image of the beast, which is your own aborted image, you will not die?

...seriously, all the gains inside the ''Snake Oil Economics'' are false, like the numb-bbbers

                                            ...and this means war

                                         upon the whole market beast

                                          MARKED AND SEALED TO DIE

                                                ''Snake Oil Economics''

                                                          ...is EVIL

BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOM

Tue, 08/02/2011 - 01:55 | 1515865 tony bonn
tony bonn's picture

gdp is the most obnoxious ignorant playdough poop to ever fall out of an econoquack's ass.

Tue, 08/02/2011 - 02:21 | 1515888 Yen Cross
Yen Cross's picture

 Who worked my Bloomberg terminal? My   rtt FEED IS  LIMP AS WELL.

  Effin poachers!

Tue, 08/02/2011 - 03:27 | 1515937 Tarjan
Tarjan's picture

Sorry, but this article ‘tis all so much ponderously excessive drivel.

 

Tue, 08/02/2011 - 18:27 | 1518696 BigJim
BigJim's picture

I bet Frank would have understood it.

Maybe you need a new avatar?

Tue, 08/02/2011 - 04:16 | 1515983 natty
natty's picture

The Texans have taken a big step towards improving their 32nd-ranked pass defense, agreeing to terms on a five-year deal with free agent cornerback Johnathan Joseph, Sports TV’s Adam Schefter reports. Johnathan Joseph will wear Albert Haynesworth Patriots Jersey and play for Houston Texans next five seasons. Joseph’s contract is worth $48.5 million, with 23.5 million guaranteed, and a $12.5 million signing bonus, complimentary of John McClain from the Houston Chronicle. A 2006 first-round pick out of South Carolina, Joseph has 272 tackles and 14 interceptions during his 67-game career. Joseph has returned three of those interceptions for touchdowns. Joseph will likely be paired with 2010 first-round pick Kareem Jackson to form the Texans’ starting cornerback duo. The Texans are moving Glover Quin from cornerback to free safety. Despite having plenty of cap under the salary cap, the Bengals declined to use the franchise tag on Joseph in February, clearing his path to unrestricted free agency. You can log on our Online NFL Shop and select our best quality Albert Haynesworth Patriots Jersey and Cheap Donovan McNabb Vikings jersey if you are true fans of Houston Texans.

Tue, 08/02/2011 - 06:25 | 1516056 Withdrawn Sanction
Withdrawn Sanction's picture

 An amphetamine junkie getting his next fix by spending the contents of the old woman’s purse he just snatched generates more instant GDP than an engineer sitting quietly at his desk, trying to puzzle out a radical new way to create more useful output with less input

Well, not exactly.  The meth-crazed purse snatcher makes no contribution to GDP plus or minus, strictly speaking.  The value granny loses, is offset by the value he "gains."  There is no net value added (the basis of national income and product acctg).  His actions are technically termed transfers and in this he acts a lot like government.   Both are non-productive undertakings and for similar reasons.

The article does make a good if belabored point:  that aggregates do not interact.  The overall unemployment rate, for example, is simply a tally of millions of individual hire/fire decisions.  So any economist or politician who claims to want to change national unemployment rates by, say, changing median wages or jiggering the inflation rate (ahem, Phillips, Im looking in your direction), is a fool or a liar.

 

Tue, 08/02/2011 - 18:30 | 1518703 BigJim
BigJim's picture

An amphetamine junkie getting his next fix by spending the contents of the old woman’s purse he just snatched generates more instant GDP....

I think the key word here is 'instant'.

Tue, 08/02/2011 - 07:18 | 1516085 ToNYC
ToNYC's picture

 

The amphetamine junkie stealing the old woman's purse is better known as Congress. The product is energy arbitrage of life's savings interest income to corporate welfare. Only voters who bleed are entitled to representation.

 

Wed, 09/14/2011 - 04:22 | 1667249 chinawholesaler
chinawholesaler's picture

Wholesale Gift Bags
Solar Products

Fishing Supplies
Christmas Gifts
Wholesale Swimming Products

Beauty Equipment
Wholesale Radio
Wholesale Candle

Poncho Raincoat
Wholesale Toys
Christmas Gifts

Wholesale Socks
Lady Beauty Care
Mouse Pad

Wholesale Mat
Wholesale Shoe
Wholesale Stress Ball

Wholesale Magnifier
Arts Crafts
Reflective Safety Vest

Safety Suppliers
Wholesale Clothes Rack
Silicone Wallet

Wholesale Bookmark
Wholesale Vase
Wholesale USB Flash Drive

Wholesale Glasses
Wholesale Keyboard
Wholesale Speakers

Wholesale Binoculars
Wholesale Golf Products
Wholesale Clothing

Stuffed Animals
Electrical Gifts
Fishing Supplies

Mouse Pad
Heating Products
Wholesale Ruler

Lady Beauty Care
Wholesale Mat
Wholesale Shoe

Wholesale Toys
Wholesale Bag
Promotional Gifts

Promotional Gifts

Sun, 09/18/2011 - 07:27 | 1681576 nickadam
nickadam's picture

Pretty section google index of content. I just seo book stumbled upon forum posting your site blog posting and in google seo accession seo tutorial capital to learn seo assert that seo for beginners I get actually seo tools enjoyed account your google page rank blog posts. social media marketing Any way on page seo I’ll google optimization be subscribing to your white hat seo feeds and even I acmeta tag generator hievement you access consistently quickly

Do NOT follow this link or you will be banned from the site!