Five Lessons of the Great Recession We Probably Won’t Learn

As I wrote on Friday, lists of lessons we have learned from the current economic troubles have been enjoying a vogue lately. A dim view of my fellow humans prevents me from being so optimistic as to believe that we are going to emerge from this fiasco meaningfully wiser. But I do have a list of lessons that we could learn from recent experience. But probably won’t.

Attrb Binary Ape In the best case scenario, regulators are just as smart and capable as the people they regulate. And, just to be clear, best case scenarios are rare. Many of the complaints about how the Fed, SEC, et al. blew it by not foreseeing and preventing the Wall Street meltdown are unfair. If the thousands of people making seven figures at meltdown ground zero didn’t see it coming, why would we expect the hundreds of government employees watching them from the outside to pick up on it?

25 years is not forever. Amongst my many brilliant theories is this: especially in the realm of culturally significant business phenomena, if something has been going on for more than 25 years people will mistake it for a permanent always-has-been-always-will-be thing.

For example, by the mid-1980s the three television networks appeared to be the unalterable center of the American video universe. They had, it seemed, been there forever and were as sure to stay there as New York was to stay at the mouth of the Hudson. And yet they had, in fact, only had that central status for about 25 years, something that now seems like a passing golden age.

Similarly, by 2007 the stock market had been up 20 of the previous 25 years, averaging over 14% annual returns. That those 25 years were just about the best in stock market history wasn’t discussed much. The kind of returns we saw over the period became "normal" and financial gurus offhandedly estimated future returns at 10%+.

There is no free lunch on Wall Street, particularly in fixed income. One of the many horrors experienced by individual investors last fall was the shock of significant losses in what they thought were safe cash-like investments. I am thinking particularly of the few money market funds that "broke the buck" and the auction rate preferred shares whose auctions failed.

The money market funds that ran into trouble were the ones that delivered higher than average yields by, for example, loaning money to Lehman Brothers. And the auction rate preferreds behaved a lot like money market funds, except that they paid better.

Apparently, many buyers of the auction rate preferreds never asked themselves why the issuers of the debt didn’t just borrow from the money market at a lower rate. As may have dawned on them by now, the issuers were willing to pay a higher return because the auction rate debt had the feature that if something went badly wrong in the credit markets the buyer of the debt would be left holding the bag. And that is exactly what happened.

Risky means risky. Perhaps the greatest achievement of the mainstream personal finance establishment in the late 20th Century was convincing Americans to put some of their savings into risky assets such as stocks, rather than the traditional bank accounts and mattresses.

That really is a positive achievement, but it was done with a lie. People were led to believe that if they took appropriate steps, diversified and held for many years, they could cure the riskiness problem. They can’t. The risk of investing in the stock market may be justified by the reward, but it cannot be made to go away. Years like 2008 don’t happen often, but they do happen.

It’s always politics as usual. Expecting politicians to rise above the fray and convert themselves into resolute statesmen when a crisis emerges is like expecting a drunk driver to sober up the instant his car drifts over the median.

Rahm Emmanuel’s famous and deliciously cynical quote "never let a serious crisis go to waste" is relatively new, but the sentiment is as old as politics. This is what these guys do for a living. It’s who they are. When something really nasty happens, our elected leaders and the punditocracy don’t step back, reevaluate, and come up with fresh new ideas. Mostly, they seize on events as a justification for what they wanted all along.

So the Great Recession was greeted by calls for more government regulation, massive spending on a great variety of programs, and limits on executive compensation, primarily from those who always wanted those things anyway. If the administration has its way, the great lasting legacy of this period will be, of all  things, a healthcare overhaul. (And to be fair to the Democrats, these are no less plausible reactions to this crisis than tax cuts and invading Iraq were to the September 11 attacks.)

[Photo: Binary Ape]

categories Economics, Government, Investing, The Big Picture | | datetime September 21, 2009 11:59 am

285 Comments

  • By Rob Bennett, September 22, 2009 @ 9:46 am

    The risk of investing in the stock market may be justified by the reward, but it cannot be made to go away.

    We disagree re this one, Frank. My view is that the risk of stock investing is greatly exaggerated. Those who paid attention to valuations saw what was coming many years before it happened. They were not surprised even a little bit. When things happen that anyone who pays attention to the basics can predict years in advance, that’s not “risk.”

    There were lots of people who chose to ignore the realities. They made stock investing many times more risky than it needs to be by electing that choice. But it’s not stocks that are risky. It’s investing passively that is risky.

    Years like 2008 don’t happen often, but they do happen.

    They don’t come up randomly. There has never been one time in history when such a thing happened when stocks were not selling at insanely dangerous prices. There has never been one time in history when stocks were selling at insanely dangerous prices and such a thing did not happen. The correlation is perfect.

    Rob

  • By Frank Curmudgeon, September 22, 2009 @ 5:10 pm

    So you think the risk can be made to go away? No, I think you mean it can be greatly reduced.

    And not to quibble, but I don’t think the market was particularly overvalued at the end of 1930 and it went down almost 43% in 1931.

  • By Rob Bennett, September 22, 2009 @ 6:40 pm

    So you think the risk can be made to go away? No, I think you mean it can be greatly reduced.

    Stock returns 20 years out are 78 percent predictable for those who look at the P/E10 value before buying. I think it would be fair to describe the unpredictable 22 percent as the only risk associated with stock investing for those willing to look at valuations. That risk level compares favorably to bonds that are not inflation-adjusted, in my assessment. Stocks are less risky than bonds for valuation-informed investors.

    And not to quibble, but I don’t think the market was particularly overvalued at the end of 1930 and it went down almost 43% in 1931.

    That’s not a quibble. That’s an intelligent question.

    Price drops that do not remain in place long are possible starting from any price level, Frank. But price drops that do not remain in place long do not do any real harm to long-term investors.

    The killers are the price drops that are permanent. When we go from insane overvaluation to fair value, that’s money lost to the investor forever (because it never existed in any but a nominal sense in the first place).

    To invest effectively, we need to distinguish price drops that are real (price drops from high valuation levels to fair value) from price drops that are temporary and essentially meaningless phenomena (price drops starting at fair value or lower). Investors who experience a price drop to levels below fair value can rest confident that that money will be restored in the not too distant future (usually within 10 years).

    Rob

Other Links to this Post

  1. fireplace repair costs — March 10, 2023 @ 8:36 am

  2. custom logo design — March 10, 2023 @ 10:25 am

  3. metal clock mechanism — March 10, 2023 @ 12:27 pm

  4. tub refinishing — March 10, 2023 @ 3:39 pm

  5. custom logo design — March 10, 2023 @ 4:55 pm

  6. badge reel holder — March 10, 2023 @ 6:41 pm

  7. find more info — March 10, 2023 @ 10:40 pm

  8. promo items — March 10, 2023 @ 11:28 pm

  9. customized lanyards — March 11, 2023 @ 1:30 am

  10. fireplace screen replacement — March 11, 2023 @ 4:14 am

  11. get more info here — March 11, 2023 @ 6:11 am

  12. Learn More — March 11, 2023 @ 8:25 am

  13. phoenix fireplace repair — March 11, 2023 @ 10:50 am

  14. bathtub reglazing — March 11, 2023 @ 12:50 pm

  15. imprinted safety glasses — March 11, 2023 @ 3:29 pm

  16. imprinted promotional gifts — March 11, 2023 @ 7:47 pm

  17. bathroom resurfacing near me — March 11, 2023 @ 7:52 pm

  18. imprinted knee pads — March 11, 2023 @ 10:30 pm

  19. DIY clock hands repair — March 11, 2023 @ 11:43 pm

  20. fireplace screen replacement — March 11, 2023 @ 11:55 pm

  21. porcelain tub refinishing near me — March 12, 2023 @ 2:56 am

  22. embroidered hats — March 12, 2023 @ 5:32 am

  23. fireplace repair phoenix — March 12, 2023 @ 6:26 am

  24. embroidered shirts — March 12, 2023 @ 8:59 am

  25. bathtub refinishing san diego — March 12, 2023 @ 9:44 am

  26. gas fireplace service — March 12, 2023 @ 12:55 pm

  27. parts for clocks — March 12, 2023 @ 1:46 pm

  28. luggage tags — March 12, 2023 @ 3:34 pm

  29. tub refinishing — March 12, 2023 @ 4:42 pm

  30. fireplace cleaning omaha — March 12, 2023 @ 7:28 pm

  31. visit website here — March 12, 2023 @ 8:49 pm

  32. promotional items — March 12, 2023 @ 10:23 pm

  33. my company — March 12, 2023 @ 11:47 pm

  34. gas fireplace service cost — March 13, 2023 @ 2:07 am

  35. imprinted safety glasses — March 13, 2023 @ 2:44 am

  36. clock manufacture — March 13, 2023 @ 3:58 am

  37. refinish bathtub near me — March 13, 2023 @ 6:58 am

  38. promotional coffee mugs — March 13, 2023 @ 9:50 am

  39. DIY clock hands repair — March 13, 2023 @ 11:07 am

  40. wholesale promotional products — March 13, 2023 @ 12:13 pm

  41. self storage near me — March 13, 2023 @ 2:25 pm

  42. weston colorado americana music festival — March 13, 2023 @ 2:25 pm

  43. quartz clock fit-ups — March 13, 2023 @ 2:29 pm

  44. logo safety glasses — March 13, 2023 @ 4:27 pm

  45. corporate gifts — March 13, 2023 @ 4:32 pm

  46. mechanisms for clocks — March 13, 2023 @ 6:55 pm

  47. synchronized Hospital clocks — March 13, 2023 @ 7:24 pm

  48. americana music festival colorado — March 13, 2023 @ 9:09 pm

  49. clock building videos — March 13, 2023 @ 9:40 pm

  50. clock mechanisms — March 14, 2023 @ 1:26 am

  51. auto sync clocks — March 14, 2023 @ 1:47 am

  52. best clock movements — March 14, 2023 @ 4:12 am

  53. logo face masks — March 14, 2023 @ 4:42 am

  54. custom lanyards — March 14, 2023 @ 5:39 am

  55. best motor for clocks — March 14, 2023 @ 7:47 am

  56. PA systems — March 14, 2023 @ 7:55 am

  57. americana festival — March 14, 2023 @ 9:29 am

  58. store an rv — March 14, 2023 @ 9:29 am

  59. clock motor suppliers — March 14, 2023 @ 10:35 am

  60. embroidered hats — March 14, 2023 @ 10:38 am

  61. custom surgical masks — March 14, 2023 @ 12:05 pm

  62. Building management services — March 14, 2023 @ 2:07 pm

  63. indoor rv storage near me — March 14, 2023 @ 3:45 pm

  64. caveman weston colorado music festival — March 14, 2023 @ 3:45 pm

  65. plastic dial hand — March 14, 2023 @ 5:11 pm

  66. safety kits — March 14, 2023 @ 6:49 pm

  67. wireless communication systems — March 14, 2023 @ 8:50 pm

  68. clock Inserts videos — March 14, 2023 @ 8:59 pm

  69. storage units — March 14, 2023 @ 10:39 pm

  70. a fantastic read — March 14, 2023 @ 10:41 pm

  71. branded face masks — March 15, 2023 @ 2:16 am

  72. clocks large facilities — March 15, 2023 @ 3:59 am

  73. imprinted knee pads — March 15, 2023 @ 5:48 am

  74. clock Inserts videos — March 15, 2023 @ 7:54 am

  75. business gifts — March 15, 2023 @ 9:38 am

  76. sync clocks for hospitals — March 15, 2023 @ 11:06 am

  77. music festivals near me — March 15, 2023 @ 1:00 pm

  78. customized lanyards — March 15, 2023 @ 5:03 pm

  79. public address transmitters — March 15, 2023 @ 6:16 pm

  80. Printed Gear — March 16, 2023 @ 1:07 am

  81. public address transmitter software — March 16, 2023 @ 1:26 am

  82. clock parts manufacturing — March 16, 2023 @ 1:37 am

  83. vehicle storage — March 16, 2023 @ 2:25 am

  84. clock making replacement parts — March 16, 2023 @ 7:01 am

  85. logo t shirts — March 16, 2023 @ 7:35 am

  86. logo safety glasses — March 16, 2023 @ 7:53 am

  87. parts for clocks — March 16, 2023 @ 8:47 am

  88. missoula storage units — March 16, 2023 @ 9:17 am

  89. badge reels — March 16, 2023 @ 1:52 pm

  90. clock manufacture — March 16, 2023 @ 2:30 pm

  91. tote bags — March 16, 2023 @ 3:22 pm

  92. get more info — March 16, 2023 @ 3:51 pm

  93. clock dial face fit ups — March 16, 2023 @ 4:01 pm

  94. camper storage — March 16, 2023 @ 4:19 pm

  95. clock motor suppliers — March 16, 2023 @ 10:05 pm

  96. logo t shirts — March 16, 2023 @ 10:52 pm

  97. storage rental — March 16, 2023 @ 11:17 pm

  98. accessories for clocks — March 16, 2023 @ 11:20 pm

  99. weston colorado caveman music festival — March 17, 2023 @ 1:23 am

  100. custom printed signage — March 17, 2023 @ 2:30 am

  101. self storage missoula mt — March 17, 2023 @ 6:11 am

  102. customized water bottles — March 17, 2023 @ 6:16 am

  103. outdoor clocks for schools — March 17, 2023 @ 6:28 am

  104. clock hands repair — March 17, 2023 @ 6:55 am

  105. custom printed signage — March 17, 2023 @ 8:52 am

  106. Learn More — March 17, 2023 @ 1:03 pm

  107. wholesale promotional products — March 17, 2023 @ 1:36 pm

  108. wireless clocks sync — March 17, 2023 @ 1:45 pm

  109. Clock making parts — March 17, 2023 @ 2:37 pm

  110. reusable face masks — March 17, 2023 @ 3:18 pm

  111. weston colorado americana music festival — March 17, 2023 @ 4:01 pm

  112. rv storage missoula mt — March 17, 2023 @ 8:02 pm

  113. Clock making parts — March 17, 2023 @ 8:30 pm

  114. imprinted safety glasses — March 17, 2023 @ 8:58 pm

  115. time movement hands — March 18, 2023 @ 3:54 am

  116. personal promotional products — March 18, 2023 @ 4:08 am

  117. synchronized clocks for stadiums — March 18, 2023 @ 4:28 am

  118. clock repair videos — March 18, 2023 @ 5:31 am

  119. colorado music festivals — March 18, 2023 @ 6:23 am

  120. Clock kits and dials — March 18, 2023 @ 11:00 am

  121. custom printed face masks — March 18, 2023 @ 11:14 am

  122. Building management services — March 18, 2023 @ 11:33 am

  123. time movement hands — March 18, 2023 @ 12:38 pm

  124. imprinted protective eyewear — March 18, 2023 @ 4:10 pm

  125. rv storage — March 18, 2023 @ 4:17 pm

  126. clock Inserts videos — March 18, 2023 @ 6:04 pm

  127. how to replace clock hands — March 18, 2023 @ 7:46 pm

  128. indoor boat storage near me — March 18, 2023 @ 10:53 pm

  129. embroidered shirts — March 19, 2023 @ 1:25 am

  130. check it out here — March 19, 2023 @ 2:11 am

  131. clock making replacement parts — March 19, 2023 @ 2:52 am

  132. music festival near me — March 19, 2023 @ 3:49 am

  133. storage — March 19, 2023 @ 5:36 am

  134. pendulum movements — March 19, 2023 @ 9:58 am

  135. music festival — March 19, 2023 @ 11:10 am

  136. tote bags — March 19, 2023 @ 3:35 pm

  137. imprinted safety glasses — March 19, 2023 @ 4:50 pm

  138. Clock making parts — March 19, 2023 @ 5:04 pm

  139. u.s. music festivals — March 19, 2023 @ 6:21 pm

  140. clock motor suppliers — March 19, 2023 @ 10:21 pm

  141. wireless time systems — March 20, 2023 @ 12:14 am

  142. red rock colorado music festival — March 20, 2023 @ 1:30 am

  143. reusable face masks — March 20, 2023 @ 4:44 am

  144. Big clock parts — March 20, 2023 @ 5:27 am

  145. promo products suppliers — March 20, 2023 @ 5:49 am

  146. DIY clock replacement parts — March 20, 2023 @ 7:01 am

  147. clocks for businesses — March 20, 2023 @ 7:37 am

  148. monument lake resort americana music festival — March 20, 2023 @ 8:55 am

  149. boat storage near me — March 20, 2023 @ 10:02 am

  150. clock manufacture — March 20, 2023 @ 1:58 pm

  151. more info — March 20, 2023 @ 3:06 pm

  152. coffee mugs — March 20, 2023 @ 4:32 pm

  153. promotional coffee mugs — March 20, 2023 @ 8:14 pm

  154. clock accessories — March 20, 2023 @ 8:53 pm

  155. promo items — March 20, 2023 @ 10:29 pm

  156. synchronized clocks for stadiums — March 20, 2023 @ 10:32 pm

  157. weston colorado music festival — March 20, 2023 @ 11:39 pm

  158. auto storage — March 21, 2023 @ 12:57 am

  159. large clock hands — March 21, 2023 @ 2:37 am

  160. corporate gifts — March 21, 2023 @ 4:25 am

  161. hospital clock system — March 21, 2023 @ 5:44 am

  162. trailer storage near me — March 21, 2023 @ 8:20 am

  163. custom printed signage — March 21, 2023 @ 10:15 am

  164. promo items — March 21, 2023 @ 10:24 am

  165. auto sync clocks — March 21, 2023 @ 12:49 pm

  166. colorado music festival 2023 — March 21, 2023 @ 1:52 pm

  167. trailer storage — March 21, 2023 @ 3:44 pm

  168. Click Here — March 21, 2023 @ 4:04 pm

  169. parts for clocks — March 21, 2023 @ 4:45 pm

  170. clock Inserts videos — March 21, 2023 @ 5:26 pm

  171. luggage tags — March 21, 2023 @ 5:38 pm

  172. storage missoula mt — March 21, 2023 @ 11:05 pm

  173. synchronized Hospital clocks — March 22, 2023 @ 3:07 am

  174. Learn More — March 22, 2023 @ 3:57 am

  175. Big clock parts — March 22, 2023 @ 7:01 am

  176. imprinted knee pads — March 22, 2023 @ 8:29 am

  177. caveman music americana festival — March 22, 2023 @ 11:53 am

  178. mini storage — March 22, 2023 @ 1:51 pm

  179. clock mechanisms — March 22, 2023 @ 2:05 pm

  180. customized lanyards — March 22, 2023 @ 3:53 pm

  181. rock and roll music festival — March 22, 2023 @ 7:26 pm

  182. plastic dial hand — March 22, 2023 @ 8:57 pm

  183. outdoor storage — March 22, 2023 @ 9:13 pm

  184. badge reel holder — March 22, 2023 @ 10:01 pm

  185. car storage near me — March 23, 2023 @ 4:29 am

  186. time movement hands — March 23, 2023 @ 11:29 am

  187. large storage units — March 23, 2023 @ 11:52 am

  188. first aid kits — March 23, 2023 @ 1:58 pm

  189. Check It Out Here — March 23, 2023 @ 3:06 pm

  190. boat storage — March 23, 2023 @ 7:17 pm

  191. pendulum movements — March 23, 2023 @ 8:04 pm

  192. metal clock hands — March 24, 2023 @ 3:26 am

  193. hospital clock system — March 24, 2023 @ 3:42 am

  194. gas fireplace cleaning service — March 24, 2023 @ 4:26 am

  195. wirelessly synchronize clocks — March 24, 2023 @ 8:16 am

  196. GPS Receiver — March 24, 2023 @ 11:19 am

  197. fireplace screen replacement — March 24, 2023 @ 12:04 pm

  198. facilities services companies — March 24, 2023 @ 3:36 pm

  199. los angeles bathtub reglazing — March 24, 2023 @ 5:01 pm

  200. small clock inserts — March 24, 2023 @ 6:33 pm

  201. wireless products — March 24, 2023 @ 6:48 pm

  202. clock motor suppliers — March 24, 2023 @ 7:56 pm

  203. synchronized wireless clock systems — March 24, 2023 @ 10:45 pm

  204. Get More Info — March 24, 2023 @ 11:55 pm

  205. visit website here — March 25, 2023 @ 1:58 am

  206. Building management services — March 25, 2023 @ 2:15 am

  207. fireplace repair services near me — March 25, 2023 @ 3:00 am

  208. best clock movement — March 25, 2023 @ 3:42 am

  209. Building management services — March 25, 2023 @ 5:59 am

  210. this website — March 25, 2023 @ 6:56 am

  211. synchronized wireless clocks — March 25, 2023 @ 9:51 am

  212. plastic dial hand — March 25, 2023 @ 11:29 am

  213. Facility wireless clocks — March 25, 2023 @ 1:08 pm

  214. see here — March 25, 2023 @ 1:50 pm

  215. accessories for clocks — March 25, 2023 @ 4:52 pm

  216. clocks for businesses — March 25, 2023 @ 8:14 pm

  217. bathtub refinishing los angeles — March 25, 2023 @ 8:57 pm

  218. visit website here — March 26, 2023 @ 12:16 am

  219. fireplace service — March 26, 2023 @ 1:34 am

  220. clock hands repair — March 26, 2023 @ 2:45 am

  221. auto sync clocks — March 26, 2023 @ 3:23 am

  222. tile reglazing — March 26, 2023 @ 4:09 am

  223. plastic dial hand — March 26, 2023 @ 7:44 am

  224. gas fireplace repairman near me — March 26, 2023 @ 9:22 am

  225. wireless clocks sync — March 26, 2023 @ 10:34 am

  226. see here — March 26, 2023 @ 11:17 am

  227. synchronazation communication systems — March 26, 2023 @ 4:09 pm

  228. fireplace service — March 26, 2023 @ 5:03 pm

  229. PA systems — March 26, 2023 @ 5:57 pm

  230. clock accessories — March 26, 2023 @ 10:36 pm

  231. facilities services companies — March 26, 2023 @ 11:50 pm

  232. gas fireplace repair services near me — March 27, 2023 @ 12:32 am

  233. DIY clock hands repair — March 27, 2023 @ 12:58 am

  234. PA speakers for businesses — March 27, 2023 @ 1:05 am

  235. tub reglazing los angeles — March 27, 2023 @ 1:39 am

  236. best motor for clocks — March 27, 2023 @ 6:05 am

  237. wireless communication systems — March 27, 2023 @ 7:42 am

  238. clock mechanisms — March 27, 2023 @ 8:27 am

  239. ceramic tile refinishing near me — March 27, 2023 @ 8:53 am

  240. parts of a clock — March 27, 2023 @ 1:02 pm

  241. time movement hands — March 27, 2023 @ 2:14 pm

  242. get redirected here — March 27, 2023 @ 3:25 pm

  243. public address transmitters — March 27, 2023 @ 3:34 pm

  244. clock inserts suppliers — March 27, 2023 @ 4:05 pm

  245. refinishing floor tile ideas — March 27, 2023 @ 10:58 pm

  246. mechanisms for clocks — March 28, 2023 @ 5:16 am

  247. get redirected here — March 28, 2023 @ 5:49 am

  248. learn more — March 28, 2023 @ 6:15 am

  249. get more info here — March 28, 2023 @ 6:41 am

  250. visit website here — March 28, 2023 @ 12:17 pm

  251. read more — March 28, 2023 @ 12:49 pm

  252. clock dial face fit ups — March 28, 2023 @ 7:51 pm

  253. bathtub reglazing san fernando valley — March 28, 2023 @ 7:52 pm

  254. get more info here — March 28, 2023 @ 8:21 pm

  255. gas fireplace cleaning services near me — March 28, 2023 @ 8:23 pm

  256. wireless time systems — March 28, 2023 @ 8:42 pm

  257. DIY clock hands repair — March 28, 2023 @ 9:07 pm

  258. ceramic tile restoration — March 29, 2023 @ 2:47 am

  259. clock repair parts — March 29, 2023 @ 3:19 am

  260. tile refinishing — March 29, 2023 @ 9:43 am

  261. Learn More — March 29, 2023 @ 10:51 am

  262. clocks for facilities — March 29, 2023 @ 11:08 am

  263. accessories for clocks — March 29, 2023 @ 11:21 am

  264. get more info — March 29, 2023 @ 6:24 pm

  265. large clock hands — March 29, 2023 @ 6:41 pm

  266. time movement hands — March 29, 2023 @ 6:53 pm

  267. fireplace service — March 29, 2023 @ 6:57 pm

  268. tub refinishing — March 29, 2023 @ 11:11 pm

  269. wireless communication systems — March 30, 2023 @ 1:32 am

  270. clock inserts movements — March 30, 2023 @ 1:49 am

  271. repair a gas fireplace — March 30, 2023 @ 2:23 am

  272. tub reglazing los angeles — March 30, 2023 @ 5:50 am

  273. time movement hands — March 30, 2023 @ 8:58 am

  274. Big clock parts — March 30, 2023 @ 9:50 am

  275. fireplace repair cost peoria — March 30, 2023 @ 9:50 am

  276. DIY clock hands repair — March 30, 2023 @ 4:09 pm

  277. this page — March 30, 2023 @ 5:16 pm

  278. parts of a clock — March 30, 2023 @ 5:22 pm

  279. reglazing tile — March 30, 2023 @ 7:08 pm

  280. USA Made clock movements — March 30, 2023 @ 11:17 pm

  281. gas fireplace maintenance near me — March 31, 2023 @ 12:24 am

  282. Big clock parts — March 31, 2023 @ 12:45 am

RSS feed for comments on this post. TrackBack URI

Leave a comment

WordPress Themes