text:
Talk:Savings and loan crisis
|This article is of interest to the following WikiProjects:
- 1 grammar ambiguity
- 2 Opinion and economic theory
- 3 NPOV Tag, Citations
- 4 Savings and Loan crisis
- 5 Causes of the Crisis
- 6 Details of the response
- 7 Sentence removed from info
- 8 Banc
- 9 Slight Bias?
- 10 an extremely flawed monetary policy
- 11 The Savings and Loan Crisis
- 12 Someone asks, And just out of curiosity, exactly who "created" this extremely flawed monetary policy?
- 13 I think this article should be moved
- 14 Criticism of this article
- 15 One "Causes" section
- 16 Renaming
- 17 Strange lack of mention of how G.H.W. Bush kept the bailout off the federal budget...
- 18 Grammatical Issue / Clarity
- 19 No mention of Ronald Reagan & Garn St Germain Act
- 20 Profit?
- 21 Mistaken Taxpayer Total Cost
- 22 Interactions with "Savings and loan association" article
- 23 Control Fraud
- 24 Jim Wright
- 25 Prosecutions?
- 26 Major causes and lessons not learned per William K. Black
- 27 Failures (incomplete sentence)
- 28 Very Poorly Written!!!
- 29 Sources modified on Savings and loan crisis
grammar ambiguity[edit]
"Deregulation of the S&L industry, combined with regulatory forbearance, and fraud worsened the crisis" is ungrammatical. If you REmove the comma after 'industry', then two things happened, the combining and the worsening. If you remove the comma after 'forbearance' and place it after 'fraud', two factors caused a third thing. As it stands, it seems to say that fraud, alone, worsened the crisis, which is probably not the intent.Cyranorox (talk) 16:41, 22 September 2015 (UTC)
Opinion and economic theory[edit]
This article is rife with opinion stated as fact. It needs a general edit, where views are attributed to particular economic theories. There is no real-world consensus on causes of large-scale economic facts, and this should be a basis of objectivity, ie, a Von Mises type or Keynesian type explanation should be so labelled. As for what Reagan did, or what good regulation does - what regulation? what details? - it needs to be identified as various opinions, unless it is a bill, speech, or official publication. Cyranorox (talk) 16:11, 22 September 2015 (UTC)
NPOV Tag, Citations[edit]
Reverting to reverse-chronological talk page because someone posted a really long history lesson at the top of the page. I noticed that this article had some very strange POV language in the opening section, and I noticed that the general POV problems have been gently brought up by others over the last few years as well. Also noticed a lack of sources in the opening section, after the first two paragraphs. I'm not sure that screed is very helpful at all. Maybe it should be scrapped altogether? Would be nice to see some improvement on this article, and I fear I don't have the expertise. Terez27 (talk) 13:41, 3 February 2012 (UTC)
Savings and Loan crisis[edit]
From a systems viewpoint, commercial banks as contrasted to financial intermediaries (S&Ls, MSBs, CUs), never loan out existing deposits (saved or otherwise) including existing DDs, or TDs or the owner's equity or any liability item. When CBs grant loans to or purchase securities from the non-bank public (which includes every institution and every person except the commercial and the reserve banks), they acquire title to earning assets by the creation of NEW money-DDs.
The lending capacity of the member CBs of the Federal Reserve System is limited by the volume of free legal reserves put at their disposal by the Federal Reserve Banks in conjunction with the reserve ratios applicable to their deposit liabilities (DDs, TDS, &Euro-dollar borrowings), as fixed by the Board of Governors of the Federal Reserve System.
The high degree of liquidity and shift ability which the Reserve Banks and numerous other federal financial institutions provide the CBs, make it possible to treat free bank reserves purely as a credit-control device rather than as reserves in the traditional sense, as assets that can be utilized to meet emergency cash demands on the banks.
Since 1942, money creation is a system process. No bank, or minority group of banks (from an asset standpoint), can expand credit (create money), significantly faster than the majority banks expand.
From the standpoint of the individual commercial banker, his institution is an intermediary. An inflow of deposits increases his bank's clearing balances, and probably its free legal reserves – and thereby it's lending capacity. But all such inflows involve a decrease in the lending capacity of other commercial banks (outflow of cash and due from bank items), unless the inflow results from a return flow of currency held by the non-bank public, or is a consequence of an expansion of Reserve Bank credit. Hence, all CB liabilities are derivative.
That is, CB time/savings deposits, unlike savings accounts in the "thrifts", bear a one-to-one relationship to demand deposits. As TDs grow, DDs shrink pari passu, and vice versa. The fact that currency may supply an intermediary step (i.e., DDs to currency to TDs, and vice versa) does not invalidate the above statement. For example, it was not by happenstance that the $27 billion decline of DDs from Nov. 1980 to May, 1981 is almost exactly matched by the growth of CB ATS accounts and negotiable CDs. If the member CBs were operating with an excess volume of free legal reserves, then it could be said that the volume of bankable investments was inadequate, and that the intermediaries were acquiring investments or loans the CBs would otherwise hold. But the member CBs had no excess legal lending capacity, and the non-member CBs were presumably operating at their economic limits. In other words, monetary savings are never transferred to the intermediaries; rather monetary savings are always transferred through the intermediaries.
Indeed as evidenced by the existence of "float", reserve credits tend, on the average, to precede reserve debits. Therefore, it is a delusion to assume that savings can be "attracted" from the intermediaries, for the funds never leave the commercial banking system. Consequently, the effect of allowing CBs to "compete" with MMFs and other intermediaries has been, and will be, to reduce the size of the intermediaries (as deregulation of S&L's did in the 80's) – reduce the supply of loan-funds (available savings), increases the proportion, and the total costs of CB TDs.
Contrary to the DIDMCA underpinnings, member commercial bank disintermediation is not, and has not been, predicted on interest rate ceilings. Disintermediation for the CBs can only exist in a situation in which there is both a massive loss of faith in the credit of the banks and an inability on the part of the Federal Reserve to prevent bank credit contraction, as a consequence of currency withdrawals. The last period of disintermediation for the CBs occurred during the Great Depression, which had its most force in March 1933. Ever since 1933, the Federal Reserve has had the capacity to take unified action, through its "open market power", to prevent any outflow of currency from the banking system.
The public, seeking to cash their deposits, would soon have a surfeit of paper money. A general run on the banks is impossibility. Where the Federal Deposit Insurance Corporation cannot handle the situation (Continental Illinois, for example), the Fed will guarantee the liquidity of the bank's deposits. In other words, a liquidity crisis leading to the wholesale failure of commercial banks is impossible. Where banks are allowed to fail, or are absorbed into solvent banks, customers never suffer losses if their deposit does not exceed $100,000. The fed intervened in the Continental case because many corporations, foreign and domestic, had deposits far in excess of $100,000
However, disintermediation for financial intermediaries-S&Ls, MSBs, CUs, etc., is predicated on their loan inventory (and thus can be induced by the rates paid by the commercial banks); earning assets with historically lower rate and longer term structures. In other words competition among commercial banks for TDs has: 1) increased the costs and diminished the profits of commercial banks; 2) induced disintermediation among the "thrifts" with devastating effects on housing and other areas of the economy; and 3) forced individual bankers to pay higher and higher rates to acquire, or hold, funds.
Savers (contrary to the premise underlying the DIDMCA in which CBs are assumed to be intermediaries and in competition with thrifts) never transfer their savings out of the banking system (unless they are hording currency). This applies to all investments made directly or indirectly through intermediaries. Shifts from TDs to DDS within the CBs and the transfer of the ownership of these DDS to the thrifts involves a shift in the form of bank liabilities (from TD to DD) and a shift in the ownership of DDs (from savers to thrifts, et al). The utilization of these DDs by the thrifts has no effect on the volume of DDs held by the CBs or the volume of their earnings assets. In the context of their lending operations it is only possible to reduce bank assets and DDs by retiring bank-held loans, e.g., the only way to reduce the volume of demand deposits is for the saver-holder to use his funds for the payment of a bank loan, interest on a bank loan for the payment of a bank service, or for the purchase from their banks of any type of commercial bank security obligation, e.g., banks stocks, debentures, etc.
The financial intermediaries can lend no more (and in practice they lend less) than the volume of savings placed at their disposal; whereas the commercial banks, as a system, can make loans (if monetary policy permits and the opportunity is present) which amount to server times the initial excess reserves held. Financial intermediaries lend existing money which has been saved, and all of these savings originate outside the intermediaries; whereas the CBs lend no existing deposits or savings; they always, as noted, create new money in the lending process. Saved DDs that are transferred to the S&Ls, etc., are not transferred out of the CBs; only their ownership is transferred. The reverse process, which is called "disintermediation", has the opposite effect: the intermediaries shrink in size, but the size of the CBs remains the same.
Beginning in the late 1950's, the commercial bankers made a determined effort to get a "bigger piece of the action" in the home loan business. It unfortunately coincided with the influx of Keynesian economists into high positions in the government as well as in the universities. The Keynesians made no distinction between credit (money) creating institutions and financial intermediaries (loan-funds). Individual bankers are entitled to subscribe to such ignorance, since their experience is that of an intermediary. Economists should know how the system operates.
Professional economists have no excuse for misinterpreting the savings investment process. They are paid to understand and interpret what is happening in the whole economy at any one time. For the commercial banking system, this requires constructing a balance sheet for the System, an income and expense statement for the System, and a simultaneous analysis of the flow of funds in the entire economy. From a System standpoint, time deposits represent savings have a velocity of zero. As long as savings are held in the commercial banking system, they are lost to investment. The savings held in the commercial banks, whether in the form of time or demand deposits, can only be spent by their owners; they are not, and cannot, be spent by the banks.
In the General Theory, John Maynard Keynes gives the impression that a commercial bank is an intermediary type of financial institution serving to join the saver with the borrower when he states that it is an "optical illusion" to assume that "a depositor and his bank can somehow contrive between them to perform an operation by which savings can disappear into the banking system so that they are lost to investment, or, contrariwise, that the banking system can make it possible for investment to occur, to which no savings corresponds." In almost every instance in which Keynes wrote the term bank in the General Theory, it is necessary to substitute the term financial intermediary in order to make the statement correct. Perhaps this is the source of the pervasive error that characterizes the Keynesian economics, the Gurley-Shaw thesis the DIDMCA of March 31st, 1980, the Garn-St. Germain Depository Institutions Act of 1982, etc.
From a system standpoint TDs constitute an alteration of bank liabilities, their growth does not per se add to the "footings" of the consolidated balance sheet for the system. They obviously therefore are not a source of loan-funds for the banking system as a whole, and indeed their growth has no effect on the size or gross earnings of the banking system, except as their growth affects are transmitted through monetary policy.
Lending by intermediaries is not accompanied by an increase in the volume, but is associated with an increase in the velocity of money. Here investment equals savings (and velocity is evidence of the investment process), where in the case of the CB credit, investment does not equal savings but is associated with an enlargement and turnover of new money. The difference is the volume of savings held in the commercial banking system is idle, and lost to investment as long as it is held within the commercial banking system. Such a cessation of the circuit income and transactions velocity of funds, funds which constitute a prior cost of production, cannot but have recessionary effects in our highly interdependent pecuniary economy. (Stagflation was the inevitable outcome of increases in REG Q ceilings since 1965).
With this rationale, the banker's were accommodated by our legislators (the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Banking and Financial Services, U.S. House of Representatives & the Committee on Banking, Housing, and Urban Affairs, U.S. Senate) when they wanted interest ceilings (Regulation Q) raised and when they desired lower reserve ratios (in spite of the Board of Governors independence).
In the early sixties, the bankers at Citicorp invented the negotiable CD. It proved highly successful – at least from the standpoint of Citicorp. The cost of acquiring funds was less than the net returns on the additional earnings assets Citicorp was able to acquire. But Citicorp's profits were at the expense of other banks since all the funds that Citicorp acquired by this method came from other commercial banks. This institutional innovation allows all of us, from the Treasurers of the largest corporations to the smallest savers, to hold any temporary surplus cash in an interest bearing account which can be shifted at little or no cost, and no loss of accumulated income, into DDs or currency.
Years later, the bankers at Citicorp originated the LDC loan. In May of 1987, Citicorp was obligated to add 3 billion, 25%, to its loan-loss reserves, because of non-performing foreign loans. The severe penalty attached to holding idle cash balances puts pressure on loan officers to seek higher and higher rates. Not only are marginal loans acquired by this process, but also many otherwise good loans become marginal at these lofty rates. Default is the inevitable consequence. Add to the above the erroneous Keynesian concept that the volume of money could be controlled through the manipulation of the federal funds rate. The vast and inflationary expansion of the money supply and the transactions velocity was inevitable.
The liquidity problems of the S&Ls has been especially acute largely because of sharply rising interest rates in the 70's and early 80's combined with their longtime competitive need to "borrow short and lend long". This, in turn, led may S&L managements to accept "brokered" loans. Further compounding the problem was the action of Congress and State legislators, under the rubric of competition, allowing S&Ls to engage in almost any type of lending, from direct developer financing to the right to purchase "junk" bonds. Unfortunately many S&L managements, responding to apparent economic necessity, or because of greed and/or incompetence, engaged in reckless financial practices.
The maximum government guarantee on a single account is legally $100,000, but due to the widespread practice, especially in dealing with the larger institutions, of substituting assumption for liquidation, the guarantee is actually without limits. Accompanying these open-ended guarantees, managements have been given more and more freedom, or license, to compete. Little wonder that many managers abuse these discretionary powers to enrich themselves and their collaborators. After all, other institutions and ultimately the federal government (the taxpayer) acting through the FSLIC, etc., would "pick up the tab".
Because of the resultant regulatory environment, financial intermediaries were not able to compete, prior to, or since, the DIDMCA, even in the absence of interest rate ceilings for the thrifts, (see Jan-Jul 1966 period, REG Q was raised from 4.5 to 5.5 percent) whenever the majority of CBs chose to pay higher rates. Note the Board raised CB REG Q ceilings to "bail out" certain large New York City banks. Their CDs has the instrumentality and marketability and liquidity qualities of Treasury bills. Its use enabled these large banks to draw funds out of other banks all over the country and indeed the world. By late 1965 market interest rates had risen to levels that no longer made 4.5 percent CD's attractive. Consequently as they matured they could not be replaced, the issuing banks had large outflows of funds and faced a liquidity crisis.
The Board should have insisted from the beginning that large banks as well as small banks follow the old fashioned practice of storing their liquidity. They should not have been permitted to attempt to buy their liquidity through an open market instrument. Essentially the negotiable CD is a device for buying liquidity. But it obviously cannot fulfill this function if the issuing banks do not have the option of raising the rates they pay to meet any market conditions that may prevail.
The ballooning flow of money in the economy gave us double digit inflation and double digit interest rates. Disintermediation of the thrifts began in the 1960's and accelerated after that. It is interesting that we apply the concept of disintermediation to thrifts but not to the commercial banks. It is proper, however, because withdrawal of funds from thrifts reduces their size. Transferring deposits from the commercial banks to the thrifts simply results in a shift of ownership of demand deposits in the commercial banks. I.e., the thrifts are customers of the commercial banks.
Furthermore, the thrifts were especially vulnerable because they were forced by competitive conditions and the nature of their business to borrow short and lend long. This unnecessary and unequal competition of the thrifts with the commercial banks resulted in a deterioration of the credit worthiness of the thrifts. The response of the monetary authorities and state legislatures was to give the thrifts more and more discretion in lending.
Unfortunately, state-chartered thrifts had the same access to FSLIC guaranteed deposits as the most rigidly controlled federal thrifts. In October, 1979, Paul Volker had the manager of the open market account largely eliminate the pegging of the federal funds rate, but most of the damage had already been done. There was enough money in the economy and rate of flow sufficient to finance the real estate inflation throughout the country. In due course, the inevitable collapse followed.
As S&L managers were allowed to become real estate developers with many opportunities for self-dealing, it came as no surprise that greed and fraud reached monumental levels in the thrift industry. The Keating five political scandal, "implicated 5 U.S. senators influencing and peddling a scheme to assist Keating. Three of those senators — Alan Cranston, Don Riegle, and Dennis DeConcini — found their political careers cut short as a result".
The depth of the financial fiasco is revealed by the rescue of the thrift industry. The FSLIC became controlled by the FDIC, and the Federal Home Loan Bank Board was absorbed into the U.S. Treasury. There was a wave of savings and loan association failures (1043) in the United States. The cost of the bailout of the Federal Savings and Loan Insurance Corporation (FSLIC) was $519 billion or more. of which $125 billion was borne by the taxpayer. This contributed to the large budget deficits of the early 1990s.
The Resolution Trust Company was created in 1989, underwritten by the taxpayer, which issued billions in bonds to finance the liquidation or the corporation will transfer the ailing thrifts to solvent institutions. As receiver, it sold assets of failed S&Ls and paid insured depositors. The Financial Institutions Reform Recovery and Enforcement Act of 1989 edict (FIRREA) is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation (RTC) to close hundreds of insolvent thrifts and provided funds pay out insurance to their depositors. It moved thrift regulatory authority from the Federal Home Loan Bank Board to the Office of Thrift Supervision (OTS) (within the United States Department of the Treasury) to regulate thrifts. In 1995, its duties were transferred to the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation.
In retrospect, the banks as well as the thrifts should have been subject to more intense, not less, regulation. In re-organizing our financial institutions the first requirement is to recognize that the competitive freedoms of the mercantile marketplace cannot be applied to the institutions that create our money, or protect our savings. More that 75 years ago this wisdom was recognized by the inauguration of the FDIC, the FSLIC, and many other changes in our banking structure. Deregulating financial institutions to the extent that the thrifts have been deregulated, combined with the governments' guarantee of the liabilities of these institutions, was an invitation to financial disaster. In 1995 its duties, including insurance of deposits in thrift institutions, were transferred to the Savings Association Insurance Fund.
Why did a system that operated so successfully for almost four decades under the aegis of the FSLIC slide into the present financial quagmire? The story, of course, involves various villains, but fraud and excessive greed are not unique to the S&L industry. The basic flaw has been institutional, resulting from a pervasive misconception of the fundamental differences between the commercial banks, the money creating institutions, compared to the S&Ls which are intermediaries in the savings-investment process. Given the unnecessary and unreal competitive situation arising from these misconceptions, even otherwise qualified S&L administrators proved to be inadequate.
To the individual commercial banker, S&Ls were obviously competitors. Funds transferred from his bank to an S&L usually resulted in a loss of deposits, and often the opportunity to make a bankable loan. Bankers, Congress, and most of the banking authorities have simply not been able to think and to fashion our financial institutions in a systems context. From a system standpoint the S&Ls and the commercial banks are not competitive, but have a relationship that can be mutually beneficial to the economy.
It is obvious that demand deposits, which have been saved, cannot be beneficial to the economy unless they are invested. As long as savings are held in the commercial banks in the form of demand or time deposits, these deposits are not financing investment, or indeed anything; their transactions velocity is zero. If, on the other hand, these deposits are transferred through the S&Ls, or any other financial intermediary, they are invested or otherwise put to work. Such use of deposits does not change the volume of deposits in the commercial banks, merely their ownership.
The activation of these deposits increases employment, the demand for varieties of goods and services – and the opportunities of the commercial bankers to make bankable loans. The "loan pie" is not a fixed entity; it grows when the economy grows.
The commercial banks do not, and cannot, loan out existing deposits, demand or time. The commercial banks, in dealing with the nonblank public, including the U.S. government, create new demand deposits in exchange for the earning assets which they acquire. All time deposits are derived from demand deposits.
The commercial banks can force a contraction in the size of the S&L system, and created liquidity problems in the process, by outbidding the S&Ls for the public's savings. This process is called "disintermediation", and economist's word for going broke. The reverse of this operation, as implied in the analysis above, cannot exist. Transferring saved demand or time deposits through the S&Ls cannot reduce the size of the commercial banking system. Deposits are simply transferred from the saver to the S&L to the borrower, etc.
The drive by the commercial bankers to expand their savings accounts has a totally irrational motivation, since it has meant, from a systems standpoint, competing for the opportunity to pay higher and higher interest rates on deposits that already exist in the commercial banking system. But it does profit a particular bank, Citicorp, to pioneer the introduction of a new financial instrument such as the negotiable CD until their competitors catch up; and then all are losers. The question is not whether net earnings on CD assets are greater than the cost of the CDs to the bank; the question is the effect on the total profitability of the banking system. This is not a zero sum game. One bank's gain is less than the losses sustained by other banks.
This fundamental misconception of the role of the commercial backs vis'vis the S&Ls in the savings-investment process did not create financially lethal problems for the S&Ls as long as the commercial banks did not, or could not due to the interest rate ceilings, pursue and aggressive policy to expand their time deposits.
As late as 1956, member banks were paying an average rate of only 1.5 percent on their time deposits. The fed capped the interest rate member banks could pay through its Regulation Q, and the FDIC followed the practice of applying the same rate structure to all insured nonmember banks. As a consequence of the unprecedented housing boom following WWII the S&Ls prospered and grew; and at a much faster rate than the commercial banks. This intensified the desires of the commercial bankers to "get a piece of the action".
Because of the Fed's pegging policy on the federal funds rate, bankers knew that to obtain additional legal reserves and lending capacity, they could go into the federal funds market, bid up the rate, and the Fed would respond with net open market operations. This they did, all the while agitating for higher and higher interest rate ceilings; and the Fed, and consequently the FDIC, accommodated them. Thus was more and more debt monetized, and the inflationary consequences pushed inflation and interest rates to double digit levels.
Further evidence that the Fed has based its policies on the incorrect assumption (that in their time deposit activities the commercial banks act as intermediaries in the savings-investment process), is the virtual elimination of all interest ceilings and reserve requirements on time deposits. Further compounding these errors, the Fed, the Comptroller of the Currency, and State agencies have allowed the introduction of negotiable CDs, ATS, NOW accounts and finally those interest bearing demand accounts called Money Market Deposit Accounts. The development of ATS accounts, Super Now accounts, and MMDA's coincided with the passage of the DIDMCA.
With the enactment of the Garn-St. Germain Depository Institutions Act of 1982, banks were no longer constrained by interest rate ceilings, the banks extended credit with essentially no restraints. Note: the DIDMCA created the legal framework for the addition of 38,000 commercial banks to the 14,000 we already had. Lending by the thrifts is not inflationary. Lending by the CBs is inflationary. Note: the DIDMCA was a replay of 1966; just wider in scope.
The cumulative effect has been to transform virtually all time deposits into the economic equivalent of demand deposits, since the holders of these accounts can on demand, or in the marketplace, convert these holdings without significant delay into demand deposits. As a consequence, the transactions velocity of demand deposits has vaulted.
What should be done? As a long-term proposition, gradually lower REG Q ceilings until the commercial banks are out of the savings business. Then we could remove all other interest ceilings. What would all of this do? The commercial banks would be more profitable - if that is desirable. Why? because the source of all time deposits is demand deposits directly via the currency route or through the commercial banks undivided profits account. Money flowing "to" the intermediaries actually never leaves the commercial banking system as anybody who has applied double-entry book-keeping on a national scale should know. The growth of the intermediaries cannot be at the expense of the commercial banks. And why should the banks pay for something they already have? I.e., interest on time deposits
The S&Ls, which for competitive reason had to borrow short and lend long, obviously had to endure heavy losses. Unfavorable interest rate differentials were the principal risk of the S&Ls, while loan delinquency was much less a problem for the S&Ls as compared to the commercial banks Both institutions have suffered the consequences of gross mismanagement of our money, much of which was the consequence of pressures initiated by the commercial bank and S&L interests.
Our money and savings require a special fiduciary relationship on the part of commercial banks, the S&Ls, and all other involved institutions. It cannot be fostered by deregulation. The scope of the operations of these institutions must be severely circumscribed and subject to rigorous and informed supervision.
The deterioration of our financial infrastructure has many causes; the chronic mismanagement of our money system since the early 60s; the confusion of economic competition with financial permissiveness; the blurring (by law and administrative practices) of the important distinction between money creating institutions and financial intermediaries; and a seeming unwillingness of the monetary authorities, especially in the Federal Home Loan Bank Board and the FSLIC, top adequately monitor the S&Ls and take appropriate action to prosecute obvious fraudulent management practices especially in many of the large S&Ls in Texas and California. It is estimated that at least 70- percent of the losses to the FSLIC were concentrated in these two states; 50 percent in Texas alone. Even most of the special problem commercial banks under the jurisdiction of the FDIC were located in Texas. In Jan 1987, the government accounting office announced that the FSLIC was insolvent. In a risk less lending environment, (that is one in which there is no credit or inflation risk) long-term rates tend to fluctuate in a 2 to 4 percent range and short rates (e.g. Treasury bills) around one percent.
For many years, before and during WWII, the Post Office paid savers a two percent rate, (the U.S. Post Office once conducted a savings account business),m and the federal government financed its debt with Treasury bills yielding less than 1 percent and long-term bonds yielding around 2-2 ½ percent.
When the federal funds rate reached a level of nearly 18 percent in 1981 there was obviously a high rate of inflation. Both Treasury bills and long-term U.S. government bonds reached their peak yields of approximately 15 percent in the same period, reflecting both a high rate of inflation and, for the bonds, a high expected rate of inflation and risk.
Between 1967 and the end or 1982 the CPI rose approximately 200 percent or at an average annual rate, in terms of base year prices, of more than 13 percent. Interest rates of course reflect current, not average, rates of inflation. The latter were in the 9 – 12 percent range in the 1979 – 1982 period. Interest rates also reflect the rates and expected rates of real property inflation. Inflation in land, buildings, and resources was usually far in excess of the CPI numbers. That largely explains why in 1981 the prime rate of major banks exceeded 20 percent.
The universal problem encountered by the S&Ls has been adverse interest rate differentials, the difference the S&Ls paid to attract and hold savings, and the return on long-term mortgage commitments made at an earlier and lower rate periods. During the late 70s and early 80s this adverse differential often amounted to more than four percentage points. Even for the most efficient S&Ls a positive spread of at least two percentage points was required to break even. Thus, the annual losses amounted to approximately 6 percent of loans outstanding.
Although the weakened condition of the S&Ls was unnecessarily exacerbated by commercial bank practices relative to their time deposits, the principal cause of their losses derived from the interest rate response to the high and accelerating rates of inflation that prevailed in the late 70s and early 80s. These devastating rates of inflation were the consequence of excessive monetary flows in the economy which, in turn, was the consequence of an extremely flawed monetary policy.
- And just out of curiosity, exactly who "created" this extremely flawed monetary policy?188.8.131.52 01:42, 11 April 2007 (UTC)
For the first 3 years of the Great Depression (September, 1929-June, 1932) Dr. Leland James Pritchard taught political economy courses in the Syracuse University Maxwell School of Public Administration, and earned masters in statistics. In the fall of 1932 he enrolled the Graduate School of Economics of the University of Chicago, He shared classes in business cycles, money and banking, monetary theory, and assorted theory courses with classmate - Milton Friedman. He read Keynes' two volume "A Treatise on Money", and all the available books on the Federal Reserve System, etc. He received his Ph.D. in economics and was elected Phi Beta Kappa. He served with the Federal Emergency Relief Administration, The Works Projects Administration, and The War Labor Board. Professor Pritchard has served both as Dean of the School of Business and as Chairman of the Economics Department at the University of Kansas. In 1962-1963, he was a Fulbright Lecturer in Ankara, Turkey. He was President (1963-1964) of the Midwest Economics Association. His extensive research and publication record display a broad knowledge of both Finance and Economic Statistics. His Money and Banking Texts (1958, 1964) were widely used and are perhaps the most literate of all recent American texts in economics. He left the Leland Pritchard economic scholarship for economic students. As he preached, the only thing he bought "on-time" in his life was his house. He owned a credit union in Grand Lake Colorado, He died a multimillionare.
Flow5 03:12, 31 January 2007 (UTC)
Causes of the Crisis[edit]
My first post (still learning about Wikipedia stuff)
I've started and sold several dozen banks & thrifts, and, as an investment banker during the S&L crisis period, saw many, many failures. The "Nature of Deregulation" section is very lopsided -- Deposit Brokerage, was, and is today, an important funding tool for financial intermediaries. As I see it, the prime factors of the Thrift crisis were:
- Lack of profit motive -- Prior to the crisis, most thrifts were mutuals, and technically owned by depositors. Without profit motive, the quality of management suffered. Management often answered to a Board of Directors heavily weighed toward closing attorneys and developers. In other words, no shareholders, no demands for financial performance from, or improving quality of management.
- Very poor regulatory environment - Thrifts were allow to pay as much as 1/4 percentage point more to attract depositors. They could also operate with 1/2 as much capital, and were required to invest deposits in relatively risky investments: real estate. Frankly, a sure formula for failure in time of high inflation.
Banks and Thrifts operate under a dual chartering system: State and National. Again, a key difference was the QUALITY of regulation. While Banking regulators were charged with protecting Safety and Soundness, many of the Thrift regulators were charged with promoting the Housing
John Bob 23:13, 8 December 2005 (UTC)
Details of the response[edit]
These corrections were suggested to me and I thought it would make sense to add them directly to discussion:
leaves out that: (a) the government did not bail out the S&Ls — it closed the S&Ls and bailed out depositors up to the $100k insurance limit, (b) loans could be highly "profitable" for an S&L short-term even if they were certain never to be repaid, and so could allow the owners of the S&L to pay themselves enough in dividends to get rich even though they were dooming the S&L as a company to eventual failure, and (c) if the owners were real crooks they'd have the S&L loan money to companies they controlled, with no intention of paying it back. To understand this you must realize that you could buy an S&L with $100 million in lending power for, say, $6 million, loan money from it to whatever businesses you pleased (including your own, and even even phony ones), get back the $6 million purchase cost by creating phony profits (loan the borrowers enough to pay ultrahigh interest in the first year), dump the mess in the taxpayers lap and walk away rich. -- M0llusk 06:16, 7 April 2006 (UTC)
Sentence removed from info[edit]
The sentence in the intro about the crisis being caused by "lack of regulation" is pov and unverified, thus I removed it. That opinion, as well as differing opinions on the matter, should be properly incorporated into the article. Paul 04:02, 9 April 2006 (UTC)
Didn't the term "banc" arise because the S&Ls could not legally call themselves "banks?" The banc page gives a different explanation. -- Gyrofrog (talk) 13:52, 30 June 2006 (UTC)
- The banc page explanation is correct - banks which have subsidiaries that engage in businesses other than banking but wish to retain the brand name of their parent institutions will use the "banc" moniker. S&L's would use other rubrics, such as "Trust", "Thrift", or "Saving Society". Ellsworth 19:30, 13 April 2007 (UTC)
Slight Bias?[edit]
Change wording of final paragraph on Senators McCain and Glenn, slightly biased, leaves reader thinking they got away with it, when in linked articles both are exonerated of all charges --SeanWDP
an extremely flawed monetary policy[edit]
Although the weakened condition of the S&Ls was unnecessarily exacerbated by commercial bank practices relative to their time deposits, the principal cause of their losses derived from the interest rate response to the high and accelerating rates of inflation that prevailed in the late 70s and early 80s. These devastating rates of inflation were the consequence of excessive monetary flows in the economy which, in turn, was the consequence of an extremely flawed monetary policy.(quote from Flow5's post)
- And just out of curiosity, exactly who "created" this extremely flawed monetary policy? --184.108.40.206 01:44, 11 April 2007 (UTC)
The Savings and Loan Crisis[edit]
One hardly knows where to begin. The entire existing section on the so-called savings and loan crisis is so wildly fictional that to correct the errors would be to throw out everything that now appears and to start afresh. The statements that I read, in simply skipping through the so-called explanations, ignored so many essential truths, like the fact that (1)the FDIC had no relationship to the savings and loan business, (2) in the states where the savings and loans were most hard-hit by the failure of loans--Texas, Oklahoma, Louisiana, Colorado, and other states in the oil producing region--there were more commercial bank failures, by a considerable number, than there were savings and loan failures (3) that the regulators were so high-handed in their forced closing of solvent savings and loan associations that the U.S. courts ordered the federal government to go back and reimburse the stockholders of some 200 associations an amount in the neighborhood of $20 billion for having wrongly taken over the institutions (4) that, at the same time the S&L were being pilloried, the outstanding loans of major commercial banks to "emerging nations" were so much greater than the reserves of those banks that the federal regulators had to enter into a subterfuge with the banks that allowed them to lend additional funds to their bankrupt borrower-nations so those nations could pay the overdue interest on the loans. (It kept the banks from having to take billions of dollars in writeoffs, which would have caused them to fail, but simply extended the outstanding debt of the emerging nations--debt that they already could not pay. This only scratches the surface. I strongly urge anyone with a sincere interest in this issue to look further for a credible explanation.
184.108.40.206 22:27, 23 June 2007 (UTC)William Waller
Someone asks, And just out of curiosity, exactly who "created" this extremely flawed monetary policy?[edit]
Nelson Aldrich, J.P. Morgan, Frank A. Vanderlip, and Paul Warburg were the principle architects, but it has been tweaked many times over the decades.
I think this article should be moved[edit]
According to the Wikipedia Manual of Style, article titles should follow this rule: Only the first letter of the first word, letters in acronyms, and the first letter of proper nouns are capitalized; all other letters are in lower case. Based on that, shouldn't the article be moved from Savings and Loan Crisis to Savings and Loan crisis? Anyone disagree? - Walkiped (T | C) 18:16, 1 December 2007 (UTC)
Criticism of this article[edit]
Take a look here - praise given and fault found by Mish's Global Economic Trend Analysis: [1] Shtove (talk) 12:14, 10 January 2008 (UTC)
One "Causes" section[edit]
The article needs one section on "Causes". I moved the two sections related to causes together. Also want to make sure the fact that the list of 15 causes was developed by United States League of Savings Institutions is noted in the section. There is also lot of information about the causes under the "Failures" section. —Preceding unsigned comment added by Halgin (talk • contribs) 02:32, 21 January 2008 (UTC)
I'm planning on moving this article to "Savings and loan crisis" (after I can get it deleted, as it's been re-redirected more than once and so is blocked from straight moving) following the policy under WP:CAPS; that formatting can be seen used by CNN, the Guardian, and and AP, for example. ~W
ik imancer X *\( ' ' ^) 23:37, 19 July 2008 (UTC)
Strange lack of mention of how G.H.W. Bush kept the bailout off the federal budget...[edit]
Besides the fact that the recounting of this crisis is obviously skewed to deflect blame from the Reagan and Bush admins, I find it curious that very little mention is made of how Bush managed to have HUGE deficits and the bailout for the S&Ls wasn't even counted against the deficit! Strikingly similar to the deceptive practice of G.W. Bush to keep the Afghan/Irag wars off the books. --Intentionally unsigned —Preceding unsigned comment added by 184.108.40.206 (talk) 18:29, 31 July 2008 (UTC)
Grammatical Issue / Clarity[edit]
"caps were lifted on rates and the amounts insured per account to $100,000." - what is this supposed to mean? Raised from $100k? Raised to it? —Preceding unsigned comment added by 220.127.116.11 (talk) 02:50, 19 September 2008 (UTC)
No mention of Ronald Reagan & Garn St Germain Act[edit]
(Heading added Lytzf (talk) 11:55, 14 February 2014 (UTC))
Posted by John Chalos on Friday August 28, 2009 firstname.lastname@example.com
How is President Ronald Reagan not mentioned on this page even once? Reagan's deregulation caused this crisis. See: http://en.wikipedia.org/wiki/Reagan_administration_scandals —Preceding unsigned comment added by 126.96.36.199 (talk) 22:04, 28 August 2009 (UTC)
- He didn't (Reagan that is). Don't know why people make these sort of claims. S&Ls were doomed much earlier, because they couldn't charge enough (interest rate on loans) to keep up with what they were paying out on deposits, on savings accounts. So they started doing risky deals to make up the difference. 10stone5 (talk) 20:21, 9 February 2015 (UTC)
There is no doubt that the Garn-St Germain Act signed by Reagan substantially contributed to the crisis. The fact that this not mentioned is a very strong POV bias which exonerates free market policies of Reagan. For extensive and detailed documentation of the effects of Garn St. Germain and its dramatic impact on the S&L industry, and its role in the crisis, see the book Inside Job: The Looting of America's Savings and Loan - by Pizzo, Fricker and Muolo. The book is available online Asaduzaman (talk) 00:24, 7 December 2015 (UTC)
I've been hearing that all the previous bailouts the government has done, in the end made the government money. Is this true of the S and L bailout? Did we get anything for our 124 Billion? —Preceding unsigned comment added by 188.8.131.52 (talk) 04:00, 23 September 2008 (UTC)
Mistaken Taxpayer Total Cost[edit]
The "Consequences" section of this Wikipedia article states at the end of 1999 the net loss to taxpayers of the S&L crisis was $40 billion, and cites Timothy Curry and Lynn Shibut, The Cost of the Savings and Loan Crisis: Truth and Consequences FDIC, December 2000.
However, the "Summary" section of the cited article (p.33) plainly states: "As of December 31, 1999, the thrift crisis had cost taxpayers approximately $124 billion and the thrift industry another $29 billion, for an estimated total loss of approximately $153 billion." This directly corresponds to the figures in Table 4: Estimated Savings and Loan Resolution Cost, 1986–1995 from the same cited article (p.31).
I believe the mistaken $40 billion figure comes from the "FSLIC Estimated Resolution Costs" section of the cited article (p.32). However, several other federal agencies were involved in the cleanup, including the RTC, whose combined efforts ended up costing the American taxpayer another $83 billion. So, the total taxpayer cost was approximately $124 billion, and not $40 billion. Again, see Table 4, and the "RTC Estimated Resolution Costs" section in the cited article (p.32). (Badlermd (talk) 02:06, 22 January 2009 (UTC))
Posted by John Chalos on Friday August 28, 2009 email@example.com
How is President Ronald Reagan not mentioned on this page even once? Reagan's deregulation caused this crisis. See: http://en.wikipedia.org/wiki/Reagan_administration_scandals
Interactions with "Savings and loan association" article[edit]
Much of this article needs to be removed and replaced with a link to the article on Savings and loan associations. —Preceding unsigned comment added by Monkthatgotfunk (talk • contribs) 16:42, 19 January 2010 (UTC)
Agreed. I'm going to go ahead and remove the section of the opening discussion that lacks citations. — Preceding unsigned comment added by Panaceus (talk • contribs) 11:43, 9 February 2012 (UTC)
Control Fraud[edit]
According to William K Black the Savings and Loan crisis was an example of Accounting Control Fraud. I beleive this deserves at least some mention.
- http://en.wikipedia.org/wiki/Control_fraud
- http://en.wikipedia.org/wiki/William_K._Black
- "When Fragile becomes Friable: Endemic Control Fraud as a Cause of Economic Stagnation and Collapse" by William K. Black
- "The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S & L Industry" by William K. Black - C-Span discussion
WjtWeston (talk) 19:50, 16 November 2010 (UTC)
Comment added by William K. Black (Associate Professor of Economics and Law, University of Missouri-Kansas City): Any discussion of the S&L debacle that ignores Akerlof & Romer's 1993 piece ("Looting: the Economic Underworld of Bankruptcy for Profit") is seriously deficient. Akerlof was made a Nobel Laureate in Economics in 2001 and he was writing about looting in one of his primary areas of expertise. His article on "Lemons" discussed two examples of anti-purchaser control frauds and explained how such frauds could produce a Gresham's dynamic that would lead to endemic fraud. FYI: Akerlof & Romer worked with James Pierce, the Executive Director of NCFIRRE (which reported that fraud was "invariably" present at the major S&L failures) and me in revising their drafts of the 1993 article to incorporate some of our findings. Akerlof & Romer concluded that deregulation was "bound to produce looting." 18.104.22.168 (talk) 07:24, 30 April 2012 (UTC)
- I added a paragraph in the introduction citing Black (2005) The Best Way to Rob a Bank. I felt I never understood that issue until I read Black, and then it became quite clear to me. I hope my edits there seem clear to others. DavidMCEddy (talk) 03:50, 3 September 2012 (UTC)
Jim Wright[edit]
The text claims, "Wright resigned May 31, 1989 after being found guilty by the House Ethics Committee." This is in error: Wright was indicted by the committee but resigned to avoid being tried. I will change the text on this point. DavidMCEddy (talk) 03:50, 3 September 2012 (UTC)
According to this interview with Bill Black, over 1000 people were successfully prosecuted of white collar crime http://www.davidmcwilliams.ie/2011/02/15/interview-with-bill-black Surely this is worth mentioning? --Brian Fenton (talk) 15:33, 21 February 2011 (UTC)
- Absolutely. I looked through the article in vain for any mention of this information. A father and daughter are brought up, but there is no link to them, nor any mention of anyone else convicted. I'd say that is a serious flaw. Jusdafax 03:37, 28 August 2012 (UTC)
Major causes and lessons not learned per William K. Black[edit]
This section gives way too much weight to one person's opinion. Also, it is written in the first person. It should be corrected and shrunk. Plazak (talk) 12:45, 26 March 2013 (UTC)
Failures (incomplete sentence)[edit]
(I forgot to title my new section!Lytzf (talk) 11:34, 14 February 2014 (UTC))
I found an incomplete sentence as written, and because I am not knowledgeable in the field being discussed, I leave it up to others to correct. It is second paragraph from last in "3 Failures" subheading above 3.1 Cincinnati:
- A Federal Reserve Bank panel stated the resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse selection incentives that compounded the system's losses.[21]
Here are three possible solutions that come to mind:
- A Federal Reserve Bank panel stated the resulting taxpayer bailout ended up being even larger than it would have been:
- Because moral hazard and adverse selection incentives that compounded the system's losses did what? (1. Missing words relating to action)
- *******
- Because Of moral hazard and adverse selection incentives that compounded the system's losses. (2. Change to "because of")
- *******
- Because moral hazard and adverse selection incentives compounded the system's losses. (3. Remove the word "that.")
Each offered solution completes the sentence, but may change the cause-and-effect.
Just from a grammatical viewpoint, I would rank the likelihood of a missing "of" as most likely, as I am quite familiar with typographical errors; I am forever correcting something that I've typed.
I am of the mind that the option of removing "that" would leave a somewhat poorly-worded sentence, so I would rank more likely there are missing action words and most likely there is the missing "of." [1]Lytzf (talk) 11:26, 14 February 2014 (UTC)
Very Poorly Written!!![edit]
Why is there no mention of Continental Illinois, the largest of the S&L failures?
What is the year when S&L crisis peaked? Peaked in no. of failures or total losses to government?
Why can't I find that information on the same year?
This article stinks! SystemBuilder (talk) 19:02, 2 March 2014 (UTC)
- Continental Illinois was not a Savings and Loan, did not go bankrupt because of the S&L crisis. Continental Illinois was a standard issue Commercial Bank, which failed because of poor commercial lending practices (well ... and probably some poor mortgage loans as well I'm sure). I've documented some of these poor practices in the Penn Square Bank article, where Continental made it a bad practice to purchase poorly secured Oil & Gas loans from badly run operators like Penn Square.
- ___
Sources modified on Savings and loan crisis[edit]
Hello fellow Wikipedians,
I have just attempted to maintain the sources on Savings and loan crisis. I managed to add archive links to 1 source, out of the total 1 I modified, whiling tagging 0 as dead.
Please take a moment to review my changes to verify that the change is accurate and correct. If it isn't, please modify it accordingly and if necessary tag that source with
{{cbignore}} to keep Cyberbot from modifying it any further. Alternatively, you can also add
{{nobots|deny=InternetArchiveBot}} to keep me off the page's sources altogether. Let other users know that you have reviewed my edit by leaving a comment on this post.
Cheers.—cyberbot IITalk to my owner:Online 17:34, 28 June 2015 (UTC)
- ^ My English classes back in the late 1960's


text:
Smeg UK's product training and development manager Joan Fraser shares some top tips on how to achieve a hi-tech open-plan space...
Fitting appliances retrospectively will always create extra costs, so we'd always recommend that you consider kitchen technology during the initial planning stages of an open-plan kitchen project.
Creating a sleek finish and maximising space is usually key and choosing compact, built-in appliances can help you do this. As these are only 45cm wide and can be fitted horizontally or vertically, they will fit neatly into small spaces.
Other factors to consider include: how you will integrate the appliances into the design and style of the kitchen? Where the hob should be placed; whether it is integrated or on a separate island unit? As well as the type of extraction you will need – a downdraft or ceiling hood?
Smeg's FAB28QB1 50s style retro fridge in crisp white. Priced at £979.
To help you plan, we recommend you envisage what you're going to use the space for and work around your most important needs. While there are essential appliances for every kitchen, there are others that may enhance your lifestyle. For example, if you enjoy entertaining, you may want to include extra technology, such as warming drawers to keep plates hot or a built-in coffee machine so you can serve cappuccino or espresso to guests. Or if you like to eat healthily then a combination-steam oven would be perfect for your kitchen.
In an open-plan kitchen, the appliances you choose should add to the overall décor of the space. While you will need to ensure that you take factors such as low sound levels and efficient extraction into account, design is equally as important.
| Smeg's SFP140B 60cm Linea
Pyrolitic Multifunction Oven in
white glass. Priced at £799.
|Smeg's SY92IPX8 90cm Symphony dual cavity
cooker. Priced at £1919.
For the cooking zone you may want to choose a bank of built-in appliances for a fluid look, or if you have a larger space you could opt for a range cooker, which will make a real focal point. For the wet zone, you might want to consider a sink with a coloured glass cover for a visual statement.
In the hob zone, think about the best type of extraction for you; whether you will want a downdraft or a ceiling hood extractor fan. Finally, you'll want the seating zone to be as comfortable as possible, so you could add in an electric or gas fire, such as Smeg's stunning L30FABE retro-style electric fire, to make an open space feel much cosier.
Keeping noise to a minimum is key in an open-plan living space. As conversation levels are usually around 59dB, choosing appliances with a lower noise level will make sure they don't spoil the room's ambiance.
Smeg's new SIH5935B 90cm Slider Touch Control Induction hob has three full power induction zones,
which all have their own individual timers. Priced at £869.
In the cooking zone, think about whether you want a fluid look with an induction hob and downdraft extractor that fits flush. The combination of these two appliances on a central island unit is an increasingly popular look in open-plan spaces. Or you may want to go in the opposite direction and add more personality with bolder colours and appliance designs.
Don't forget to think about accessibility of appliances too. For example, the dishwasher needs to be located somewhere that's easy to reach with plenty of space around it.

subset: commoncrawl


text:
The Luxury Visionaries 2016
While other couturiers might make clothes for oligarchs' daughters and trophy wives, Bouchra's clothes are for women who can, and do, dress themselves
When it's time for the couture shows, there is always much fretting and wringing of hands about whether they are still relevant and who can afford to buy this stuff and so on and so boring. While the big beasts – Chanel et al – splash out on ever greater spectacles that would put Gatsby's parties to shame, the week itself provides an opportunity for many a small brand to blossom and get the sort of attention that would be drowned out during a regular fashion week. The most notable of these is my favourite find of recent seasons: Bouchra Jarrar.
What Bouchra Jarrar has to offer amid the confectionery of fantasy and excess is pure Parisian cool. You can see it in her audience. At other couture shows you can spot the "customer section" glow of mahogany tans and collagen lips – at Jarrar shows you get pale, profound artists and the cream of the cool "It" girls.
After 10 years working closely with Nicolas Ghesquière at Balenciaga and then as head of Christian Lacroix couture, she knows a thing or two about precision cutting, fit and that singular French way of pulling a look together. Her collections are so crisp and sharp that they shriek desirability and yet somehow manage to stay low-key.
Bouchra, an unassuming, softly spoken French woman of Algerian decent, embodies her brand better than any customer. I popped in on her zen-like world for lunch recently. She works with photographs, shooting her pieces in progress and ruminating on them.
Unlike most designers, she doesn't use trend reference pictures: instead she dreams up her world - and wardrobe - from the shapes in her head, draping fabric, conjuring images, experimenting with her camera. Her atelier is tiny, though I have a feeling that won't be the case for long. She whispers rather than shouts about what she does and has been building a big following and a great name for herself quietly, steadily.
Bouchra Jarrar's clothes are shown during the couture week because she believes in "accessible couture", mixing exclusive, handcrafted pieces with ready-to-wear. She's not in the rat race cycle that enslaves most designers, churning out 4 - 12 collections for different drops in store. Instead, she's focused on her two shows a year, carving a niche for herself in the space opening between the ever faster ready-to-wear collections and couture.
While other couturiers might make clothes for oligarchs' daughters and trophy wives, Bouchra's clothes are for women who can, and do, dress themselves – for a life of parties, yes, but for work and action too. You can do stuff in her pieces rather than just lounge around supporting a cocktail; you can actually – shock, horror! – even walk in them. The best way to imagine one of her looks is to think of a day at work when you know you'll have to dash out to a glamorous function: her clothes help you glide seamlessly from one environment to another and look more than right in both.
This season's show was no exception: her trademark combo of trousers and tops are very un-couture in their practicality. The trousers are cut to perfection, but it's usually what's happening on the top half of the body that gets me excited – sleeveless jackets, beautifully tailored coats and biker jackets. What Bouchra has managed to achieve with them is her very own signature proportion of epaulette and lapel, a balanced equation between traditional codes of chic and very modern, somewhat masculine edginess.
Can you tell I'm a fan? I promise I hardly ever gush – but wearing her clothes I feel I'm in control, that I'm on the right side of fashion and forwardness, and that I could moonlight as a superhero should the need arise.
I recently wore a houndstooth grey and white ensemble – sounds so mumsy, right? Wrong. The full skirt and sleeveless jacket were feminine but also bold and powerful, and at no point did I feel like a Fifties housewife. I loved the silhouette, but more than that – I loved the feeling.


text:
A hand wrapped, custom built gift box that includes a personalized card and the following contents:
1 × Sugarfina // Hearts Afire
1 × The Social Type // Heart Matchbox
1 × Tops Malibu // Gold Sparklettes
1 × Tops Malibu // Heart Sparkler
Ready to build your own BOXFOX?
It's easy - Pick out your perfect products from our shop, fill up your box, and we'll send it off to your lucky fox(es). Done and done.


text:
When you are striving to have a successful business you need to be just as concerned about your employees as you are about revenue. Creating a positive workplace will increase productivity and improve the experience for your customers.
Get Physical
The workplace environment begins with the layout and objects within your business. You should periodically assess components of the physical environment to determine if they are conducive to the type of workplace you want. Periodically ask your employees if there are improvements you can make or maintain a suggestion box to collect information anonymously. Small problems, such as the lack of natural lighting or uncomfortable workplace furniture can make the environment miserable for your employees. Additionally, concerns with lighting or ergonomics can lead to lower productivity and more instances of minor ailments, such as headaches and musculoskeletal strain.
When possible, avoiding the traditional office or cubicle can improve the workplace environment. The physical boundaries created by walls can decrease communication between employees and can add to workplace stress. If changing the office layout is not an option, encourage employees to walk around and interact between their assigned duties or on breaks. Occasionally, have employees deliver messages in person–rather than through email–or hand out printed documents–instead of sending attachments. Incorporating some traditional methods of communication is an easy, but effective way to overcome physical barriers in your business.
Identify Engagement Issues
Employee engagement is an important and critical component of a good workplace environment. Not only do engaged employees promote better business-customer relationships, but engaged employees can affect the image of your business. When customers interact with employees who believe in the company's mission and have a vested interest in the success of your business, they will likely have a positive experience.
Consider implementing surveys, through a place like Scarlett Employee Surveys, to identify problems within your business. Although many businesses choose to have a yearly survey, it also helps to have surveys quarterly, since you may have changes in staff. This will help you identify problems quicker. Your surveys should be designed to address overall problems with engagement and be easy to analyze by department or team. It does little to help your business if you see overall engagement is high, but neglect to see a specific department scores abnormally low.
Not only can you determine overall problems, but you can possibly identify the source of the problem. For example, if there is a trend that disengaged employees feel they are not fully utilized or have no room to grow, it may be time to consider which opportunities exist in your business. Perhaps the overall environment of your business would improve if employees were reorganized to fill different roles or you made tangible opportunities for your employees to secure better positions within the business.
Try Team Building
No matter the type of business you have, employees working together in a healthy and productive manner will improve your business and boost morale. Consider implementing team building exercises to help employees become familiar with each other, especially if they work in different areas of your business. Team building exercises can range from activities that are fun or silly, to activities that are necessary for your business.
For example, if it is difficult to set aside time during the workday for team building activities, you may want your employees to work together on a project, such as creating next month's newsletter or deciding the appropriate items to order for the store. Although this task may be outside of their standard workplace duties, each employee can learn more about the strengths of the people around them and your employees may learn new skills in the process.
Many factors will influence the workplace environment of your business. By addressing the most common and influential concerns, you can help improve productivity and the morale of your employees.Learn More
When fuel is burned, the combustion process produces several gases. One of the gases is carbon monoxide, which most people are familiar with due to the dangers of inhaling carbon monoxide. However, many people don't realize that nitrogen dioxide is another dangerous gas that is also produced during combustion.
If your home has a furnace that operates with heating oil and/or you have gas-operated appliances, it's very important that you know about nitrogen dioxide because it can cause serious illnesses in you and your family members. Here's what you need to know about nitrogen dioxide and how to prevent it in your home.
Where Does Nitrogen Dioxide Come From?
Nitrogen oxide is produced when fuel of any type is burned, such as oil, wood, propane, gasoline, and diesel. The completed combustion produces nitrogen dioxide. This is a bit different from how carbon monoxide is produced. Carbon monoxide is made when the combustion process is not completed, such as when the furnace shuts off too soon and the oil did not combust. These gases are supposed to escape through a vent. Therefore, you'll want to make sure the vents of your combustible furnace and appliances are not blocked.
What Are the Health Risks of Nitrogen Dioxide?
Nitrogen dioxide irritates the eyes, nose, and throat, which can lead to breathing problems in people with asthma and other lung conditions, such as COPD (chronic obstructive pulmonary disease). These symptoms are typical when nitrogen dioxide is in low concentration and/or exposure has been limited. Obviously, health risks are more troubling when there's more of the dangerous gas in the air and/or there's been a prolonged exposure.
Symptoms of nitrogen dioxide poisoning and toxicity can include headache, abdominal pain and nausea. The person may choke and have shortness of breath. As the toxicity levels increase, the person may begin breathing rapidly and their heart rate may increase. A reduction in the amount of oxygen in their body could result in their fingers and toes turning blue.
Treatment for poisoning and toxicity will likely include oxygen treatment, which could be through mechanical ventilation or incubation in severe cases.
Is Nitrogen Dioxide Detectable by Human Senses?
In high concentrations, nitrogen dioxide has a reddish-brown color and a strong, pungent odor. However, the color and odor are undetectable when the gas is in low concentrations.
But just because you can't smell it doesn't mean it's not at a dangerous level. Prolonged exposure to nitrogen dioxide, even at minuscule amounts, can cause serious health implications. Also, the odor from nitrogen dioxide can paralyze your olfactory nerves, similar to how you get so used to an odor that you no longer smell it.
Are there Nitrogen Dioxide Detectors Available?
Similar to carbon monoxide detectors, there are nitrogen dioxide detectors available to install in homes that have appliances and furnaces that use combustible fuel sources. It's a good idea to install these devices near the sleeping areas of the home as well as near the furnace and any appliances that operate with combustible fuel.
In conclusion, nitrogen dioxide and other dangerous gases are why it's crucially important to make sure your furnace and fuel-consuming appliances are vented to the outdoors. To make sure your furnace is properly ventilated, hire an HVAC service to conduct a test. If the HVAC service determines that the furnace has good ventilation, call an appliance repair service to check the vents from the appliances in your home.
For more information, contact a company like Shakley Mechanical Inc.Learn More
While the industry tends to be unpredictable, starting a new real estate business offers a variety of benefits to take advantage of. You get to be your own boss and set your work hours and you have optimal control over your profit margins. You'll also have an opportunity to create variation in your workload by going the extra mile and acting as a financial adviser, life coach, and maybe even a counselor in addition to wearing your hat as a real estate agent.
But as a new real estate company, it's important to stand out from the crowd of competition so you can ensure success right out of the gate – here are three services you can use to set yourself apart from other real estate service providers and quickly attract a profitable customer base:
24 Hour Answering
One of the best ways to attract new customers and set yourself apart from the competition is to employ 24 hour answering services to intercept customer and colleague calls anytime you aren't able to answer the calls yourself. This is especially helpful if you plan to work with clients live out of the state or country.
Having a live customer service representative makes for more personal communication than an answering machine, and many service providers are happy to provide specific information to your customers when they connect with you one on one. You should be able to provide your answering service provider with a list of important information that can be relayed to customers such as:
By having your answering service provide your callers basic company and housing marketing information, you may be able to address many peoples' issues without the need for call backs.
Integration Services
Consider getting acquainted with the schools, libraries, community clubs, utility providers, and other service companies in the area you serve so you can provide integration services to your clients. By learning about all of the businesses, services, and programs in your area, you'll be able to put together personalized lists for your clients that make it convenient and stress free to get settled into their new community.
Everything from babysitting service options and doctor office locations to driver licensing centers and power company directions should be investigated and added to your master list of community resources. You can then create a custom list of resources for each client based on the specific neighborhood they are moving to as well as their personal needs and preferences.
Follow-up Support
An interesting service you can offer your clients that many real estate companies don't is follow up support. By making sure that you are available for clients if they have questions, concerns, or problems after buying and moving into their home, you establish yourself as a reliable and professional agent who clients can count on even after the deal has been done.
Take the time to call your clients about 30 days after escrow closes to offer a helping hand with things like finding contractors or repair technicians to work with, filing for renovation permits, and establishing residency within the state if they're new to the area. Consider asking clients to fill out questionnaires in return for your follow up services so you can gain insight into what you're doing right and what you can improve on.
By implementing these services into your overall business process, you should be able to make it easy enough for your clients to buy their dream house that you'll likely benefit from free ongoing word-of-mouth advertising.
For more information, consider sites like http://www.ssnwhq.com.Learn More
When a hurricane is about to hit your area and you need to evacuate your home, you've got a limited amount of time to decide what to pack up and take with you. In most cases, because of time and space restraints, hurricane victims grab only their identifying documents (driver's licenses, birth certificates) and a change of clothes before seeking safer ground. When the damage settles, though, and they're left to resume their lives with nothing more than a folder full of paperwork, day-to-day life becomes especially challenging while they wait for their insurance companies to process their claims.
If you live in a hurricane-prone area, renting a self storage unit now could make starting over a little bit easier should your home succumb to a natural disaster.
Choosing The Right Storage Unit
While nobody can absolutely guarantee that their establishment will not be damaged by an act of God, many storage facilities are built to withstand a tremendous amount of inclement weather. Right now, while the weather is calm and you've got plenty of time, call all the storage facilities in your area and ask each if their establishment is built to withstand category five hurricanes. The ones that do are safe places to store your belongings in heavy rain and winds speeds of up to 155 miles per hour.
The ideal storage unit for you is on a mid-level of a multi-level facility. A mid-level unit will be safer from rain damage than a unit on the top floor, and it will also be safer from flooding than the bottom units are.
If your budget allows, it's also a good idea to opt for a climate-controlled storage unit. In hurricane-proof storage facilities, climate-controlled storage units will be hooked to generators that will allow your unit to maintain consistent temperature and humidity levels, even if the power goes out. Many insurance companies won't cover moisture-related damages, and controlling the humidity will help thwart mold and mildew in your unit during the wet weather.
Understand The Weather Warning System And Be Ready To Move
Make a list ahead of time of what you'll want to pack away in your storage unit to make resuming your life after a hurricane easier. Think about what your family would absolutely need to restore normalcy if forced to start over. A set of dishes, blankets and pillows, a week's worth of clothes, some non-perishable snacks, and sentimental items are all worthy of stashing away in a safe zone until an impeding storm has passed.
When the national weather system issues a hurricane watch, there's a possibility that a storm is going to hit your area. Now's the time to start gathering all of the things on your list and moving them to an area close to your home's front door.
When the weather service issues a hurricane warning, the storm is probably going to hit you and you've got about 36 hours before it does so. As soon as a warning is issued, pack up your vehicle with the things from your list and get them transported to your storage unit, and then get yourself and your family safely out of the area.
Store Smart
Opt for the smallest storage unit available. You're not looking to store enough to furnish a whole new household — you only want to provide your family with a little comfort in the days following the storm. Your unit should be kept mostly empty during non-storm weather, but a stashing a few things in there will help your safe storage efforts should the time come to use your unit. What should you keep in your unit? A shelving unit is a good idea, along with a few wooden pallets. This will allow you to keep both big and small items off of the floor and allow air to circulate around them.
As even added security, leave a few bags of charcoal in the corners of your unit. If a hurricane hits your area and you have to use your unit, cut a few holes in the bags while you're storing your things. The charcoal will help to absorb any humidity that builds up in your storage unit during the storm.
If your home is ever destroyed by a hurricane, the days following the disaster will be incredibly difficult. Make them a little bit easier by having a weather-proof storage facility ready and waiting to keep some daily-use items safe during a storm.Learn More
If you're having trouble sleeping, you might suffer from what hundreds of thousands Americans across the country suffer from, insomnia. Insomnia is the chronic inability to sleep. There are numerous reasons why people suffer from this issue, and the causes wildly range from the quality of their mattress to the amount of work they perform throughout the day. Luckily, there are steps you can take to correct the problem of insomnia. Throughout the course of this brief article, you will learn of 4 ways to improve your sleep.
Upgrade Your Mattress
This might be considered a costly way for you to be able to get a few more winks of sleep per night, but for some, this is the only way in which a good night's sleep can be earned. The quality of your mattress is directly proportional to the quality and quantity of sleep you receive each night. If your mattress is growing old in age, or if you find that it is thinning itself out, chances are you aren't receiving the highest quality of sleep that you possibly could each night. When your level of sleep is suffering due to the logistics of a mattress, it is perhaps time to purchase a new one. Talk with someone from a store like West Coast Mattress to learn more about different mattress types.
Stick To A Sleep Schedule
Those that go to bed every night at the same time and awake at the same time every morning will find that they are able to achieve a better night's sleep throughout the night. Forcing yourself to go to sleep at the same time every night will help your body acclimate itself to a new sleep schedule, and its natural rhythms and time cycle will adjust accordingly. If you are the kind of person who does adhere to a strict sleep schedule but have lately found out that you are not able to sleep as well as you usually do, it is generally recommended that you do something relaxing for 15 minutes or so, and then attempt to sleep again.
Pay Attention To What You Eat and Drink
Having a healthy diet can also ensure that you receive a solid night of sleep. There are several foods and beverages that can keep you up throughout the night, in addition to being unhealthy for your body in a myriad of other ways! It is also recommended that you do not eat and drink right before going to sleep, as this might cause disruptive frequent bathroom visits throughout the night that will disturb an otherwise peaceful rest. Both stimulants and depressives should be avoided before bedtime. Alcohol and coffee can both cause disruptive forms of sleep and, if you are having issues with sleeping, you might want to excise both of these things from your body in total.
Physical Activity
Include physical activity throughout your day. Physical activity can help you achieve a peaceful rest at night. It is highly recommended for your health that you receive at least 30 minutes of exercise per day. However, you can also think of other activity that you do that is physically oriented as exercise. For example, if you are a person who enjoys working on cars, make it a point to do a bit of extra work under the hood. It's good for you and can help to tire your body out a bit at night, so you're not restless during the nighttime hours. Even a good stretch can help to tire you out at the end of the day!
Many people have trouble sleeping at night, so consider yourself in good company. Hopefully, this article has given you some insight on how to rectify the issue of insomnia.Learn More
Thousands of suppliers distribute their products to retailers in corrugated cardboard boxes. Corrugated cardboard is light, strong, cheap and easy to recycle, so it's unsurprising that so many companies use this material. Nonetheless, once the stock arrives at your store, it's important to store items carefully, or you could end up facing ruined stock and even injured customers or employees. Protect your stock by avoiding the four following mistakes that retail workers commonly make when storing stock in cardboard boxes.
Failure to use stretch film when necessary
Stretch film is a useful extra tool you can use when storing a large number of boxes. By wrapping stretch film around a batch of boxes, you can cut the risk of damage because the load is less vulnerable to shocks and vibrations. A roll of stretch film is quick and easy to apply, too, so it doesn't take much time to use this material in the warehouse and other storage areas.
Employees can sometimes forget to use stretch film. or they may just decide it isn't necessary. You may even decide to cut costs and ban use of the material. This is often a mistake. It's far easier to move a pallet of cardboard boxes that are held in place by stretch wrap. What's more, a large stack of boxes is unlikely to topple over if somebody has wrapped the entire batch in stretch wrap first.
Stretch film is often useful when you need to store boxes in cold storage. In these conditions, packing tape on the box may become slippery with moisture, which can make it easier to knock over a large stack. Stretch film will allow you to pull out one or two boxes at a time, leaving the remainder safely stored.
Pallet overhang
If you store cardboard boxes on a pallet, it's vital that you make sure the edges of the boxes sit perfectly inside the outer edge of the pallet. Pallet overhang occurs when the edge of one or more of the boxes hangs over the pallet.
If this happens, you can seriously diminish the strength of the cardboard boxes. In some cases, two sides of the box will have to support the full weight of the contents, which can quickly lead to disaster.
People working in warehouses will sometimes rush to pack stock away and may not notice (or care about) pallet overhang. This is something all managers should look for and deal with straight away. If an unwitting colleague pulls a box out of the stack, he or she is much more likely to bring the whole thing down.
Failure to tackle damages quickly enough
Even with the best handling procedures possible, accidents can still happen, and you can't account for every eventuality. Nonetheless, if breakages occur, it's important to tackle the mess as quickly as possible. If the contents of one box spill over a stack of boxes, you could quickly ruin a whole stock batch. Make sure your employees know that as soon as they see (or even suspect) damage, they should always carefully inspect each box and immediately remove broken items.
Pallet misuse
Wooden pallets help you keep stock off the floor and can make it easier to move large quantities with special handling equipment. Nonetheless, bad habits can increase the risk of stock damage.
Pallets normally consist of strips of wood nailed together, with gaps between each plank. These gaps can weaken a corrugated cardboard box because you can no longer evenly distribute the weight of the contents. As such, you should always use special deckboards that you place on top of the pallet, so your boxes have a flat surface to sit on.
You should also make sure the stack is not too high. As a general rule, if you put as many boxes as possible on a pallet, you should always end up with a cube, where the height of the stack is the same as the width and length of your pallet. Every inch you store boxes above this limit weakens the strength of the stack and makes an accident more likely.
Many retailers receive their stock in corrugated cardboard boxes. Make sure your employees know how to store these boxes correctly, or your stock could go straight in the trash.Learn More
When it comes to commercial fencing, one of the most popular options is chain link fence. If you're hesitant to install chain link fence around your property because you don't want to create an industrial-like atmosphere, you're in for a surprise. There are many ways to customize or camouflage a chain link fence and make it a cohesive part of your commercial property. Here are a few tips to give that fence a whole new look without sacrificing your property security in the process.
Buy Some Outdoor Spray Paint
If you've ever painted a room a different color, you know how much of a difference a fresh coat of paint can make. The same can also hold true for a chain link fence, because any paint you apply is going to give the fence a whole new look. Once you've got a good layer of paint on it, seal it with a clear coat once it's dry. That preserves the paint so that it doesn't chip as easy. Just make sure you have some plywood barriers behind the area you're painting, because the plywood will catch any over-spray.
Invest in Privacy Slats
Privacy slats are a great way to completely alter the appearance of a chain link fence. You can find privacy slats in many different materials, colors and patterns. Whether you're looking for something that looks like wooden panels or you want colored vinyl inserts, you can find all kinds of them. You can even choose patterned panels such as bricks or custom designs with your company's logo or brand colors.
Privacy slats are great options for chain link fence, because they don't interfere with the security of the fence. The smooth surface is difficult to scale, and you have the option to only cover one side of the fence, if you prefer. For example, if you only want the outside-facing portion of the fence covered, that's a viable option. You can also create a cohesive look by installing the panels on the inside as well.
Another benefit of privacy slats is that they're really easy to install. The panels interlock, and they slide into a secure channel at the base of the fence. Once they're all attached together, they create a solid barrier that will stay intact and cover the fence.
Turn It Into a Living Fence
If you want to cover your chain link fence in a more natural manner, you can turn it into a living fence. Use it as a support structure for climbing vines or flowering plants, such as honeysuckle, ivy or clematis. These plants will grow rapidly, climbing the chain links with ease. Look for plants that are somewhat forgiving so you don't have to retain a landscaper more often than is necessary.
In addition to climbing plants, you can also reap the benefits of fresh produce while still covering those chain link panels. Plants like berries, cucumbers, tomatoes, beans and squash all grow well in vertical environments, making them great planting options for hiding a fence. Just make sure that any lightweight plants are staked to poles along the fence because they'll need the added support.
Some bean plants as well as any strawberry plants fall under this category and need a bit more help. When you plant things like this and encourage your company cafeteria to use the crops for your food production, you may even gain a great marketing angle to reach a new customer base solely due to your sustainability efforts.
As you can see, chain link fences can be anything but boring, institutionalized structures. With these tips, you can enjoy all of the benefits of chain link fence and still customize its appearance. Talk with your fence installation contractor today about the best options for your property.Learn More


text:
Tropical Fish Keeping - Aquarium fish care and resources (http://www.tropicalfishkeeping.com/forum.php)
- Freshwater Aquarium Equipment (http://www.tropicalfishkeeping.com/freshwater-aquarium-equipment/)
- - does natural slate stone change parameters?? (http://www.tropicalfishkeeping.com/freshwater-aquarium-equipment/does-natural-slate-stone-change-parameters-61934/)
does natural slate stone change parameters??
I have some left over natural slate stone that I used to make a habitat for our Leopard Gecko. If I stack this in the freshwater tank, to create a hide/deco, will it harm or change the water? I will boil first of course.
never boil rocks. You can bake it IF you want. Regular slate though does not have any effect of the aquarium.
Nope, I've got tons of the stuff in my tanks.
Even in my 2.5g tank, I don't see any influence from the slate rock on water parameters. So I shall also add to the confidence that it will not bother anything.
Slate is great for aquariums, doesn't change water parameters, I wouldn't boil it tho :-)
|All times are GMT -5. The time now is 07:52 AM.
Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.
User Alert System provided by Advanced User Tagging (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.


text:
Create an Account - Increase your productivity, customize your experience, and engage in information you care about.
Learn to make small meals using fresh and healthy, seasonal ingredients. Class members will help prepare and cook, then enjoy the meal as a group. Menus will change each month. Class size is limited to 10 people per session. Registration is required.
Instructor: Ildiko Timmerman
Days: Please check the newsletter for dates.
Time: 10:30 a.m. - 12:30 p.m.
Cost - $8 per person and includes lunch


text:
131,617Added 4 years ago
Starring: Aurora Snow and Rafe Suggest actors
Do you recognise pornstars in this scene? Begin typing a pornstar name, then click on the button to suggest them!
DVD: Flash Flood 5
Categories: AmateurAnal SexBlondeBlowjobCollegeCouplesCumshotsLickingCum in MouthPussy LickingShaved PussySkinnySmall Tits
Beautiful professional Aurora Snow gets fingered and fucked on a pool table by hot stud Rafe
Slutty woman in glasses oils up his shaft to take it all the way in her tight ass hole and cunt
Featured in playlists: sjg (197 Videos), Aurora Snow (161 Videos), yeu em 4 (116 Videos), Erik Everhard, Rafe, Michael Stephano, (165 Videos), HOT (140 Videos), KEVIN3 (16 Videos)Show more Report
Video Suggestions
- Long Haired Blonde Takes It Hard From A Fat Cock13:05
- Aurora Snow And Pat Myne Beach Fuck17:32
- Lovely Aurora Snow Gets Twat Filled By Mickey G19:44
- Aurora Snow Is A Sexpot Steaming For Dirty Sex25:21
- Perky Titted Blonde Aurora Snow Takes A Big Dick In Her Ass18:25
- Horny Schoolgirl Aurora Snow Rides Outside24:25
- Aurora Snow Has Her Sexy Pussy And Ass Pounded On The Stairs31:08
- Busty Babe Gets Fucked In The Desert32:07
- Jay Wants To Show You A Cheer With His Cock In Your Mouth13:45
- Cutie Pie Gets Her Anal Fucked16:21
User Comments (15)
- Anonymous
What's the name of the movie?3 years ago0Reply 1 reply
- Anonymous
flash flood 511 months ago0Reply
- Anonymous
- Anonymous
dnsfnsd3 years ago0Reply
- Anonymous
look at the size of her asshole and pussy after this4 years ago0Reply
- saisa1234
i love the 694 years ago0Reply
- Anonymous
awww so sexy i fingered myself and got horny4 years ago0Reply
- tonyg32144
id love to play pool with aurora snow4 years ago0Reply
- Anonymous
I would love to fuck u4 years ago0Reply
- Anonymous
I love it4 years ago0Reply
- chutmaranee
choda chudee Heavy MOZA5 years ago0Reply
- dustinblake14
wanna meet somewhere?5 years ago0Reply
- Alison
I dont have a dick but i got a tounge5 years ago0Reply
hi baby5 years ago0Reply


text:
With Instructables you can share what you make with the world, and tap into an ever-growing community of creative experts.
I've always thought that a bottle of liquid laundry detergent was poorly designed. Sure it has a handle, and a pour spout, and the convenient cap that doubles ...
At the base of the spout, on the side opposite from the handle, cut an upside-down "V" in the bottle with a utility knife. The "legs" of the ...
Pour the trapped soap into the cap from the spout you just created.
Now you can poke the plastic notch back into the bottle and recycle it. With practice, this process only takes a few seconds. I keep a folding utility ...
Make Your Own Laundry Detergentby karalalala
$10 Eco Detergent (septic safe!)by Project Upcycle
Easy Eco-Friendly Laundry Detergent!by Mahekun
Join 2 million + to receive instant DIY inspiration in your inbox.
© 2016 Autodesk, Inc.


text:
Mulhollan Memorial
Wright State third president, Paige E. Mulhollan (1934–2012) was remembered on campus Oct. 5 at a memorial that included his wife, Mary Bess; his son Paige, Jr. and many current and former Wright State faculty, staff and alumni. Mulhollan served from 1985 to 1994 and is best remembered as a dynamic visionary who forged the university's dedication to service and leadership.
603 views
0 faves
0 comments
Taken on October 5, 2012


text:
The Rural Alberta Advantage
Many people think of folk music as precious and pretentious in equal measure — the equivalent of arming whiny occupants of reality-show confessional booths with an acoustic guitar. But Canada's Rural Alberta Advantage, performing with Great Room Victorian and Sandusky, proves that the genre doesn't have to be a drag. On Homegrown, the act's full-length debut for Omaha's Saddle Creek imprint, frontman Nils Edenloffs delivers lines about your grandfather in the ground (from "The Dethbridge at Lethbridge") in a voice more prone to whoops and yelps than whimpers and mewling, and the inspired stickwork of Paul Banwatt, the band's not-so-secret weapon, more than keeps pace with his enthusiasm. The drums are frequently pushed to the forefront of the mix, providing the inspired thwacks that goose songs such as the raucous "Rush Apart" and "The Deadroads," with its hooky whoo-whoo-whoo background singing. The combination keeps solipsism at bay even as it helps restore folk music's good name.
Get the Music Newsletter
Keep your thumb on the local music scene each week with music news, trends, artist interviews and concert listings. We'll also send you special ticket offers and music deals.
In Case You Missed It
Upcoming Events
Bandwagon Magazine Battle of the Bands - Final Round
TicketsFri., Mar. 3, 7:00pm
DJ Ktone 10th Anniversary Bday Bash
TicketsSat., Mar. 4, 8:00pm
UNC Jazz Thang
TicketsMon., Mar. 6, 7:30pm
Chris Trapper
TicketsThu., Mar. 2, 8:00pmpowered by goldstar
Sponsor Content


text:
What can I say? I enjoy reading a good book/manga, watching some anime that either blows my mind or makes me laugh constantly, playing a good co-op shooter with my fiance(especially anything Gears of War) and learning to cook new things.
284 total episodes
Glad to know we're not the only ones.
You're most welcome!


text:
i hate rumors, i hate how they can so easily make you feel like crap and hate life, whether it be big or small. take me for example, i found out about a rumor about me and my ex that he beat me, which btw he didn't, my friends know who started the rumor but won't tell me, it's tearing me apart, because i want to tell that person to just stop spreading rumors but my so called friends won't tell me who it is because get this "it's none of my business." Like hell it's not, the rumor is about me and my ex, who i still have feelings for, and i don't want him to think i'm the one spreading the rumor, now i feel like crap, i almost hate my so called friends, i hate to send one embarassing message to my ex and am dreading the response to that. Well, way to make a world wide issue all about me, crap, crap, crap, this is not what i wanted, but i guess this can make people understand better. DON'T SPREAD RUMORS! it can ruin a persons life so easily, i would know.
© Copyright 2017 MyThoughtsAnonymous. All rights reserved.
Status: Finished
Genre: Editorial and Opinion
Rumors are so childish. I just forget about them, if you agree with the people spreading them they usually get bored and the rumor dies. For your situation just tell your ex you didn't start them and to ignore them. People who start rumors have some real issues
Miscellaneous / Poetry
Miscellaneous / Poetry
Miscellaneous / Editorial and Opinion
Paste the link to picture in the entry below:
Paste the link to Youtube video in the following entry:
Cannot annotate a non-flat selection. Make sure your selection starts and ends within the same node.
An annotation cannot contain another annotation.
There was an error uploading your file.