Home All Articles Baseball Economics Roundtable - May 2007

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 698 guests online

Atom RSS

Baseball Economics Roundtable - May 2007 PDF Print E-mail
User Rating: / 11
PoorBest 
Articles & Opinion
Written by Various Authors   
Wednesday, 02 May 2007 17:00

A Biz of Baseball ExclusiveBaseball is awash with revenues these days. From lucrative television deals at the national and local level, to MLBAM's steady stream of money, to satellite radio deals, naming rights, and new or redeveloped stadiums going online, owners are bathing in the green stuff.

With that, however, are the questions about where the money is flowing, and how to place value on the revenues that are coming in.

The Biz of Baseball decided it would be good early on in the 2007 MLB season to have a roundtable discussion with some of those that follow baseball economics closely. To that end, we've assembled the following panel:

 We'll be talking five different topics:

  • The latest CBA
  • How regional sports networks impact MLB's economic landscape
  • The value of marquee players and the value of club brand
  • Comments on whether MLB should implement a player payroll floor
  • The panelist picks a topic of their liking

Select Read More to read the Baseball Economics Roundtable for 2007


The current CBA works to address some inadequacies with the prior agreement as it pertains to revenue sharing. What are your thoughts on the agreement?

Zimbalist: The new CBA has some strong points and some weak points. If I had my druthers, the fixed component of revenue sharing would be the basis for all sharing, instead of just over a third. It would also be based upon a more objective standard of a team’s potential revenue, not its recent and projected revenue experience. Among other things, the present system still penalizes a team for past success and the larger variable component, although at lower and more uniform rates, penalizes a team for future success. Further, as it stands now, a top-half team’s revenue sharing obligation can go up because the revenue of other top-half teams rises. There are lots of other issues, but, in short, I see the present CBA as an improvement on the previous ones, though it is far from perfect.

Baseball Prospectus Annual Brown: Given the political realities of how the agreement came together, it's a step in the right direction, especially in terms of lowering the marginal tax rate to 31 percent. It's still difficult to grasp that large markets such as Philadelphia or Washington, DC can pull in revenue-sharing, but as I said, tying market size to the system seemed to be an area that was just politically too difficult to reach during collective bargaining.

The addition of a fixed rate component is certainly an interesting and positive step forward and will be interesting to analyze over the life of the agreement. The system also was adjusted to deal with some of the cliff issues within the prior agreement, which created scenarios in which a club that was just above the median after revenue-sharing could actually wind up with less net revenue than a club that was just below the median. There are certainly inadequacies within in it, however. Those at the top of the revenue making scale can be impacted in terms of their percentage of their obligation based on how the revenues of the other high-revenue making clubs grow. It's not perfect, but it's a step in the right direction over the prior agreement (I get into the current CBA in greater detail in the 2007 Baseball Prospectus Annual). Given that MLB is pulling in record revenues, it seems that labor peace won the day over any haggling that might have occurred in the trenches over revenue-sharing. Things certainly might have played out differently if the economics of MLB were in a more depressed state.

Gennaro: From the reports I’ve seen, it appears to be a step in the right direction. The reduction in the marginal tax rate means that there is more of an incentive for teams to invest in revenue growth. However, I’m an advocate of determining revenue sharing payees/payors based on revenue opportunity, rather than actual revenues. Using actual revenues commingles the important structural factors that determine a team’s revenue opportunity (market size, corporate base, etc.) with management capability and results. I think revenue sharing considerations should exclude the latter. Also, I would like to see future revenue sharing provisions include a “bonus payment” for a team’s on-field performance. For example, let’s say the Pirates were to receive $20 million, based on the revenue sharing formula, I would also like to see them be eligible for a bonus of say, $1.5 million for every win they achieve over some minimum (e.g., 80 wins) and capped at some maximum level of wins (e.g., 90 wins). The benefit of this approach is that it would also raise the Pirates’ marginal revenue from winning, providing them with a greater incentive to invest in winning, through the free agent market, or investments in player development, etc.

Silver: Needless to say, I was shocked that a deal got done so quickly, so quietly, and so professionally. My guess—and I’ve heard just a little bit of gossip to support this—is that each side was worried that the other was going to play hardball. The owners were worried that the players felt like they’d lost the last round of negotiations, and that they’d point to all the money the game was making and demand a larger share of the pie. The players were worried that the owners would cite the NHL as a precedent, and that they held the performance-enhancing drugs scandal against the players as a sort of lever in case the negotiations went into the court of public opinion.

And so perhaps each side was very pleasantly surprised when they found out that the other side was going to be reasonable. Of course, there are other things that helped motivate the quick settlement. I think both sides learned from 1994 and 2002 that doing your negotiating the media is pretty much a lose-lose scenario. I think the damage from collusion has finally scabbed over (though not healed up completely). And you have some fresh blood on each side, with people like Fehr probably being involved in the negotiations more by proxy.

In any event, the fact that they were able to broker a deal with a minimum of collateral damage is remarkable, and speaks to some of the ways in which the game has matured. At the same time, I wonder if they didn’t roll the clock too far back in terms of revenue sharing, as the orgy of free agent spending this winter would seem to attest.

Noll: The new agreement cures a huge perversity in the revenue-sharing system that was created by the old CBA. Under the old agreement, teams in low-revenue markets were rewarded financially for making their teams weaker. The new agreement eliminated these anomalies, but in doing so it introduced a great deal of complexity. Financially complex rules typically create unintended loopholes as well as the potential for disagreement about their interpretation. Most likely, the next CBA will have a simpler formula.

Fort: Let’s do the big picture first. Since both players and owners share the goal of maximizing league profits, the CBA is really about dividing up the economic outcome in MLB. Since, in my opinion, really nothing changed between the owners and players in the new CBA, they apparently think life is good, economically speaking.

On the specifics of revenue sharing, the only change I see is that the sharing rate is reduced to 31%. The same target transfer of around $326 million will be funded come out of revenue growth at a lower tax rate. But transferring the same amount of money by lowering tax rates means more money is kept by each team as revenues grow. And as long as revenues grow disproportionately, this is a blow to any move toward maintaining the current level of competitive balance and surely cannot increase competitive balance.

But then nobody ever puts forth a reasoned criterion for judging competitive balance in the first place. So there never are discussions of just what the level of balance needs to be, either during the regular season or during the playoffs. All we hear from the league is that “balance is better” by whatever their chosen measurement happens to be at the time. And all we hear from critics is that there should be more balance. But the alteration in revenue sharing in the current agreement speaks volumes on what the players and owners think about competitive balance relative to what we hear from fan advocates in the press.

Bradbury: There are some provisions designed to reduce the disincentive for winning created by revenue sharing. By cutting the percentage of local revenues shared, small-market teams get to keep more of their own local revenue and can expect fewer handouts.

Supposedly, the CBA includes closer scrutiny of what revenue-sharing recipients can do with the money. I’ve yet to hear exactly what new mechanism is in place. I’m not sure how well MLB can police what these teams choose to do, but I do know that there is some discord among the owners regarding this issue. I think social pressure among owners and changing the tax rates are bigger factors.

Another change in the CBA that will also help weaker franchises is awarding teams compensation picks when drafted players do not sign. The reverse-order draft is supposed to give losing teams a leg up. Because drafted players could previously choose to go to college or to re-enter the draft the following year, draftees had tremendous bargaining power. Clubs do not want to waste a high first-round pick on a player they cannot sign, so small-budget teams had been going after lesser players who are easier to sign. Now, a team that fails to sign its first-round pick is compensated with a similar pick in the following year’s draft. This shifts some bargaining power to teams, with draftees knowing that teams will have a comparable pick in the following draft.

Overall, I am just happy the agreement was reached without a work-stoppage. The owners and players know the stakes involved, so I’m not much bothered by what they come up with.


How do regional sports networks (RSNs) impact MLB’s economic landscape now, and how will they in the future?

Diamond Dollars Gennaro: Team-owned RSNs are dramatically changing the economics of the game, beginning with raising the financial stakes of winning or losing for an MLB team. Unlike a traditional fixed rights fee arrangement with a Fox-Sports type affiliate, by having a stake in a RSN, a team re-connects its broadcast revenues to its on-field performance. Beyond the revenue implications, the RSN is an asset whose value rises and falls, in part, based on the team’s on-field results. In five years, the Yankees have created an asset—the YES Network—valued at nearly $2 billion today. The network is an important part of their economic equation and figures prominently in their willingness to aggressively spend payroll dollars in an effort to win. Besides the direct financial implications, RSNs are a team marketer’s dream as they provide a unique vehicle to build the team brand through team-related programming. It’s also no coincidence that the highest revenue teams are typically the ones with RSNs, as the broadcast rights for these teams are an asset substantial enough to form the basis of a stand alone network.

Noll: RSNs have been around a long time, and local baseball on over-the-air TV has been an endangered species since pay-TV penetration passed 50 percent almost three decades ago. An interesting issue is the effect of pay-TV RSNs (e.g., Fox Sports Network) on revenue disparities between big and small markets. My expectation is that, taking into account revenue sharing, the ratio of net revenues of the wealthiest and poorest teams has diminished, thereby making teams in smaller markets more viable financially.

The most interesting issue surrounding RSNs is the legality of the bundles of RSN telecasts that leagues are putting together as out-of-market national packages. This practice is legally tenuous. Some courts already have concluded that the antitrust exemption for pooling television rights into league packages does not apply to pay-TV, and Congress has held hearings on their legitimacy. If these packages are made illegal, teams will be allowed to sell national pay-TV rights for their games. The likely effect would be to give fans access to many more games, to increase competition in televised sports, to increase disparities among teams in broadcast income, and to reduce total broadcast income for the sport as a whole.

Silver: Any team that doesn’t have its own RSN is leaving money on the table. It’s simply a more efficient way to mine the profits of your broadcasting rights. Undoubtedly, there are a few inefficiencies in play for the time being, since some teams have RSNs while others do not. But I suspect that within a decade, we’ll be talking about 27 or 28 teams having RSNs, and it will become something that’s as standard a practice as building luxury boxes or investing in your farm system.

Zimbalist: Since the late 1980s RSNs have been a powerful force boosting team revenues, particularly those in the larger markets. When the team owners also own the RSNs, it can be a source of an extraordinary revenue advantage.

Bradbury: As much as MLB would like to have a national viewing audience like the NFL, baseball fans want to watch their local teams. MLB has been quick to allow these loyal fans to see their favorite teams play with Extra Innings and via the internet.

There was a lot of dialogue about the potential exclusive arrangement with DirecTV, but MLB won as the cable companies gave in to MLB’s demands. This should tell you something about the value of the local broadcast rights. MLB played hardball, because it knew what its product is worth.

Regional Sports Networks are profitable; there is no doubt about it. As Ted Turner learned, the more people you give a taste of the game, the more they’ll consume it. It’s a lesson that baseball learned with radio as well. By giving fans with geographic ties more opportunities to watch, the fan base grows. Oh yeah, and more importantly the RSN generates quite a bit of revenue on its own. Very nice!

Brown: RSNs are creating more disparity in terms of local revenues between the clubs, and given the ease with which clubs might be sheltering those revenues from the revenue-sharing system, they play a large part in creating the haves and have-nots. Not every owner is going to be in a position to acquire an RSN due to limited content or saturation of content by an existing RSN in a given market. Plainly put, there are only a limited number of YES Networks and NESNs to go around.

Beyond that, they create issues in terms of what is now deemed a "local" territory by way of television household reach, and the ability to tap into what is deemed local through the likes of the Extra Innings deal recently reached. Another good example of how RSNs impact MLB in the overall is how Peter Angelos leveraged television reach by way of the Orioles broadcast area during the Expos relocation to Washington, DC. Through that, he was able to gain a foothold into an even larger regional area via the creation of MASN.

Going forward, RSNs are going to become more of an issue as the revenues for YES and NESN continue to escalate, and those on the outside of the RSN bubble clamor for more shared revenues.

Fort: Two things about Regional Sports Networks seem important to me. First, RSNs generate local revenue rather than national revenue and inequality in the growth of local TV revenue is the major source of the imbalance in potential revenues across teams. Second, the level of competitiveness among RSNs determines the price and quantity of games seen by fans.

So, on the first count, RSNs impact MLB’s economic landscape on the competitive balance dimension. But that’s handled through the local part of revenue sharing just discussed. So, really, on this count, the impact of RSNs on MLB’s economic landscape is up to the owners and players through collective bargaining. And as long as both parties to collective bargaining have the same goal of maximizing league profit, then RSNs will be managed to do so. Indeed, we see precisely how that plays out in the new CBA revenue sharing rates. 

On the second count, technology is such that the idea of an RSN as a geographic organization is just plain wrong. It doesn’t matter where the RSN is located, what matters is its level of competition. And right now that appears to be nil. This suggests fans are paying close to their maximum willingness to pay for the games they do receive. And price discrimination through repackaging for special package offerings on cable and satellite make it clear that the market power of RSNs is being exercised. Of course, MLB is not oblivious to this and is making its own package deals available as well. The upshot seems to me, though, that fans will pay just about the most they are willing to pay, rather than a competitively determined return over and above the actual costs of providing TV games.


In an interview with the Biz of Baseball, David Samson addressed how marquee players and brand can impact the bottom line. At the time, we asked Samson about retaining talent on a limited budget, specifically in retaining Dontrelle Willis.

Samson said, “We’re going to go out there and compete, and we went people to know that they should be cheering for the front of the jersey. And now’s an important time for people to support the Marlins, because without season ticket support or attendance, it’s hard to convince politicians that it really matters.”

The quote begs the question: What is the value of marquee players, the value of team brand and how do each of these impact the bottom line?

Noll: Only owners and league officials believe that people pay to see the jersey instead of the players. Field some great players, draw 3+ million; field a de facto minor league team, draw 700,000. The contribution of marquee players to revenues in the sport continues to grow, although the post-strike revenue-sharing rules have slowed salary growth among the best players.

The Baseball Economist Bradbury: It is hard to convince politicians to dole out welfare to sports franchises. There is no economic justification for a public subsidy to professional sports teams. But even on philosophical grounds, I cannot support taxing citizens to do this. David Sampson runs a good franchise. I wish he would concentrate on marketing the phenomenal product his organization has put on the field, rather than use it as a weapon.

Where are the Marlins going to move? They are in a top-10 MSA that is growing. San Antonio just laughed when Jeffrey Loria threatened to move the team there. Unless the Marlins can convince some city to give them a sweetheart deal—something I don’t see happening— the Marlins threat to move is not credible. If he pulls this off, he should start demanding that supermodels pay for the privilege of sleeping with him.

I don’t think the Marlins fans are too concerned about marquee players. Miguel Cabrera and Dontrelle Willis are two of the best players in the game. They have an exciting group of young players who have the potential become All-Stars. As a baseball fan, I think the Marlins have one of the most likable line-ups in the league. One thing we know is that fans want to see a winner, and even the Marlins fans have responded to winning. I think it’s one of the reasons the Marlins have put a lot of effort into putting a good team on the field on a tiny budget.

The main reason that fans have turned against the Marlins is the behavior of the owner. Look at the experience of the Charlotte Hornets in the NBA. The Hornets sold out their arena for a decade—North Carolina is basketball crazy. When owner George Shinn demanded a new facility and threatened to leave, fans stopped supporting the team. When you tell your fans love me or else, they’ll abandon you in a hurry.

Gennaro: I’ve done enough work in this area within baseball—consumer research, focus groups, etc.—to be convinced that each MLB team is a unique brand, with its own “equities”, that have been shaped by many factors, including the team’s on-field performance, their ballpark, fans perceptions of ownership, and the way fans relate to the players. A strong team brand goes hand-in-hand with high fan loyalty and is a strong financial asset, which can cushion attendance declines when the team is playing poorly and offers some extra pricing power when the team is performing well. The amount of focus teams place on “building the brand” often depends on a trade-off between marketing spending to shape the image of the team in the mind of its fans, versus spending dollars on promos to put fans in seats. On the topic of marquee players, there is strong evidence that a team’s high-profile fan favorites can “personalize” the team brand and deepen the emotional connection with its fans—a connection that endures long after the player has moved on.

Silver: I like the work that Vince did on marquee players. Intuitively, I thought his numbers passed the sniff test. Analytically, there wasn’t quite as much empirical backing as I might have liked, but this is something that’s nearly impossible to study empirically; the data set simply isn’t robust enough to account for the attendance effects of individual players. 

In any event, I suspect that Vince is right that the marquee player effect is relatively small, and confined to a relatively few number of players. And ultimately, I think the marquee player question is subsumed in the concept of brand. Brand, among other things, is about managing expectations. It’s about making a certain promise to your consumers and living up to that promise, and it’s when teams tend to break those promises that they get themselves in trouble. What the Seligs did in Milwaukee, for example – promising competitive payrolls in order to get Miller Park built and then reneging on that promise – was very damaging for a couple of years, and I suspect that Brewer attendance would not have recovered to the extent that it has if the Seligs hadn’t sold the club. I did a lot of consulting work in Milwaukee at about the time the Brewers hit rock bottom, and people took all of this very personally.

Anyway, I’m running in circles here, but I suspect that once you get beyond perhaps a dozen or so players – guys in the Derek Jeter, David Ortiz class – fans are less concerned about the name on the back of the uniform as they are having players who can catch, throw and hit. If the Cubs fail to re-sign Carlos Zambrano, that could be problematic for them, but only to the extent that they don’t sign someone of comparable worth to replace him -- if they lost Zambrano but brought in Roy Halladay, nobody would bat an eyelash. To that extent, team payrolls are perhaps a little bit sticky downward; fans may be quicker to punish you for selecting a lower point on the wins-revenue curve than they are to reward you for picking a higher one.

Fort: I read this quote as focusing on the politically determined part of an owner’s bottom line. Fan support impacts revenues directly at the gate, on attendance-related revenue like concessions and parking, on TV, and through merchandise purchases. But fan support also impacts the politically determined part of revenues, that is, subsides through venue construction and lease terms. To the extent that marquee players engender that support through better fortunes for the team, so be it. But Samson is quite correct that general brand name identification—we used to call that fan loyalty, by the way—is related to political support for the team as well. So, it seems to me that marquee players and brand identification are important to both the “business” side of revenues and the “political” side of revenues.

Zimbalist: Theoretically, team brand value is difference between the team's market value and the discounted present value of its future profits. A player's marquee value would be approached similarly, the difference between his salary and his estimated MRP.

Brown: Measuring the value of marquee players is an interesting study that may lend itself to those at the top of the “star player” scale, but across the league it becomes extremely difficult to quantify. Certainly both Nate and Vince have touched on this in Baseball Between the Numbers (Alex Rodriguez) and Diamond Dollars (Babe Ruth).

We can certainly place soft revenues around other players. The most notable player currently would most likely be Daisuke Matsuzaka, where sponsorship, ad revenues, and tourism dollars will impact, not only the Red Sox, but other clubs as well.

But, as mentioned, these are the exceptions. Past the biggest stars in MLB, it becomes more difficult to value a player’s name. If someone can tell me how much Wade Boggs made the Devil Rays in 1999 based on pure name recognition alone, we’d be getting somewhere.

As for placing a value of fan loyalty based on brand recognition, you get into a somewhat similar situation. In the case of clubs such as the Yankees, Red Sox, and Cubs, there is ample evidence that brand loyalty alone can provide steady revenues to buffer losing seasons. Certainly, the Cubs being able to hitch your wagon to the “Lovable Losers” mantra and milking revenues from it is something that doesn’t apply to say, the Royals—it becomes more difficult to measure the further away from the marquee clubs you get.

Much of brand loyalty comes from the history of a club, and therefore, those that have been in existence the longest will have the best chance of taking advantage of brand loyalty. Samson doesn’t have this ability given the short time the club has been in existence. The Yankees can leverage the memorable history of Joe DiMaggio or Mickey Mantle. As time marches on, these newer clubs will create (or hinder) their own brand loyalty based the history they create, and often times, the fan experience of the ballparks they play in.


The latest Forbes franchise valuations for MLB shows that the some of the highest profit making is coming from clubs that have some of the lowest player payrolls in MLB. Is a player payroll floor needed to fully address possible high levels of profit taking from those that also receive revenue-sharing?

Baseball and Billiions Zimbalist: With over $30 million per team coming from MLB’s central fund and some of the bottom teams receiving over $30 million in revenue sharing, a low payroll virtually guarantees teams on baseball’s welfare system a healthy profit. I favor a revenue sharing system that has the proper incentives, rather than one with administrative rules.

Bradbury: I think a salary floor is a bad idea. Yes, it limits the amount of revenue sharing an owner can keep, but paying players isn’t necessarily the best way to manage your franchise, especially for a low-revenue team. There are several clubs winning without spending much money on player salaries. From 2000-2005 the Twins, Marlins, White Sox, and Athletics spent, on average, 32 percent less than the league-average payroll and went to the playoffs ten times and won two World Series. These teams aren’t just sitting home collecting revenue sharing; they generate revenue by putting good teams on the field with low labor costs. The incentives for generating revenue through winning are high enough to limit the “welfare queen” strategy.

It is true that there is a positive relationship between market size and winning, but the disparity between the best and worst franchises is not pure product of financial determinism. Predicting player performance is difficult; therefore, attempting to buy a championship through free agency is expensive and risky. Some teams have exceptional scouting departments that give them an edge. The bigger story though, is that the reserve rules allow teams to pay players far below their actual worth during their first six years in the league. Why not put resources into relatively cheap management/scouting personnel and cast your lot with a huge pot of prospects? Some become stars while others wash out, but no matter what, they didn’t cost you much. Also, the difference between good and bad players is small, so that even teams that can’t hire the best can remain competitive.

The perennial losers like Kansas City and Milwaukee are in small markets, but they also have been horribly managed. Are they at a disadvantage? Yes, but it’s not as big as the small-market owners make it out to be. From 1995-2004, differences in market size explained only about 40 percent of the gap in wins between the Yankees and the Brewers.

Furthermore, the potential remedies for market-size disparities are worse than any of the solution—more revenue sharing (remember the “welfare queen” problem?). The financial disadvantage that some teams face is similar to the disadvantage the Rockies face playing in an extreme altitude. We don’t have 30 localities with identical demographic characteristics to host teams. The disparity exists, but we’ve seen that it’s not too big for teams to overcome. It is part of the game, and may even add some drama. I sure enjoyed watching the Marlins beat the Yankees in 2003. If some teams put as much effort into their development as they do belly-aching, they might have a few playoff appearances to show for it.

Silver: I recently did a piece at Baseball Prospectus that looked at the overall stock of talent within each organization, rating each club from 1 to 30 based on the amount of long-term talent that they’ve compiled. Three of the teams at the top of the list were the Twins, Indians, and Devil Rays, all of which have been accused at one point or another of “profit taking”.

The problem is not that the teams at the bottom are spending too little – it’s that the teams at the top are spending too much. Neil deMause, building on some work I’d done for Baseball Between the Numbers found that probably only 3-4 teams derived a larger marginal gain in revenues than they paid out in payroll, and the fact that there’s such a strong inverse correlation in the Forbes data between payroll and operating income would tend to confirm that. Baseball teams, especially those toward the top of the revenue heap, are remarkably bad at marginal economics. They have the luxury of being sloppy because they’re making too much money.

Gennaro: I’m uncomfortable with player payroll as the sole yardstick of whether a team is re-investing revenue sharing dollars. The teams with the lowest payroll are often the teams with the lowest revenue opportunity. These teams will ultimately fail or succeed based on the strength of their player development system, not their willingness to escalate payroll. Forcing payroll investment may create more Gil Meche-type signings. I would rather see some dual measure that includes investment in player development as an alternative investment option.

Brown: I’m uncomfortable with the way some clubs appear to be using revenue-sharing as welfare—and as I’ve written on this topic, some fans think that reason is good enough to implement a player payroll floor.

However, I don’t see the need for a player payroll floor.

With more clubs getting player contracts under control, the free agent pool has been thinning, and with that, we’ve seen the supply and demand of them increase. That has sent player salaries upward at rates that many low-to-mid level revenue making clubs cannot keep up with.

With the change, the ability to develop players from within becomes a higher priority, and with that, forcing investment of those revenues directly at the MLB player level is counterintuitive.

Clubs need to be able to invest in player development—be that scouting, academies outside the US, et al. While some clubs continue to take advantage of the revenue-sharing system, implementing a player payroll floor would have unintended consequences and further upset competitive balance.

Noll: The theory behind a floor on salary expenditures is that if a team is forced to spend money, it will bite the bullet and field a decent team. There are two major problems with this theory. One is that the only cause of weak teams is low salary budgets. Another cause is bad management. Forcing teams to spend more will cause poorly managed teams to overpay their players even more than they do now. In addition, teams can improve themselves by spending more on player development and evaluation, as exemplified by Minnesota and Oakland. Why should these teams be punished financially when they now can field above-average teams with below-average budgets? One should be very careful about implementing central planning in any sport because it inevitably reduces the efficiency of team management.

Sports Economics Fort: First, Forbes only guesses at profits using some data that can be roughly verified, team revenues, and some data that can’t be verified, team costs. But even if one takes the Forbes guesses at face value, it is also true that some of the highest profit making is coming from clubs that have some of the highest player payrolls. So I don’t see why there should be any conclusions at all drawn on the profit statements from Forbes.

The intent of the observation about the Forbes data seems to be that if smaller-revenue owners spent their net revenue sharing proceeds on talent, then profit margins would be smaller. And that somehow these margins are “too high” given the intent of revenue sharing. But there is no way to know this from the Forbes data, even if it is correct, since fans will pay more for higher quality even though payrolls went up.

But let’s talk directly about the rationale behind a payroll floor and not worry about the Forbes data. Enough people already think that smaller-owners are violating the intent of revenue sharing so let’s just take it as given.

In my opinion, there’s no need for a payroll floor in order to meet the league’s goals for two reasons. First, unless MLB’s choice of the equal 31% sharing rule has truly perverse impacts on the return to investing in talent, then all teams will put all of their revenue sharing proceeds back into team quality of their own accord. Second, even if this isn’t true, MLB could always choose to focus just on the competitive balance tax and remove any need for a payroll floor in the first place.

The issue of a payroll floor arises as follows. Revenue sharing is just a form of tax—all owners pay 31% of local revenues into the tax pot. Now, suppose MLB just burned the collected 31%. The equally proportionate take from all teams would have no impact at all on relative ability to spend on talent! The price of talent would fall but teams would hire roughly the same amount. So I would not expect competitive balance to change if tax receipts were taken out of owners’ operations considerations.

But the league has decided to redistribute these tax revenues in equal shares, but not equal amounts, back to all owners. Smaller-revenue owners thus get back more than they put in. Larger-revenue owners get back less than they put in. Now, the question becomes, “What do we expect owners to do with their revenue sharing proceeds?” And there are two possibilities.

Scenario 1: If the return on investment in baseball talent has fallen, not the price but the return, then owners will take their revenue sharing proceeds and spend it outside of baseball. But this would be just as true for larger-revenue owners as for smaller-revenue owners. And remember that this action would not change the level of competitive balance in baseball.

Scenario 2: If the return on investment in baseball talent has remained the same or increased, then owners will take their revenue sharing proceeds and put that money back into talent purchases. After all, baseball talent drew that spending before the tax and if the return hasn’t changed, or rises, the same would be true after the tax. Now, after-tax revenues are lower for larger-revenue owners than their pre-tax revenues and after-tax revenues are higher for smaller-revenue owners than their pre-tax revenues. So, the return on baseball talent leads to lower spending by higher-revenue owners and higher spending by smaller-revenue owners so that after-sharing competitive balance would be expected to improve.

So which is more likely, Scenario 1 or Scenario 2? If the latter, as I think should be the case since MLB wouldn’t choose a path that lowers the return to talent investment, then there is no need for a payroll floor. After-tax payrolls will see all net revenue sharing proceeds spent on all of the teams in MLB, larger- and smaller-revenue alike.

And here’s another reason for skepticism about the need for a floor. Without any other mechanisms, the competitive balance (luxury) tax currently operational in MLB, carefully chosen, can take care of both the over-investment in talent issue that might confront a league and the issue of obtaining the level of competitive balance that maximizes league profits. The competitive balance tax lowers the marginal value of talent to larger-revenue owners. They buy less talent and competition among players then reduces the price of talent. Smaller-revenue owners buy the talent that is released as the price of talent falls. And it all happens without any spending requirements at all. Indeed, MLB has taken luxury tax revenues completely out of the operations picture by spending it on “growing the game” here and abroad.

Thus, at least from the perspective of getting the league’s view of its profit-maximizing result, there is no need for any requirement of a payroll floor under revenue sharing because they could accomplish the same goals just with a luxury tax that doesn’t require any payroll floor either.

And in the off chance that some sort of unforeseen contingency might lead an owner to bleed a team, the Commissioner has explicit power to levy revenue sanctions. Admittedly, whether the incentive to do so is strong is questionable but, under the preceding logic, the need for such an exercise of power would be infrequent at most.

Thus, at least from the perspective of getting the league’s view of its profit-maximizing result, there is no need for any requirement of a payroll floor under revenue sharing because they could accomplish the same goals just with a luxury tax that doesn’t require any payroll floor either.

And in the off chance that some sort of unforeseen contingency might lead an owner to bleed a team, the Commissioner has explicit power to levy revenue sanctions.  Admittedly, whether the incentive to do so is strong is questionable but, under the preceding logic, the need for such an exercise of power would be infrequent at most.


Lastly, pick a topic that has yet to be covered that faces MLB or clubs from an economics perspective, and expand on it.

Brown:  I’m surprised at the emotional responses that relate to the decline of the number of African-Americans in MLB; none of which seem to take into account the economics of the situation. On one hand there are articles that claim MLB to be racist on some level, while some writers wish to claim the decline is a myth—both of which are incorrect.

With picks in the draft coming in the reverse order of finish in the standings, and large bonuses attached to high draft picks, the clubs that have lower revenues to work from often times wind up with these selections. With the lower revenues, the extra stress of scouting talent that will turn into a quality player becomes greater for these clubs than a club with more revenues to work from.

The ability to acquire quality international players outside of the draft process is economically more effective. Quality players can be procured less expensively, and with that we now see all MLB clubs with development academies in Dominican Republic, and a third of the clubs have academies in Venezuela.

While the racial diversity of MLB has grown, this unintended economic impact of the draft plays a large part in number of American born players coming into MLB, and with that, the level of African-Americans have declined to half of what it was ten years ago.

Gennaro: There is an interesting transformation taking place within MLB teams towards a more disciplined, analytical approach to making decisions. That’s not to say that an intuitive approach based on years of baseball experience doesn’t have value, but it’s a very different business than it was 20 years ago. Today, signing a free agent contract is often a $50+ million decision. Teams are faced with complex issues as diverse as where to invest scouting resources throughout the globe and how to deploy the internet to cultivate a relationship with fans, to mention just a few of the newer challenges. One impetus for the transformation is the sale of franchises, not just because new ownership brings new thinking, but also because the cost basis of these purchases are in a different league than a franchise that was bought even 10 years ago. With a $700 million cost for the Red Sox (including a stake in NESN), to an even potentially steeper price tag for the Cubs, new ownership groups need to find innovative ways to create financial value to justify their investment. Add to the higher cost basis a heavy load of debt service and it’s easy to see why teams are more inclined to take a more strategic approach to sourcing talent, take a global view of their brand, and are constantly seeking to develop related assets in which additional value can be created.

Noll: Baseball has not yet found an effective way to exploit business opportunities internationally.  The same can be said of other American pro sports, but baseball probably has the largest unrealized potential for international play.  In the immediate future, the greatest opportunity is for a genuine baseball World Cup among national teams, featuring mainly players from Major League Baseball.  But in a decade or so, rising incomes in Latin America and Asia could make “major leagues” (with some teams equivalent in quality to MLB) feasible there, in which case an international club championship, like the Champions League in European soccer, also would become attractive.  Does MLB have the entrepreneurial capability to take the lead on these issues?  Based on its feeble attempt at a baseball world championship in the spring of 2006, baseball seems in danger of missing these opportunities.

Baseball Between the Numbers Silver: I’ll be fascinated to see what MLB Advanced Media does in the area of mobile technology.  I was at a wedding recently where someone had rigged up a Slingbox to his Palm Piolt – we were all watching a football game during the reception.  Nobody wants to recreate the mistake of the ESPN Phone, but once the technology has advanced by another couple of years, and you’re able to transmit streaming video to mobile devices in a way that’s relatively cheap to everyone involved, it’s going to be a big hit with affluent consumers.

In fact, I almost wonder if the technology isn’t so good that it’s going to start to take away from the ballpark experience.  I’ve caught myself wondering a couple of times recently if I should go to a ballgame, when I can watch six or seven games at once using MLB Mosaic.  I’d rather watch a game in person than on TV, but if I can flip back and forth between a half-dozen games on TV, and track my favorite players and favorite teams in the meantime, that might be a different story.  Plus, the beer is a lot cheaper at 7-Eleven. 

Bradbury: Major League Baseball’s monopoly status is overblown. Fans and policy makers have little reason to be concerned about baseball’s market power. Sports leagues are unique markets that will almost always evolve to a single-seller. In the 1970s, economists began to take a closer look at competitive pressures and explored new models of monopoly.  What we have learned is that a little competitive pressure goes a long way, and I think the evidence is that MLB seems to be well-governed by market forces.

First, the antitrust exemption appears to be benign. MLB behaves no different than the other major sports leagues, which lack an exemption.  Second, early in its history MLB learned that trying to restrict quantity and raise prices, something that standard monopoly theory predicts, results in entry by competitors. Thus, MLB expands to provide the baseball fans want before competitive leagues spring up, and this is key to its existence.  And third, if MLB is a monopoly—it certainly has some market power—it is a price-discriminating monopolist, which harms society far less than a standard monopoly. If fans are willing to pay price for baseball that exceeds the cost of producing it, owners have every incentive to provide it.

Fort: Everything that confronts MLB and its member owners (clubs don’t do anything, owners do) has to do with profitability—how to get profits and how to grow them over time.  To me, the interesting problem confronting the league is its best response to the increase in substitutes available to fans.  MLB is following its tried and true approach of monopolizing the flow of value from talent in areas like the movement of games from over-the-air and cable to satellite.  It pursues the same approach to other media values through MLBAM, most notably recently the attempt to dictate terms in the fantasy baseball market.  These seem to represent an ever-increasing competitive challenge to all sports leagues.   Invariably, this type of competition seems to me to threaten their ability to make much of an abnormal return into the future.

(Andrew Zimbalist passed on this topic) 

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?
 


cheap 1 accutane mg cod brand advair diskus coupons lexapro now generic fucidin nombre generico express scripts mail order pharmacy fax number order aleve 120 mg can i get naprosyn uk version of nootropil getting evecare in australia order zestoretic from canada without prescription lotensin drugstore eldepryl for purchase albendazole dosage cheap clomid to buy online lithium picnic lawsuit isoniazid where to purchase can i buy viagra at cvs pharmacy betapace medication where to buy best price asacol online sale of acivir pills how much do clonidine patches cost clomid ovulation signs cheap generic mevacor types of antibiotics for acne buy nimotop no prescription donde puedo comprar orlistat ceftin overnight shipping cheap buy stromectol online no prescription us hoodia overnight pharmacy order ditropan overnight tofranil ordering online pharmacy buy glucophage 850 mg sarafem 40 mg dose north american alliance how much is himcolin tablets clomid 20 mg hyaluronic acid dose for skin rogaine results for men types of medication for anxiety disorders acheter du zyprexa capoten drug info buy accutane without prescription is reglan legal in uk order ciprofloxacin uk cordarone roche precio argentina what classification is procardia buy advair diskus in india online sildenafil online paypal buying buspar online avodart lowest price finasteride tablets boots how big are bactrim pills sertraline hcl 50 mg en espanol can you only get prandin on prescription rosuvastatin 20 mg side effects buy aldactone visa sex power tablet available in india what does levaquin treat glucophage dose diclofenac gel uk buy propecia pills uk tamoxifen without food formula 1 hotel cipro xr 1g dosis how much wellbutrin do i need to take to lose weight cost of zoloft with insurance geriforte syrup daily use reviews flagyl canadian source alli by mail order fat buy zenegra online canada no prescription best place to order amantadine in us acai tablets holland and barrett review where to buy viagra in mexico city online generic sumycin online sale of lady era diclofenac buy online us generic benicar drug sertraline highest dose amaryl 4 mg 30 tablet buy xeloda new zealand online best generic fucidin sites us licensed online pharmacy com i pill cialis sublingual website florida cytotechnologist motrin best price dapoxetine online canada a good web page to buy lotrel with no script what is parlodel for generic metformin paypal allegra d mail order prescription levaquin discount coupons proscar tabletki 5 mg 28 szt tesco bridgend pharmacy opening times where do i buy lotrisone finasteride pas cher paris what does acai berry juice do for the body pariet from europe decadron online zyban prices at costco ampicillin medication used purchase generic exelon prazosin discounts codes buy oxytrol purchase accutane online robaxin medication anxiety anacin overnight shipping cheap comprar fertomid original erection packs 2 canada no prescription buying asacol canada no prescription rumalaya forte sale how to use cabgolin amitriptyline 20 mg withdrawal order atorlip 10 lowest price health canada lipothin zoloft buy online uk purchase cialis south africa max dose of metformin per day what type of infections does doxycycline cure finast comprare ordering prevacid on line canada bupropion sr buy floxin pharmacies exelon usa cvs prices buy amoxil in ireland buy cheap metoclopramide using pay pal online aciclovir purchase where is benadryl manufacturer where can i buy primatene mist inhalers accutane nhs canadian online pharmacy for vasotec buying zovirax online cheap uk generic compazine prescription buy marvelon pill online ttsh pharmacy delivery topamax no prescription needed comprar zyprexa online how to use capoten side effects of taking doxycycl generic retin-a 0,05 no prescription best online pharmacy generic phenamax generic cytoxan overnite shipping valtrex with or without food fast flagyl er deleviery mycanadianpharmacy.com, montreal augmentin 625mg price malegra dxt canada prescription zestril rx pharmacy has best price bentyl online canadian pharmacy no rx styplon pills sweat levitra 20 mg precio farmacia which uk site to buy kamagra billig betnovate online kaufen blopress new zealand safe place order seroquel aciphex prescriptions buy nizagara mg ampicillin cheap price lithium shortage 2012 where is lanoxin metabolized sinequan no prescription canada clomid brand order aldactone pill shop discount code albendazole-buy-online canadian online pharmacy for nitrofurantoin lamictal and diet pills adhd online pharmacy reviews levitra super active online overnight shipping sarafem online forum ralista on line no script buy propranolol 5 side effects of lamisil spray canadian robaxin tablet nexium buy uk order aldactone spironolactone ditropan store purchase citalopram in canada triamterene hydrochlorothiazide reviews can 10mg of amitriptyline cause weight gain tegretol brand order comprar rumalaya forte en argentina chloroquine dosage too high paroxetine without overnight delivery flonase online cheap furosemide online australia aciclovir 400mg preУЇo finasteride uk pharmacy sale wellbutrin sr percocet vicodin together promethazine drug oversea acai from europe danazol and weight gain buy hydroxyzine online is fincar available over the counter prometrium pills vs suppositories pharmacies buy abilify generic aripiprazole azithromycin tablets 500 mg for acne is zestril legal in uk what are the most common side effects of topamax side effects maxalt tablets zithromax tablets price sale avapro online without us pharmacy online norvasc cialis viagra online kaufen what is viramune for metoclopramide echeck what exactly does nexium do delivery aceon without consultation trusted online pharmacy no prescription of xanax sumycin where can i buy no prescription online pharmacy doctors buy diamox bulk high dose prednisone side effects in dogs online purchase antiboitic for clamydia where purchase avapro amitriptyline dosages purchase lasuna most reliable place to buy diclofenac gel online natural herb substitute viagra can you buy bactroban over counter depakote from canadian pharmacy order medrol online c.o.d there over counter medicine like nexium fastest nizoral uk delivery quinine where to buy albenza drugs similar to fluoxetine skelaxin for daily use canada how much is allegra d 24 hour how to use oxytrol hydrea discount clomid shopping how to by cialis sublingual online overseas pharmacy no prescription nexium myambutol usa benadryl dose by weight for dogs pravachol ordering no prescription paxil woldwide shipping can you buy viagra professional online fertomid pills drugstore voveran no prescription needed atorlip-20 supplier in uk buy flomax singapore cheapest place to buy torsemide obama blue pill red pill matrix levitra super active online meds prandin capsules selegiline hydrochloride for cats discount betapace generic trental uk paypal order promethazine medication by mail buy paroxetine tablets australia doxycycline hyclate for acne reviews ordering overnight discount glucotrol xl does asacol make you gain weight augmentin tablets dosage for children prescription erythromycin acne buy silagra online with mastercard purchase ethionamide lowest price uk pharmacies online that sell aldactone can you take zyrtec d daily can you buy cialis super active in ireland tadalafil increasing fertility after 40 mexican pharmacy no prescription tulasi is mail order myambutol safe suprax cost without insurance elimite drugs com topical relion ventolin hfa cost bactrim delivered to your home norvasc 5 mg price arimidex tablets 150 mg buy topamax in ireland revatio uk next day delivery order proscar online australia what is periostat 20 mg express scripts pharmacy fax forms online sale of suprax voveran over counter uk nitrofurantoin how to buy 400mg ibuprofen alcohol estradiol implant alternatives luvox dose children buy cipro online with mastercard where to buy provera can buy ceftin online emsam sold over counter buy prilosec otc target levaquin online australia low cost abilify 2mg is there an over the counter medicine similar to singulair drug therapy reviews nitrofurantoin where to buy amaryllis flowers propranolol in italia costo del viagra in slovenia viagra online vipps pharmacy tenormin without a script what is prednisone 5mg for dogs viagra drug in canada pharmacy getting pregnant after accutane donepezil side effects agitation what does depakote cost tulasi order online where to buy acai pulp how much benadryl can i take to get high fluconazole dosage systemic candida trazodone over counter uk toprol xl generic wikipedia drugs buy periactin cyproheptadine florida medicaid nexium indian generics online cafergot lamisil where can i buy price increase combivent stilnox cr 12.5 buying hyaluronic acid using paypal buy atrovent online usa prednisone 20mg dose for asthma what is viagra yahoo answers pharmacy where to buy tretinion orlistat generic drug drugs for sale kamagra chewable cheap uk vasotec 5 mg micronase next day delivery valacyclovir hcl 500 mg tablet buy generic valacyclovir online purchase allegra cheap prescription actoplus met pills 1000 games sports triamterene hctz weight loss snovitra super power tablets us online asacol how to buy trazodone lawsuit canada buy dostinex online no prescription usa acheter micardis advair diskus 100 50 dosage order norvasc 120 mg cheap norvasc free delivery do you need prescription viagra mexico zyban online overnight shipping saraswatichandra desi tashan all episodes indian brands of viagra artane castle shopping centre address alli weight loss pill wikipedia paroxetine buy online ireland rosuvastatin without script femara pharmacy mail order high dose valtrex for cold sores celadrin cost in canada how hard is it to get a prescription for accutane crestor reviews and dosage buy altace 50 buy risperdal online at canada pharmacy buy coumadin with no rx what is fluoxetine for dogs lerk jet fast zyrtec deleviery best s club 7 songs buy toradol singapore is diflucan an over the counter medicine prednisolone prices buy lozol online no prescription us we are david bailey advert music decadron no prescription needed canadian online pharmacy how to give baby prevacid capsules zyloprim mg price cheap lithium golf batteries anafranil no prescription needed cialis for daily use side effects viagra ireland dublin what is inderal medication used for cheap generic carbozyne cleocin gel canada no prescription trial erection packs 1 dosage where to get sinequan metformin without rx 100 mg phenergan how can i make my amaryllis bloom norvasc online buying nitroglycerin medication order buy diovan with no script serevent paypal where to get exelon side effects not tapering off prednisone safe place order lasuna luvox cr pharmacy buspar dose for shivering cefadroxil pharmacy aciphex for sale amoxicillin 500mg capsule picture cipla inhalers asthalin price nexium vs prilosec sumycin discontinued overnight meds no prescription xenical no prescription best online pharmacy generic nizoral buy cheap xanax online no prescription ketoconazole shampoo usage buy ceftin overseas keftab echeck generic name for hydrochlorothiazide accuretic discount aurochem what is medrol dose pack for protonix price walgreens cheapest place to buy dramamine prescription paxil is haldol legal in uk erythromycin ointment rxlist lopressor australia buy live rock online uk strattera australia adhd periactin appetite stimulant reviews vasodilan over counter uk viagra dosage amount buy pain pills without prescription cheap aldactone generic tinidazole buy online us nitrofurantoin without prescription miami diarex online pay paypal where is bora bora located yahoo vytorin coupon can you buy sublingual in ireland cheap viagra tablets where can i get nizagara from acheter clomid en france discover the world marketing antabuse barato para que sirve glucofage xr 750 buy levothyroxine online 200mcg nitroglycerin drug oversea celebrex for dogs buy will generic avodart available hyzaar with american express allopurinol tablets 300mg pharmacy buy drugs viagra professional minocycline generic 2013 drugs suhagra in usa bystolic uk brand name micronase roche precio argentina buy coreg online in usa best price zerit generic cephalexin usa brand acticin for sale buy retino online from usa buy anafranil 25mg weightloss forum orlistat uk cheap provera 20 mg elocon cream used eczema cheap imitrex 100 mg safe zyloprim buy buy glycomet in uk altace weight gain buy lotensin canada buy lamisil fast shipping vente de fucidin au quebec top drug sales 2011 capoten on line no presciption canada pharmacy no prescription insulin midamor buy on line safe buy retin-a ge online over the counter drugs similar to lotensin list of tesco stores selling fincar aciphex non perscription countries carbozyne supplier in uk resources for avalide abana without a transcript prescription generics company in canada haldol in india natural antibiotics garlic voltaren retard 100 mg posologia buy augmentin cheap online amoxicillin online no prescription uk for viagra buying differin online terbinafine tablets online cheap fincar free delivery generic available for actos effexor venlafaxine order calan cheap can order tetracycline canada cipro xr 1000mg bula where can i get atrovent baclofen 25mg clomid dosage for twins allopurinol prices at costco norvasc overnight pharmacy indian generics online omnicef what is the tamil name for shatavari cheap requip uk norvasc tablets online generic meds india maximum dose of nexium per day simvastatin dose equivalent atorvastatin buy anti-anxiety pills online what is doxycycline monohydrate prescribed for is generic pravachol available in usa buy moduretic paypal tinidazole price generic available buy advair diskus buy levothroid 200 buy levaquin online amazon uroxatral tablets from buy indian citalopram order diclofenac tablets minocycline acne how long generic from propranolol paypal excepted generic cialis buying retino-a cream 0,025 in manchester pharmacy 2 u co uk viagra norvasc medicine net asthma in children causes clomid for sale online shallaki pas cher a good web page to buy viagra with no script india famvir price is kamagra soft available over the counter generic tadalafil online cleocin paypal natural water pills sundown natural review discount isoniazid minocin 100mg tablets canada pharmacies online that sell vasodilan hay pastillas viagra para mujer amaryl user reviews flagyl antibiotico bula will generic skelaxin available canadian pharmacy amantadine buy synthroid 100mg online mail order cialus keftab without script clonidine medication where to buy no prescription cheap adalat lopid in canada hytrin without a script zithromax fast usa ginseng online shopping how much will cytotec cost where can i get some ditropan cheap genuine finax online fluoxetine reviews for dogs epivir-hbv suppositories buy lipitor generic equivalent order triamterene on line canada lasuna to buy from europe can u buy valtrex over counter alesse through effects acne ordering antabuse online where do i prevacid in mexico arava from canada feldene bonus pills hytrin usa strattera 40 mg blue capsule generic price advair diskus online serophene 100 review buy tegretol paypal accepted fml forte in croatia online mexican pharmacy oxycontin costo pastillas cytotec colombia accutane before and after isotretinoin voltaren gel generic brand is vermox an over the counter drug where to buy flonase with mastercard augmentin with prescription order lipitor from australia without prescription no prescription for few is viagra non prescription alternative where can i buy phenergan in the u.s. over the counter ophthacare arimidex dosage breast cancer yasminelle better than yasmin buy lasix from india gold current price live cialis soft canadian source generic lipitor cost at walgreens does promethazine pills have codeine in it anacin medicine clonidine woldwide shipping sale fda approved cheap tadacip sintomas de una disfuncion erectil viagra order no prescription dramamine tablets uk brahmi without prescription canada prevacid fast mexico buy generic viagra from mexico can buy uk cheap levothyroxine cheap tenormin buy online quinine sulphate tablets 200mg side effects serevent inhaler price lasix 50mg tablets pink viagra for men zofran recommended dosage paxil online buy clozaril from usa pharmacy baclofen uses and side effects strattera dosage for adults what is terramycin cream for buy zyloprim with e check what is prescription lamisil for zyprexa velotab 5 mg tablets where to purchase ethionamide side effects of stopping wellbutrin xl cold turkey bula da prednisona evista 40 mg pharmacy zyloprim low dose birth control where can i buy viagra and pay with paypal where to buy cialis jelly in canada safely why is there a shortage of viagra sublingual tricare mail order pharmacy doxycycline hyclate uses doxycycline hyclate 100mg costco pharmacy mentat ds syrup price januvia max daily dose cheap menosan pills wellbutrin online order order how long does levitra last cheap atrovent no prescription canada low price amoxil uk use triamterene coupon online cefixime tablets rx list viagra professional over the counter australia topamax cost with insurance how to buy l-tryptophan zestril drugs for sale allegra prescriptions alli prices uk buy premarin capsules maximum dosage of citalopram albenza tablets from buy what does astelin nasal spray do runny dutas on line rosuvastatin for sale uk buy colchicine no pre order non generic bactroban alli over the counter prescription tofranil with american express arimidex ships from india lisinopril generic alternative pulmicort dosering medrol shop net keftab cheapest rate i pill levitra website keppra side effects australia paxil how to buy gabapentin buy india atarax medicine for kids does skelaxin cause weight gain revia online overnight order non generic ceftin celexa generic order no perscription what does zebeta diflucan 20mg tab benzac cost without insurance naprosyn prix en pharmacie en france prescription topical testosterone cream for men nolvadex ou clomid post cycle flagyl er from usa encyclopedia and dictionary of medicine nursing and allied health miller-keane buy metformin from mexico online buy rumalaya forte online from usa low price phenamax uk ventolin overdose treatment wellbutrin sr ships from india buy tetracycline no prescription viagra herbal for men pharmacy has best price renagel genuine aciclovir 100mg where can you buy valtrex over the counter plavix bonus pills lisinopril pills buy what is leukeran prescribed for what does a generic allegra pill look like what is acticin cream used for valsartan diovan lowest price menosan trimox free shipping comprar cleocin en argentina cafergot where can i buy it how to take clomid during cycle doxycycline dosage for lyme disease in humans effects of ciprofloxacin in pregnancy styplon buy online ireland reviews on brand levitra buy anacin astrailia skelaxin tablets 150 mg buy aleve paypal how long does it take for pyridium to start working amoxicillin 875 mg for bronchitis what is actavis promethazine codeine buy propecia uk - no prescription lotensin tablets us online citalopram no prescription uk online pharmacy cialis prescribing information buy adalat without a prescription from canadian pharmacy how to purchase bupropion online zocor side effects in men clomiphene citrate fertility drug buy alavert d online generic reminyl safe resources for lopressor tricor services limited hong kong buy liposafe tablets usa artane usado como droga lipitor commercials cymbalta shortage fast delivery onlinhe cymbalta motrin cost in canada orlistat online in us buy celexa online review alli 120 mg capsules comprar avodart espaУБa genuine viagra online australia is decadron legal in uk where cane i buy tetracycline where can i buy brahmi in canada mobic capsules 7.5 mg pariet for sale uk erection packs 2 online pharmacy cheap promethazine usa naprosyn to buy from europe diakof pharmacy prices list order tadapox tablets is it illegal to order generic furosemide generic from bentyl printable alli weight loss coupon 2010 drug pills list viagra buy kamagra oral jelly in usa how much does viagra cost with a prescription prescription frumil where can i buy brand amoxil cardura online overnight shipping buy generic tegretol hcg vs nolvadex pct buy hong kong cheapest generic zyloprim voveran sr online usa no prescription pain medicine without prescriptions; original flonase online what is emsam tablets prinivil generic equivalent how to import accutane buy paxil in usa mail-order allegra generic tadalafil cipla buy remeron online usa grifulvin v side effects uk cialis discount generic ordering kamagra on line provera uk companies only deltasone to buy in australia indocin medicine coumadin after delivery generic name for advair diskus 500 51 purchase abilify 5 mg drugs tetracycline pregnancy side effects where to buy benfotiamine in canada what is pulmicort inhaler used for comprar lexapro pela internet best brand garlic pills true shelf life of aspirin viagra online no prescriptions zestoretic italiano 1000 mg dramamine online tegretol india what does accutane treat side effects of champix nhs cialis 80 mg wiki purchase cheap zovirax online order generic difference between generic and brand topamax how to take valtrex for shingles can you take phenergan daily seroflo generic advair diskus manpower viagra natural estrace low cost apcalis sx western australia olanzapine results forum bupropion refills diltiazem daily use reviews brand name celebrex online pharmacy rx world reviews buy atenolol 50 mg uk order strattera pills research grade exelon buy prednisone with mastercard lanoxin medication where to buy pre order marvel ultimate alliance different colors of synthroid pills quiero comprar juego de living rumalaya forte online overnight order non generic astelin what is the difference between wellbutrin sr and zyban order anacin online cheapest alli slimming tablets buy geriforte syrup online no prescription us what is voveran sr made of atrovent next day shipping phexin without script us online pharmacy no prescription voveran cheap ventolin hfa suppliers of advair diskus in us where to purchase retin-a 0,05 where to buy saw palmetto ointment alphagan shortage generic pills for minocycline buy sominex in singapore natural alternative viagra miami keftab in croatia world war 1 weapons research grade yasmin aricept donepezil arjuna rx healthy spirit didsbury manchester levothroid user reviews best site get mentax pastillas para adelgazar amsa fast femara ttc success stories integrated prescription solutions ceo buy arimidex 50 order clomid from canada without prescription voveran sr pill shop discount code over the counter diltiazem low cost overnight lopid order kamagra 100mg oral jelly australia the best medication for anxiety examples of a cialis prescription sotalex vidal teva atorvastatin calcium colchicine in the uk now vasodilan fda approved to buy without prescription generic no prescription cheap lasix how can i get abilify what is a monitored clomid cycle med cab propecia fertility medication clomiphene wellbutrin side effects weight loss or gain generic luvox safe used lithium batteries for sale prostate medication propecia discount ciprodex otic suspension buy vantin pills online buy atarax mg online orlistat costo mexico what is the generic drug for augmentin celebrex tablets uses cialis super active sale 100mg overnight accutane side effects hair loss buying gasex in manchester brafix cheap carafate uses acid reflux what is bromocriptine parlodel can order levitra super active canada voltaren pharmacy prices list finax no prescription needed without a rx buy generic accutane online how to by baclofen online what is citalopram 20 mg used for get entocort las vegas aleve uk online regular birth control pills india diflucan thrush how long to work brand viagra ships from india buy metformin boots pharmacy singulair weight gain loss allopurinol echeck order vermox pills comprar seroquel portugal buy synthroid mg chloroquine phosphate shelf life viagra plus shopping fucidin cream eczema seroquel medication drug interactions hong kong buy online astelin ml buy dulcolax online from usa can u buy viagra in india vantin without script shuddha guggulu next day delivery lukol without script generic bystolic price ceftin antibiotic for ear infection aldactone no prescription mastercard pharmacy buy evista online australia no prescription prescription cipro hc order cheap doxycycline discount aciclovir fast uk buy nizoral pills in the mexico what class of drugs is skelaxin tramadol overnight us pharmacy achat de viagra moins cher prednisone uk next day delivery differin tablets uses buy altace in india online clonidine 0.1 mg tab udl can you buy finpecia avodart hair loss treatment cipla pharmaceutical indore lamisil comprimidos indicaciones otc prevacid for babies what happens if you take viagra and cialis at the same time generic anacin paypal horse wormers containing praziquantel pastillas sertralina para que sirven bactroban ointment user reviews online pharmacy school programs minocycline to buy from europe pink viagra for women side effects accutane reviews before and after pictures what is snafi vpxl tablets side effects can viagra be bought over the counter in london cipro over the counter drugs cipro uses for order leukeran best price for luvox buy canada no prescription for viagra jelly chloromycetin for dogs avapro combination coumadin pills generic diovan buy canada what does zoloft make u feel like common side effects of nolvadex no rx tadacip online buying hoodia for dogs is prazosin a prescription drug lozol 100 tadalafil cialis uk orlistat ships from india buy lioresal perth australia azulfidine prescription coupon metformin and pregnancy symptoms where do i buy sarafem lasuna dosage instructions methotrexate 100mg buy mirapex er generic name tetracycline online price buy cheap fincar pills brand levitra medicine children viagra online pharmacy us vermox dosage administration 6-cell lithium-ion li-ion battery price in india order abilify 2mg prescription fluoxetine with prescription where can i buy accutane forum prescription mail order generic capoten buy anafranil boots pharmacy flagyl in canada side effects of diclofenac sodium 75mg cafergot perth australia can you give compazine iv powakaddy freeway 2 lithium reviews celebrex and alcohol use where can i buy allegra over the counter serophene reviews and dosage best generic protonix review tofranil online in us alli piller online medications similar propecia anacin for dogs buy cheap alesse india lexapro pills online in the usa buy azithromycin uk no prescription what is ceftin 500mg artane order in the us what does baclofen make you feel like what is the generic for allegra d what is in codeine cough syrup cheap kamagra soft sale uk over the counter zantac for babies acticin pharmacy prices list can you get high off motrin acquisto cialis farmaci aonline lasix drug class mirapex dosage instructions current price lioresal neurontin mist canada us pharmacy online triamterene online pain meds no prescription rumalaya forte comprar pastillas para ereccion mas duradera buy purim boots pharmacy cipro for overseas travel buy lasuna singapore what types of shatavari are there buy generic viagra and cialis buy cheap kamagra effervescent health canada brafix is atarax better than xanax how much will allegra over the counter cost albuterol inhalers no prescription prilosec medication order como usar o serophene overseas pharmacy no prescription relafen unisom no prrescription cordarone for sale usa bentyl side effects long term use buy plendil for daily use depakote er dosage forms claritin loratadine obat protonix mexico companies only canadian pharmacy nexium resources for benadryl non generic eurax cheap genuine tadacip online buy albendazole for daily use india vs australia live streaming 2013 azithromycin 5 day dose pack purchase online without imitrex 25 mg tablet indian allegra red arabic metoclopramide iv max dose university of florida acai cancer study best place to buy live aquarium plants online elavil complaints promethazine pas cher italie after taking zithromax chlamydia side effects of vasotec enalapril can i get clomid on the nhs generic pharma broker buy evista raloxifene buy naprosyn with no rx buy erythromycin paypal what does artane do how much does paxil cost how much is leukeran tablets non generic prescription order abana cheap requip 40 mg where to buy calan ointment pharmacy buy drugs tenormin comprar cephalexin online florida paroxetine what are long term side effects of taking lipitor buy clomid tablets us where to buy disulfiram online is generic cialis sublingual available in usa rumalaya liniment rx aricept generic 2013 drugs is metronidazole available over the counter in the uk estrofem 2mg ivf asthma medicatioons for sale mircette 20 mg where to buy levothyroxine tablets generic can you take wellbutrin sr once daily triamcinolone nasal spray dose shuddha guggulu uk buy canadian online drug stores sale viagra soft tabs cialis super active order canada sildenafil 100 milligrams cheap rx eye glasses where can i get prednisone generic dapoxetine paypal zyloprim prescribing information clonidine injection rxlist isoniazid and birth control pills online pharmacy no prescription needed aleve purchase avodart 0.5 mg levitra 20 mg tab schering buy ambien sleeping pills uk non prescription arimidex how to buy finpecia decadron for men sale in uk order orlistat on line usa dilantin stevens johnson syndrome lawsuit i pill lithium website possible side effects buy prevacid patch casodex order canada positive accutane results betapace woldwide shipping elavil online in us zocor for sale philippines injecting benadryl pills what does phenamax generic coreg 25mg can i make ciplox compazine without a script atorlip-20 where to get ortho tri cyclen missed 2 white pills journal of history of medicine and allied sciences 20 mg prozac 150 mg wellbutrin list of tesco stores selling keftab acute asthma treatment brand advair diskus canada overnight delivery atorlip-5 drug class voltaren 50mg novartis buy nitroglycerin retin-a 0,05 to buy in england glucotrol xl pills purchase retin a 0 05 lanoxin reviews for men depakote 250 mg uses famvir prices usa where can i get dapoxetine hytrin from canada paroxetine hydrochloride 20 mg septilin women buy non persciption levitra super active prednisone pregnancy class accutane results after one month himalaya gasex tab boots pharmacy cambridge uk stats counter tumblr adalat brand order to buy actos viagra 50mg price in pakistan venda alli internet fast delivery abilify 20mg tab free coupon for xeloda dostinex daily use reviews lasix no rx 1 man 1 jar reaction youtube colospa no prescription canada atacand side effects long term use order procardia tablets como comprar hytrin adalat online store lisinopril prescription assistance program walmart pharmacy prices for plan b purchasing mirapex online uk wellbutrin generic form aricept pas cher italie levitra super active for sale usa ceftin dosage for dogs accutane no prescription buy fast delivery alesse price comparison where i can buy zyrtec-d online singulair in usa where is lithium found in afghanistan kids benadryl dose by weight to buy pravachol in uk vermox side effects pregnancy how to order betapace online buy olanzapine pills use metoclopramide coupon online actoplus over the counter canada drugs similar to cholestoplex side effects of premarin purchase aciclovir 1 herpes tablets hydrochlorothiazide dose for high blood pressure cleocin 75mg/5ml granules 100ml levitra comprare online buy eldepryl online no prescription united states wellbutrin sr medication order what category of drug is avodart brafix on line no script there generic brand micardis levitra professional mg no prescription half price ranitidine japanese drugstore band super potent cialis ordering cefadroxil generic zestoretic overnite shipping topamax express canada cardura overnight buy betnovate n cream online ampicillin online in us buy erythromycin quick endep drugs online purchases buy generic viagra super active online not enough synthroid symptoms fast unisom deleviery generic equivalent for coreg buy vasodilan australia do i need a prescription for atarax buy generic seroquel no prescription how to buy inderal in canada what is estrace used for during ivf buy methocarbamol no prescription where purchase proventil generic aristocort side effects of feldene 20 mg what is strattera used to treat buy ventolin inhaler singapore remeron results forum canadian online pharmacy for seroflo zyprexa generic launch date arjuna supplier in uk methotrexate ordering no prescription combivent discount program singulair pill shortage shipping lithium batteries overseas fedex top 10 online nootropil sites canadian pharmacy cialis soft tabs discounts buy levitra super active with no rx bactroban generic cream premarin to buy in england are dulcolax suppositories over the counter motrin overnight hydrochlorothiazide uk online where to elocon what medicine works like prednisone ciprofloxacino y alcohol lipitor atorvastatin side effects forum buy estrace online no prescription available doxycycline replacement for dogs kamagra next day shipping can you buy betoptic in ireland get relafen toronto nizagara tablets from buy 100 mg trazodone high lukol cheap uk buying alavert using paypal voveran tablets india buy bupropion online at canada pharmacy best place to buy viagra in uk no rx digoxin online clonidine hydrochloride tablets 0.1 mg generic for zyprexa best online pharmacy generic betoptic insulin tolerance test acromegaly buy pain pills online from canada suprax direct pharmacy como se toman las xerograx can you buy rocaltrol online mastercard cheapest wellbutrin in the uk where to buy acai powder allopurinol pharmacy japan overseas buy benicar online no prescription what types of grifulvin v are there propecia nhs prescription can you order gasex buy roaccutane online pharmacy meclizine purchase in canada no prescription van you order rhinocort canadian pharmacy diclofenac sodium tablets bp 25mg yasmin birth control reviews 2011 costco pharmacy deltasone price what is doxazosin mesylate 4 mg. used for get abilify las vegas comprare cialis originale senza ricetta what is code red 7 buy shallaki online pharmacy fluoxetine for daily use canada aristocort online in usa buy furosemide online without prescription coumadin canada no prescription emsam patch in canada meclizine phone orders robaxin lawsuit canada buy chloramphenicol online at canada pharmacy himplasia tablets from buy tofranil online pay paypal how to take biaxin xl evista on line in the uk nevada licensed canadian pharmacy free or low cost bentyl florida prazosin tadalis sx i want to pay some atorlip-5 side effects of taking cyklokapron claritin dosage for 1 year old buy benzac for daily use glucophage combination products suppliers of calan in us minocycline to buy uk why is there a shortage of cipro dipyridamole order generic erythromycin us what is ginseng drugs luvox and alcohol use brand name atrovent online amitriptyline hydrochloride for pain what is phenergan medication amitriptyline price without insurance buy discount drugs online tegretol rxlist proscar canada buy can buy precose online acheter pas cher cardizem discount generic buy strattera where to buy antidepressants online can you buy prilosec over the counter in germany carafate generic available liquid cialis for sale where to buy tinidazole with amex post cycle therapy alesse how much is betoptic tablets side effects of coreg cr post cycle therapy zyrtec what is diflucan tablets used for order generic viagra forum what is promethazine w codeine used for mircette in the uk apcalis sx legal us losec mups 20 mg tablets buy abilify 40 zenegra online forum buying viagra at boots buy meloxicam for dogs prilosec online no prescription anafranil 25 mg para eyaculacion precoz how to take aspirin during a heart attack buy xalatan hong kong ocular hypertension generic generic substitute for celebrex trusted online pharmacy no rx no prescription lotrisone sale acai berry ultra trim reviews effexor xr on line in the canada how to take zenegra mg discount drug stores south australia how to get actonel in australia levaquin generic name is what where to buy codeine cough syrup over the counter zofran iv max daily dose ajanta clock online purchase lariam rx what is flagyl medicine free or low cost levitra super active Purchase adalat xl online canadian pharmacy drug market order zestril buy cheap prozac accutane online from canada order generic roxithromycin where dog amaryllis plants grow how to get brand viagra i pill carafate website online pharmacy yasmin fda pharmacy compounding guidance discount canadian pharmacy lipitor buy femara online with out prescription como se usa dostinex novolog vs humalog genuine acticin lowest canadian alliance of dance artists - bc chapter 20mg cialis on line gabapentin buy uk buy revia 100mg online cialis sublingual sold over counter midamor costco over the counter clomid singapore vente de tricor au quebec hydrochlorothiazide triamterene dosage orlistat pills drugstore purchase liquid letrozole xenical in croatia order abana 10 tablets we transfer review trazodone birth control online canada online abilify purchase azithromycin 250mg tablet teva clozaril sale diclofenac sodium 75mg tablets calcium carbonate without insurance how to take zofran for morning sickness what does januvia pill look like i pill avandamet website silagra no rx discount pharmacy paris proventil to buy in the uk without a prescription indinavir uk online minomycin limited india alavert uses medication buy tadapox in usa best site get uroxatral prescriptions buy alesse ovulation period pain pills relief buy floxin online overnight best price for eldepryl acheter viagra sublingual buying hydrochlorothiazide online allopurinol pharmacy coupons trental 40 mg pharmacy tretinoin 0,05 suppositories buy lidocaine gel recommended dosage of aspirin daily medicine to gain weight fast where to buy over the counter viagra flagyl compatibility potassium first pharmacy puerto rico chloromycetin lawsuit voltaren 100 mg dosaggio diclofenac sale di dietilamina citalopram hbr prices amaryl 2mg tablet current canadian drug policy side effects of maxalt cheap generic viagra no prescription erection packs 1 over counter depakote prix en pharmacie en france order etodolac online no prescription with a mastercard emc diltiazem spc what are the side effects of alli weight loss pills buy risperdal from india buy zyprexa boots doxazosin 100mg cheep viagra soft buy online india ponstel discount card watch law and order svu live online what does differin do is 40mg of prednisone a high dose wellbutrin xl over the counter robaxin sold over counter is mail order zestril safe pilex for men sale in uk permethrin spray for clothes tadacip echeck lamictal tablets on line to buy birth control pills renagel acheter pas cher atarax singulair sales 08 allegra cost billig female viagra online kaufen i pill lipitor website recalled cholesterol how to buy viagra at tesco directions taking medrol dose pack lioresal tablets uses viagra side effects indigestion severe buy paroxetine online from uk ophthacare for men in usa is it safe to use viagra with high blood pressure best place to order nolvadex can you get a yeast infection from cipro buy over the counter prevacid online what are lipitor tablets used for requip supplies newark triamcinolone acetonide injection pharmacokinetics how to get off synthroid glyburide metformin generic buy pet meds from mexico comprar elavil online donde comprar xbox live gold barato how to use duetact hcg weight loss injections vs drops viagra vs cialis vs levitra differences and similarities buy parlodel boots fast seroflo deleviery nexium cost in canada order methotrexate online with visa prescription medication for anxiety attacks is cialis available over the counter in mexico purchase amitriptyline 150 mg plendil from canada plendil next day shipping what is betnovate cream prescribed for side effects of using prednisone in cats post cycle therapy products gnc paroxetine dosage anxiety disorders buy levlen 18 nolvadex depression abana medicine children buy clonidine with paypal fertomid best price getting zestril in australia lady era no prescription compare prices bystolic dosage range acquistare micardis in italia use colchicine coupon online generic viagra options order revatio from mexico without prescription clonidine pills drugstore kamagra gold medication where to buy thyroxine side effects where to get emsam haldol patient reviews benadryl shoppers drug mart aldactone tablets used for generic for mircette birth control to buy periactin drug what is omeprazole made of fertomid medicine for men drugs today india book need viagra 30 viagra without prescriptions uk approved what does metoclopramide tablets do lotensin prescription drug elocom maХ›Ф‡ opinie bactroban cream for sale bactrim online ordering cialis sublingual bonus pills what is cefadroxil used for american periactin propranolol 40mg tab generic trazodone overnite shipping what is clomid for men femcare order canada rogaine 5 side effects uk research grade altace zofran drug oversea buy acai tablets online buy metronidazole for bv where to buy cheap generic pamelor motilium 10mg used for buy zyloprim in ireland dexter cabana filmes online buy wellbutrin in india online legal buy ampicillin online canada do you need rx nizagara is cefixime over the counter dostinex tablets company plavix free drug program ditropan xl rxlist how to get viagra on nhs prescription where to buy periactin pills cheap prescription buy abana one tablets percocet drug test results buy levlen online in usa himalaya rumalaya forte price in india order vpxl online no prescription with a mastercard can you get high off maxalt mlt chloroquine prices cvs micardis 40 mg tabletta where to buy singulair in canada safely how long does it take for pyridium to take away the pain buy generic tofranil erexin without prescription list of illegal drugs uk what does vc mean in phenergan vc hyzaar classification generic chloramphenicol paypal where to rumalaya liniment one guy one jar video youtube acai discontinued viagra serendipity requip pharmacy prescription drug lanoxin buy fucidin ointment no prescription gasex legal in england generic prednisolone acetate ophthalmic can buy celadrin online comprar aciclovir en argentina zestril overnight pharmacy is there a generic brand for crestor to buy cialis soft toprol xl 40 mg dose ocella generic yasmin birth control ranitidine medicinenet cheap line buy zyprexa buy caverta cheap buy generic doxycycline online can you buy coreg carvedilol blood minocin australia price duloxetine spc uk order paroxetine no prescription can your buy cialis professional in ireland canadian pharmacy generic aciphex canada suppliers of endep in us side effects of topamax in children norstan-isoniazid tablets effexor nhs what does too much zofran do celebrex online in uk cialis originale vendita order reglan cheap canadian online pharmacy for metformin amitriptyline lawsuit settlements eurax lotion sainsburys cost of hyzaar 50 12.5 what over the counter cough syrup has promethazine and codeine can you get xenical isoniazid weight gain suprax limited india best place to order cefixime in us trileptal online uk lotensin over counter lotrisone generic for diovan 100mg tablet can you get kamagra gold xenical orlistat supply problems brand rogaine 5 buy order finax tablets buy zyprexa online from usa bupropion withdrawal from market styplon price india lipitor 10mg what is allegra medicine for does propecia come in generic form fast shipping viagra cheap danazol best price tetracycline order online pariet without insurance zenegra rx nexium 40 mg capsules to buy ophthacare pediatric calcium carbonate dose canada buy cipro without prescription cost of orlistat in india buy fucidin tablets lov cost brand levitra primatene mist list of tesco stores selling ayurslim estrace low dose birth control buy cheap kamagra 100mg meclizine dose i pill seroquel website como comprar uma revista capricho pela internet alesse comprar ordering hydrochlorothiazide here in canada generic levlen protonix side effects in men cheap minipress india interaction between diltiazem and simvastatin substitute for viagra otc accutane results timeline pictures xenical max dose hyzaar medication generic saw palmetto powder for sale online crestor purchase zestoretic without a script glucophage pas cher italie levitra plus tablets 40mg order allopurinol on line usa health canada mircette pariet usa no prescription buy tadapox from mexico online buy lotensin 20 mg alli online from uk acivir dt dosage western drug topamax forzest online cheap zovirax canada cream lasuna next day delivery order retino-a cream 0,025 overnight buy ayurslim new zealand online pictures of chlamydia in men erythromycin gastro resistant order clomid cheap clomiphene online without propranolol medicine used buy canada no prescription for prazosin drug pariet side effects india generic drugs list snopes costco drug prices prevacid for men sale in uk colchicine vs allopurinol gout liquid ophthacare review common side effects of anti anxiety drugs buspar without insurance medication for rheumatoid arthritis methotrexate valtrex dosage pregnancy ncaa stats football torsemide dose can i take iron pills with prilosec buy keppra in ireland canada and elavil zanaflex and birth control pills washington low income housing alliance on facebook our where lasix works albenza comprare cholestoplex medication online without medrol discontinued buy no prescription fast delivery order accutane what is cephalexin for dogs used for buy antidepressants online canada celebrex billig kaufen velo electrique lithium pas cher haldol ordering online pharmacy zyvox 800 mg iv zentel pret copii cymbalta cost comparison cheap abana online neurosis reviews of online pharmacies xanax toradol tablets migraine pravachol coupon code use hydrochlorothiazide hypertension mirtazapine manufacturers india what is coreg cr for dostinex to buy from europe order leukeran tablets tretinoin cream usp uses overseas pharmacy no prescription lotrisone pilex prices