Additional Testing Required

Update 450 — Additional Testing Required:
What to Expect from the Fed’s Stress Tests

In a month, we will celebrate the 10th anniversary of the signing of the Dodd-Frank Act, which codified annual Federal Reserve stress testing of major financial institutions to see if they can withstand various hypothetical macroeconomic hardships. No one contemplated COVID then, of course. 

Tomorrow, the Fed will announce results of this year’s stress tests.  No need for hypotheticals in 2020. What will the results show? Will news about the sturdiness of big banks provide credible reassurance as it did in 2009, when it all but single-handedly stopped the economic and capital markets free fall in its tracks? Why not? See below…

Best, 

Dana

—————-

When the Federal Reserve releases the results of its stress tests for the country’s 34 largest banks tomorrow, eyes will be watching for failures. Last year, banks skated by without a single one. This year’s tests could be less relevant — even in the midst of a crisis — given that the Fed set the test criteria before the pandemic hit and the data reflects banks’ balance sheets as of last December. Additionally, the Fed and the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) of 2019 significantly weakened the stress tests.

Below, we analyze the evolution of the stress tests, forecast what we might see tomorrow, and assess the Fed’s massive macro response. 

Once Powerful, Now Weakened

Banking regulators use the Fed’s annual stress tests to assess the adequacy of banks’ capital under difficult economic conditions. The Fed tests how banks’ balance sheets would fare should GDP contract, stock prices plunge, and unemployment rise. If a bank does not have adequate capital, the Fed may restrict the bank from issuing dividends or performing stock buybacks. Arguably worse than the actual penalty is the public shaming in the markets should a bank fail.

The current stress test regime began with the 2008 financial crisis. Before the financial crisis, banks only conducted stress tests internally. The Fed’s release of its first stress test results in May 2009, which showed that 10 of the 19 largest banks had inadequate capital, was a turning point in the crisis. As a result, banks issued more equity to shore up their balance sheets, which helped restore investor confidence. The 2009 tests were regarded in the markets as a success, and stress tests became a part of the enhanced prudential standards.

The Fed has given out only one failing grade since 2018, leading some to question the efficacy of this oversight tool. While banks are better capitalized due to Dodd-Frank reforms, the Fed also weakened the stress tests starting in 2019 by: 

  • Moving Away from Pass/Fail: The stress tests have two portions, one that assesses banks’ capital under a “quantitative” test and another that assesses banks’ internal risk management under a “qualitative” test. Banks have been more likely to fail under the qualitative portion, prompting them to push back on the grounds that it’s more subjective. The Fed lowered the stakes of the qualitative tests, allowing banks to bypass a public Pass/Fail grade if they take the test for four years and pass in the most recent year.
  • The “Textbook”:  In the name of greater transparency, the Fed agreed to release more information to banks about test structures. This concession allows banks to more easily game the system by tailoring their capital plans to meet the test requirements. While critics say this gives banks the questions ahead of the test, Fed Vice Chair Quarles said it’s more like giving banks a “textbook to prepare.”
  • Biennial Tests: The Fed now only tests banks with between $100 and $250 billion in assets on a biennial basis because of the rollback in the EGRRCPA. Some of the larger banks have also pushed to go on a biennial schedule. This year, the Fed is testing the full suite of banks.

COVID – The Real Stress Test

The Fed will report the 2020 stress test results at the aggregate- and firm-level on Thursday. Forecasters expect that, similar to last year, banks will pass fairly easily.

This year’s test scenario was set in February and does not take into account the crisis at hand. Also, the tests are against the banks’ balance sheets from December 2019, a period when the economy was much healthier. The current crisis is arguably harder than the test criteria. Unemployment is hovering around 13 percent, and the Congressional Budget Office projects a 39.6 annualized drop in GDP in Q2. The Fed’s hypothetical “severe” scenario has U.S. GDP dropping 8.5 percent and unemployment hitting 10 percent by Q3 2021. Needless to say, the COVID crisis is much more stressful than this hypothetical “doomsday scenario.”

Additional Testing Required

As a result of the test not being relevant to the current crisis, Fed Vice Chair Randal Quarles announced in April that the banks would undergo additional COVID sensitivity analyses. The additional tests will assess how banks will undergo the stresses of a “V,”  “U,” and  “W” shaped recovery. Failure in any one of these scenarios could result in the Fed potentially restricting dividend payouts. While the Fed will report the results of these tests, they will only release aggregate-level data, not firm-level data, leaving the public without full knowledge of any hobbled banks within the financial system.

Throughout this crisis, U.S. banks have continued to issue dividends, even while banks in Europe and the UK have suspended this practice. In April, Sens. Schatz, Brown, and Warren urged Fed Chair Jerome Powell to restrict bank dividends. They argued that should this be a drawn-out recession, banks should focus on lending to their communities, not repurchasing stocks or paying executive bonuses.

Reaching the Fed’s Limit

The coronavirus crisis has caused one of the most acute economic crises since the Great Depression. But unlike in 2009, the crisis is not centered in the banking sector. The banks — with significant assistance from the Fed — have so far been able to weather the current crisis. Unlike in 2008, the Fed was immediately prepared to step in with emergency lending facilities to ensure that the financial sector remained liquid. The Fed’s balance sheet ballooned from roughly $4.1 trillion in February to $7.1 trillion today. Even before the coronavirus crisis began, the Fed was pumping hundreds of billions of dollars into the repo market.  

All of the facilities rely on recipients being illiquid but fundamentally solvent. The Fed has Herculean powers to keep banks liquid, but it can’t save them from a solvency crisis. As Fed Chair Powell has said numerous times during this crisis, the Fed has lending powers, not spending powers. If the crisis drags on and we face a prolonged “U” or “W” recovery, more businesses will go under, further stressing banks’ balance sheets.

Barring the public from seeing the individual bank-level results from the COVID sensitivity tests undermines the purpose of the tests. When more than half of the banks failed the 2009 stress test, it served as a wake-up call for banks to bolster their balance sheets and restored confidence in the market. Giving the public more information to assess the actual health of the banks will help drive policy to ensure businesses remain solvent throughout the crisis. Congress has the fiscal power to keep the economy from spiraling further downward, but it needs credible data to make those decisions. 

179 thoughts on “Additional Testing Required”

  1. It’s fantastic that you are getting thoughts from this piece of writing as well
    as from our argument made at this time. 0mniartist asmr

  2. Hi every one, here every one is sharing these kinds of knowledge,
    thus it’s fastidious to read this weblog, and I used to visit this blog daily.
    0mniartist asmr

  3. I simply couldn’t go away your website before suggesting that I actually enjoyed
    the standard info a person supply for your visitors?
    Is going to be again often to investigate cross-check new posts 0mniartist asmr

  4. Одновременно с этим существует и другая сторона формирования и организации высказывания.

  5. I’m no longer positive the place you are getting your info, but good topic.
    I needs to spend a while studying more or
    figuring out more. Thanks for wonderful information I
    used to be searching for this information for my mission.

  6. Hi there! Someone in my Myspace group shared this site with us so I came
    to take a look. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers!
    Fantastic blog and terrific design and style.

  7. For the reason that the admin of this website is working, no
    uncertainty very soon it will be renowned, due to its
    feature contents.

  8. I’m not that much of a online reader to be honest but your blogs really nice, keep it
    up! I’ll go ahead and bookmark your website to come back in the future.
    Many thanks

  9. Howdy! Someone in my Myspace group shared this site with us so
    I came to look it over. I’m definitely enjoying the information. I’m
    book-marking and will be tweeting this to my followers!
    Terrific blog and amazing design.

  10. Great post. I was checking constantly this blog and I am impressed!
    Extremely helpful information particularly the last part 🙂 I care for such information a lot.
    I used to be looking for this certain information for a long time.
    Thank you and good luck.

  11. Hello there! I simply wish to give you a big thumbs up for your great information you have got here on this post.
    I will be returning to your website for more
    soon.

  12. I don’t know if it’s just me or if everyone else
    encountering issues with your blog. It appears like some of the written text within your posts are running off the
    screen. Can someone else please provide feedback and let me
    know if this is happening to them as well? This may be a
    problem with my browser because I’ve had this happen before.
    Many thanks

  13. scoliosis
    Your mode of describing the whole thing in this article is in fact
    nice, every one can easily be aware of it, Thanks a lot.
    scoliosis

  14. scoliosis
    Hi there just wanted to give you a quick heads up.
    The text in your post seem to be running off the screen in Ie.
    I’m not sure if this is a formatting issue or something to
    do with internet browser compatibility but I thought I’d post
    to let you know. The design look great though! Hope you
    get the problem fixed soon. Many thanks scoliosis

  15. free dating sites
    Good post. I learn something new and challenging on websites I stumbleupon on a daily
    basis. It’s always interesting to read articles from other authors
    and use a little something from their web sites.
    dating sites

  16. It is perfect time to make a few plans for the future and it is time to be happy.
    I have read this publish and if I may I desire to counsel you few fascinating issues
    or advice. Maybe you can write subsequent articles referring to this article.

    I wish to read more issues approximately it!

  17. I know this if off topic but I’m looking into starting my own blog and was curious what all is needed to get set up?

    I’m assuming having a blog like yours would cost
    a pretty penny? I’m not very web smart so I’m not 100% certain. Any tips or advice would be
    greatly appreciated. Thanks

  18. Cool blog! Is your theme custom made or did you download it from somewhere?

    A design like yours with a few simple tweeks would really
    make my blog stand out. Please let me know where you
    got your design. Many thanks

  19. Pretty component to content. I just stumbled upon your web site
    and in accession capital to assert that I acquire in fact enjoyed account your weblog posts.

    Any way I will be subscribing in your feeds or even I fulfillment you get entry to persistently quickly.

  20. Thanks on your marvelous posting! I definitely enjoyed reading it,
    you might be a great author.I will make sure to bookmark your blog
    and will often come back from now on. I want to encourage yourself to continue your great job,
    have a nice morning!

  21. Hmm is anyone else encountering problems with the pictures on this blog loading?
    I’m trying to figure out if its a problem on my end or if it’s the blog.
    Any feedback would be greatly appreciated.

  22. I am curious to find out what blog platform you happen to be utilizing?
    I’m having some minor security issues with my
    latest blog and I would like to find something more safe.
    Do you have any solutions?

  23. An outstanding share! I have just forwarded this onto a friend who has been doing
    a little research on this. And he in fact ordered me lunch
    due to the fact that I found it for him… lol.
    So let me reword this…. Thank YOU for the meal!! But yeah,
    thanx for spending some time to talk about this subject here on your site.

  24. It’s the best time to make some plans for the future and it’s time
    to be happy. I’ve read this post and if I could I want to suggest you some interesting
    things or suggestions. Perhaps you could write next articles referring to this article.
    I desire to read more things about it!

  25. Hello, i think that i saw you visited my blog thus i came to “return the favor”.I am attempting to
    find things to improve my site!I suppose its ok to use some of your ideas!!

  26. Hi, I do think this is a great website. I stumbledupon it 😉 I’m going to revisit once again since i have book-marked it.
    Money and freedom is the best way to change, may you be rich and continue to help other people.

  27. Excellent post. I was checking constantly this weblog
    and I’m inspired! Very useful information specifically the
    closing phase 🙂 I handle such info much. I used to be looking for this
    particular information for a very lengthy time.

    Thanks and best of luck.

  28. Thank you for another great article. The place else may anyone get
    that kind of info in such a perfect means of writing?

    I’ve a presentation subsequent week, and I am at the search for such information.

  29. I know this if off topic but I’m looking into starting my own blog and was
    curious what all is needed to get set up? I’m assuming
    having a blog like yours would cost a pretty penny? I’m not
    very web smart so I’m not 100% certain. Any suggestions or
    advice would be greatly appreciated. Many thanks

  30. Normally I don’t read post on blogs, however I wish to say that this
    write-up very forced me to check out and do so! Your writing taste has
    been amazed me. Thank you, quite great article.

  31. My developer is trying to persuade me to move to .net from PHP.
    I have always disliked the idea because of the expenses.
    But he’s tryiong none the less. I’ve been using WordPress
    on numerous websites for about a year and am nervous about switching to another platform.
    I have heard great things about blogengine.net. Is there a way I
    can import all my wordpress posts into it? Any kind of help would be greatly appreciated!

  32. Excellent post. I was checking constantly this weblog and
    I am impressed! Very helpful information specifically the closing
    section 🙂 I handle such information much. I was looking for this
    certain information for a long time. Thank you and good luck.

  33. Hello! I know this is somewhat off topic but I was wondering which blog platform are you using for this website?
    I’m getting fed up of WordPress because I’ve had issues
    with hackers and I’m looking at options for another platform.
    I would be great if you could point me in the direction of
    a good platform.

  34. Hi! This is my first visit to your blog! We are a group of
    volunteers and starting a new initiative in a community in the same niche.
    Your blog provided us useful information to work on. You have done a outstanding job!

  35. After exploring a handful of the articles on your web page, I honestly appreciate your way of writing a blog.
    I saved it to my bookmark site list and will be checking back soon. Please
    check out my web site too and let me know what you think.

  36. Thank you for any other informative blog. Where else may I get that
    kind of information written in such a perfect means? I’ve a challenge that I’m just
    now running on, and I have been on the look out for such information.

  37. I don’t even know the way I ended up here, however I
    believed this put up was good. I do not recognise who you’re but certainly you’re going to a famous blogger when you are not already.
    Cheers!

  38. I seriously love your website.. Pleasant colors & theme.
    Did you make this website yourself? Please reply
    back as I’m wanting to create my own site and want to find out where
    you got this from or exactly what the theme is named.
    Thank you!

  39. Hey There. I discovered your weblog the use of msn. That is an extremely
    well written article. I’ll make sure to bookmark it and come back
    to read more of your useful information. Thank you for the post.

    I will definitely comeback.

  40. You really make it appear so easy along with your presentation but I to find this matter to be actually one thing that I
    believe I’d by no means understand. It kind of feels too complex and very huge
    for me. I’m taking a look forward for your subsequent put up, I’ll try to get
    the hang of it!

  41. We are a bunch of volunteers and opening a brand new scheme in our community.
    Your web site offered us with helpful information to work on. You’ve
    performed a formidable process and our entire community will probably
    be grateful to you.

  42. of course like your website however you need to test the spelling on quite a few of your posts.

    Many of them are rife with spelling problems and I in finding it very bothersome to tell the truth then again I will certainly come back again.

  43. Oh my goodness! Awesome article dude! Thank you, However I am
    experiencing difficulties with your RSS. I don’t understand the reason why I cannot
    subscribe to it. Is there anybody having the same RSS problems?
    Anyone who knows the solution can you kindly respond? Thanks!!

  44. I’m not sure why but this web site is loading extremely slow for me.

    Is anyone else having this problem or is it a
    problem on my end? I’ll check back later on and see if the problem
    still exists.

  45. Hello! I could have sworn I’ve been to this website before but after
    browsing through some of the post I realized it’s new to me.
    Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!

  46. It’s in point of fact a great and useful piece
    of info. I’m satisfied that you simply shared this helpful information with us.
    Please stay us informed like this. Thanks for sharing.

  47. Hello there, I discovered your website by the use of Google while searching for a related subject,
    your site came up, it looks great. I’ve bookmarked it in my google bookmarks.

    Hi there, just turned into alert to your weblog via Google, and located that it’s really informative.

    I’m gonna watch out for brussels. I will appreciate when you continue this in future.

    Lots of other folks shall be benefited out of your writing.
    Cheers!

  48. I was very happy to find this great site. I wanted to thank you for ones time for this wonderful
    read!! I definitely really liked every part of it and I
    have you book-marked to look at new stuff on your website.

  49. Hello there! This is my 1st comment here so I just wanted to give a quick shout out and
    say I really enjoy reading through your posts.
    Can you suggest any other blogs/websites/forums that cover the same topics?
    Many thanks!

  50. Howdy! Quick question that’s completely off topic. Do
    you know how to make your site mobile friendly? My site
    looks weird when viewing from my iphone4. I’m trying to find a template or plugin that might be able to correct this issue.
    If you have any recommendations, please share. Cheers!

  51. Thanks for the marvelous posting! I definitely enjoyed reading
    it, you happen to be a great author.I will be sure to bookmark your
    blog and will come back sometime soon. I want to encourage you continue your great posts, have a nice day!

  52. I love your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do
    it for you? Plz reply as I’m looking to design my own blog and would like to find out where u got this
    from. thanks a lot

  53. Whats up very nice site!! Man .. Beautiful .. Superb ..
    I will bookmark your website and take the feeds additionally?
    I am satisfied to seek out numerous helpful info here in the post, we need work out more techniques on this regard, thank you for sharing.
    . . . . .

  54. Every weekend i used to pay a quick visit this web page, for the reason that
    i wish for enjoyment, as this this website conations truly nice funny information too.

  55. Hello! I just wanted to ask if you ever have any problems with hackers?
    My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no back
    up. Do you have any solutions to protect against hackers?

  56. I have been exploring for a bit for any high-quality articles or weblog posts in this sort of space .
    Exploring in Yahoo I eventually stumbled upon this site. Reading
    this info So i am glad to convey that I’ve an incredibly just right uncanny feeling I found
    out exactly what I needed. I so much indubitably will make certain to don?t
    fail to remember this site and provides it a glance regularly.

  57. Your style is really unique in comparison to other people I have read stuff from.
    Many thanks for posting when you have the opportunity,
    Guess I’ll just bookmark this blog.

  58. I’ve been exploring for a bit for any high-quality articles or weblog posts in this kind of space .
    Exploring in Yahoo I finally stumbled upon this site.
    Studying this info So i am satisfied to show that I’ve an incredibly good uncanny feeling I found out exactly what I
    needed. I most surely will make sure to do not forget
    this site and give it a glance regularly.

  59. Greetings! Quick question that’s completely off topic.
    Do you know how to make your site mobile friendly? My website looks weird
    when browsing from my iphone. I’m trying to find a theme or plugin that might be able to correct this issue.

    If you have any recommendations, please share. Thank you!

  60. Hello I am so grateful I found your site, I really
    found you by accident, while I was searching on Bing for something else, Anyhow I am here now and would just like to say many thanks for a tremendous
    post and a all round exciting blog (I also love the
    theme/design), I don’t have time to browse it all at the moment
    but I have bookmarked it and also included your RSS feeds,
    so when I have time I will be back to read more, Please do keep up the excellent work.

  61. hi!,I like your writing so much! percentage we keep in touch more about your article
    on AOL? I need an expert in this house to solve my problem.
    May be that’s you! Having a look forward to see you.

  62. Hey There. I found your weblog the usage of msn. This
    is an extremely smartly written article. I’ll be sure to bookmark it and
    come back to learn more of your helpful information. Thanks for
    the post. I’ll definitely comeback.

  63. My brother recommended I might like this web site.
    He was entirely right. This post truly made my
    day. You can not imagine just how much time I had spent for this info!
    Thanks!

  64. Great items from you, man. I’ve remember your stuff previous to and you’re
    just too excellent. I really like what you’ve received here, certainly like what you’re stating and the way in which in which you are saying it.
    You make it entertaining and you continue to take
    care of to stay it wise. I cant wait to learn far more from you.
    This is really a tremendous site.

  65. I used to be suggested this blog via my cousin. I’m not certain whether or not this submit is written via him as nobody else know
    such specific approximately my difficulty. You’re amazing!
    Thanks!

  66. My brother recommended I may like this blog.
    He was once entirely right. This publish actually made my day.
    You cann’t imagine simply how a lot time I had spent for this information! Thank you!

  67. Hi there, You have done an excellent job. I’ll certainly digg it and personally recommend to my friends. I am sure they’ll be benefited from this web site.

  68. We are a bunch of volunteers and starting a brand new scheme in our community.
    Your website offered us with useful information to work on.
    You have performed a formidable task and our whole neighborhood shall be thankful to you.

  69. Thank you a lot for sharing this with all of us
    you actually recognise what you’re talking about! Bookmarked.
    Please also consult with my website =). We will have a link alternate agreement between us

  70. When I originally left a comment I appear to have clicked
    the -Notify me when new comments are added- checkbox and now every time a
    comment is added I get 4 emails with the same comment.

    Is there a means you are able to remove me from that
    service? Appreciate it!

  71. It’s the best time to make a few plans for the future and it is time to be happy.
    I have learn this submit and if I may just I wish to suggest you few fascinating things or tips.

    Perhaps you can write next articles referring to this
    article. I want to read even more issues approximately it!

  72. You’re so awesome! I don’t believe I’ve truly read through a single thing like that before.
    So great to discover somebody with genuine thoughts on this
    subject. Seriously.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  73. Great blog! Do you have any recommendations for aspiring writers?
    I’m planning to start my own blog soon but I’m a little lost on everything.

    Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many options out there
    that I’m completely overwhelmed .. Any ideas? Thank you!

  74. Its like you read my mind! You appear to know a lot about this,
    like you wrote the book in it or something. I think that you could do with a few pics to
    drive the message home a little bit, but other than that, this is fantastic blog.
    A great read. I will certainly be back.

  75. Hello! I know this is kinda off topic however , I’d figured I’d ask.
    Would you be interested in trading links or maybe guest writing a blog post or vice-versa?

    My website discusses a lot of the same subjects as yours and I think we could greatly benefit from each
    other. If you happen to be interested feel free to send me an e-mail.
    I look forward to hearing from you! Wonderful blog by the way!

  76. Hey There. I discovered your weblog the use of msn. That is
    a very neatly written article. I will be sure to bookmark it and
    return to learn more of your helpful info. Thanks for the
    post. I’ll definitely return.

  77. Just desire to say your article is as astonishing. The clarity for your
    submit is just great and i could think you are knowledgeable
    in this subject. Well with your permission let me to grab your feed to stay
    updated with approaching post. Thanks 1,000,000 and please carry on the gratifying work.

  78. I think what you typed was very reasonable. But, what about this?
    suppose you composed a catchier title? I ain’t saying your content is not
    good., but suppose you added something that makes people desire more?

    I mean Additional Testing Required is kinda boring. You ought to glance at Yahoo’s home page and see how they create article titles to get people to click.
    You might try adding a video or a related pic or two
    to grab readers excited about everything’ve written. Just my opinion, it might bring your posts a little bit more interesting.

  79. Hey just wanted to give you a quick heads
    up. The text in your post seem to be running off the screen in Opera.

    I’m not sure if this is a formatting issue or something to do with internet browser compatibility but I figured I’d post
    to let you know. The design look great though! Hope you get the issue resolved soon.
    Kudos

  80. An impressive share! I have just forwarded this
    onto a coworker who was conducting a little homework on this.

    And he actually ordered me dinner because I discovered it for him…
    lol. So let me reword this…. Thank YOU for the meal!!
    But yeah, thanks for spending the time to discuss this subject here on your blog.

  81. Great beat ! I wish to apprentice while you amend your site, how could i subscribe
    for a blog web site? The account helped me a applicable deal.
    I were a little bit familiar of this your broadcast provided
    vibrant transparent idea

  82. Hello, i believe that i noticed you visited my website
    so i got here to return the favor?.I’m attempting to in finding things to improve my
    site!I guess its adequate to use some of your concepts!!

  83. I have been exploring for a little bit for any high quality articles or blog posts in this sort of area .
    Exploring in Yahoo I eventually stumbled upon this site. Studying this info So i am happy to exhibit that
    I have an incredibly excellent uncanny feeling I came upon exactly what
    I needed. I so much certainly will make certain to do
    not fail to remember this web site and give it a look on a relentless basis.

  84. Hi, i read your blog occasionally and i own a similar one and i was just
    curious if you get a lot of spam responses? If so how do you prevent it, any plugin or anything you
    can advise? I get so much lately it’s driving
    me mad so any help is very much appreciated.

  85. Hey there I am so delighted I found your weblog,
    I really found you by accident, while I was searching on Google for something else, Anyways I
    am here now and would just like to say thank you
    for a incredible post and a all round thrilling blog (I also love the theme/design),
    I don’t have time to go through it all at the moment but I have book-marked it
    and also added your RSS feeds, so when I have time I will be back to read a lot more, Please do
    keep up the great job.

  86. I love your blog.. very nice colors & theme.

    Did you make this website yourself or did you
    hire someone to do it for you? Plz answer back as I’m looking to create my own blog and
    would like to know where u got this from. thank you

  87. Today, I went to the beachfront with my kids.
    I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.”
    She put the shell to her ear and screamed. There was a hermit crab inside
    and it pinched her ear. She never wants to go back! LoL I know this is totally
    off topic but I had to tell someone!

  88. Right here is the right webpage for everyone who wants to understand
    this topic. You realize so much its almost tough to argue with you (not that I personally would want to…HaHa).
    You definitely put a new spin on a topic which has been written about
    for ages. Wonderful stuff, just wonderful!

  89. Its like you read my mind! You seem to know so much about
    this, like you wrote the book in it or something.
    I think that you could do with a few pics to drive the message
    home a bit, but instead of that, this is wonderful blog.
    A fantastic read. I will certainly be back.

  90. Wonderful beat ! I wish to apprentice while you amend your web site,
    how can i subscribe for a blog website? The account aided me a acceptable deal.

    I had been tiny bit acquainted of this your broadcast offered bright clear idea

  91. My programmer is trying to persuade me to move to .net from PHP.
    I have always disliked the idea because of the costs.

    But he’s tryiong none the less. I’ve been using WordPress on several
    websites for about a year and am worried about switching to another platform.
    I have heard very good things about blogengine.net.
    Is there a way I can import all my wordpress posts into it?
    Any kind of help would be really appreciated!

  92. We are a group of volunteers and starting a new scheme in our community.
    Your web site offered us with valuable info to work on. You’ve done a formidable
    job and our entire community will be grateful to you.

  93. Undeniably imagine that which you said. Your favourite justification appeared
    to be on the net the simplest factor to keep in mind of.
    I say to you, I certainly get irked while other folks think about
    worries that they just do not recognize about. You managed
    to hit the nail upon the top and also outlined out the
    entire thing without having side-effects , people
    can take a signal. Will likely be again to get more.
    Thank you

  94. Hey just wanted to give you a quick heads up and let
    you know a few of the pictures aren’t loading properly.
    I’m not sure why but I think its a linking issue.
    I’ve tried it in two different browsers and both show the same outcome.

  95. Great web site you have here.. It’s difficult to find high-quality writing like yours these days.
    I really appreciate people like you! Take care!!

  96. This is the perfect blog for anybody who wishes to understand this topic.
    You understand a whole lot its almost hard to argue with you
    (not that I really will need to…HaHa). You definitely put a
    new spin on a topic that’s been written about for years. Wonderful stuff, just wonderful!

  97. I do not even know how I ended up right here, but I believed this put up used to be
    great. I don’t understand who you might be but certainly you’re going to a
    well-known blogger should you are not already.
    Cheers!

  98. great issues altogether, you simply gained a new reader. What might you
    suggest in regards to your publish that you just made
    some days in the past? Any sure?

Leave a Comment

Your email address will not be published.