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 504 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?
 


how can i get lipitor lower triglycerides how can i get fml forte dry eye cheap sarafem generic where to buy imuran need where to buy imuran bangkok low cost part d plans how can i get lasuna make allopurinol buy online fast shipping where to buy artane and sell how can i get bentyl nexium wholesale generic tinidazole tablets buy azulfidine legal buy cheap singulair generic celebrex online order you trileptal next day delivery xanax where can i buy xenical vietnam cipro lowest price xr where can i purchase voltaren xr where to buy astelin prescription wholesale generic prinivil zestril propecia cheapest price hair loss buy cheap clonidine generic serevent lowest price z1 wholesale generic cystone where to buy entocort online how can i get claritin make you feel valtrex no prior prescription where to buy medrol you maxalt non perscription buy purchase benzac buy glucophage you buy pletal online you beconase sale nz generic of avodart buy famvir japan biaxin sale clonidine sale capsules deltasone generic name actos over the counter estrogen where to buy zyban new zealand cheapest price on tulsi vedic low cost xalatan bula effexor low price levels cheapest price on norvasc generic order azulfidine online a prescription buy floxin online inderal sale usa buy remeron line vasotec generic equivalent fosamax buy online kopen shop renagel generic ventolin low price levels buy digoxin online where can i purchase pletal cheap where to buy cardura farmaco where to buy exelon atlantic city electric flagyl substitute over the counter buy cheap exelon sell buy reminyl ulotka buy cheap altace generic how can i get detrol quickly how can i get eurax do you apply zyban cheapest price ebay buy ginseng melbourne canadian pharmacy trental order pletal online reviews haldol online cheap outlet how can i get haldol excreted florinef for sale order bystolic online illegal how can i get benfotiamine should where to buy benadryl you fluoxetine online order from canada aciclovir online order buying urispas online cheap outlet rosuvastatin sale liquid buy cheap benzac detergente cheap prograf overdose buy zetia 10 mg online buy lopressor bula endep cheapest price uk cheap diabecon himalaya arimidex online order where to buy isoniazid prescription levlen cheapest price serpina online cheap outlet medrol next day delivery times buy cheap singulair granules benicar online order risperdal cheapest price hotels how can i get paxil does it take to overdose discount zetia generic how is hyaluronic acid manufactured cheap finasteride 5mg generic for olanzapine benicar online order mail where can i purchase xeloda south africa wholesale generic dramamine walmart flexisyn non perscription xanex buy clomid online with debit card where to buy artane can you effexor lowest price z10 how can i get baclofen effects last prednisone ordering guide purchase cozaar a prescription olanzapine non perscription sunglasses geriforte non perscription uk aciphex online order rx zantac online order noida ciprofloxacin cheapest price rite aid doxazosin next day delivery flowers how can i get haldol you give where can i purchase zetia online cheap lamisil a prescription remeron cheapest price hotels buy nexium pills order clozaril online uk buy cheap abana neresi sumycin cheapest price finder isoptin online cheap xbox lady era ordering in waiting dostinex online cheap india phenergan buy online how often can i take a claritin wholesale generic keppra buy sominex you buy clomid nolvadex uk generic olanzapine vs zyprexa purchase uroxatral dosage acyclovir over the counter equivalent coumadin e sale where can i buy a tulsi plant where can i buy xenical zaire buy cheap cyklokapron online australia can you buy metoclopramide over the counter cystone non perscription drugs generic viagra quick delivery detrol ordering guide skelaxin online cheap uk medrol next day delivery uk colospa sale uk where to buy dilantin mexico stromectol non perscription drugs buy haldol in canada order clozaril online prescription can i get propranolol over the counter remeron non perscription xanex buy prazosin online states generic name for micronase cheapest price on etodolac india how can i get fertomid you know if shop saw palmetto side effects femara online cheap you cheap plavix buy cheap zetia usa order mestinon online real where to buy proscar europe where to buy chloramphenicol eye ointment aceon non perscription diovan buy online for sale where to buy strattera best place wholesale generic augmentin does benicar online order prescription order adalat online romana cheapest price on etodolac for cheap how can i get allopurinol should buy mestinon online dogs order etodolac online drug astelin online order food canadian pharmacy caverta action buy cheap phenergan generic amoxicillin cheaper price than penicillin keppra over the counter like where can i purchase revatio nyc buy cheap carafate tablets remeron online cheap watches cheapest price on lotrisone indications where can i purchase pletal australia sinemet cheapest price raw material where to buy casodex vancouver albendazole next day delivery xanax canadian pharmacy lopid ud how can i get arava stop how can i get lipothin membership canadian pharmacy lexapro how can i get diltiazem lower heart rate where to buy benicar in usa avodart cheapest price jeans can dogs take over the counter benadryl cytoxan next day delivery flowers buy norvasc 10 mg cytotec for sale in cagayan de oro dostinex online cheap designer buy cheap singulair kuala lumpur discount mycelex g y monistat 3 (miconazol) avapro over the counter where to buy cytotec in bacolod beconase sale malaysia generic pariet wholesale generic bupropion name buy cheap phenergan suppository buy cheap singulair kong sumycin online order noida phexin non perscription diuretic cheapest price on ciprofloxacin list where can i purchase zenegra reviews avodart online order hyderabad how can i get arava pronounce order metoclopramide bactroban cheapest price jumperoo buy diflucan in usa mircette online cheap prescription etodolac over the counter version where can i purchase allopurinol for cheap where can i purchase benfotiamine found dramamine sale uk amoxil cheapest price in india rhinocort cheapest price website buy tetracycline for betta fish buy xenical singapore cheapest price on zetia at walmart sumycin lowest price z1 where can i buy clonidine vancouver cheap robaxin narcotic cyklokapron buy online for sale buy bupropion india valtrex cheapest price the philippines diovan online cheaper alternative where can i purchase lioresal order dutasteride uk buy zofran uk how aspirin thins blood buy aciclovir online boots where to buy methotrexate generic wellbutrin xl weight loss ginseng cheapest price singapore where to buy clarinex you is generic celexa gluten free how can i get lithium if buy cipro online sale cheap provigil low cost diclofenac lariam buy online dogs generic vasotec limpeza how can i get rosuvastatin john;s wort wholesale generic claritin reviews generic cardura cipro lowest price tab combivent buy online zyprexa buy online generic betapace sale qld zovirax online order tabletten order aristocort injection allopurinol buy online liquid phexin lowest price guarantee buy cheap saw palmetto for hair loss glimepiride generic amaryl diflucan non perscription quando il dilantin low price platelet count coreg lowest price z1 generic wellbutrin global pharm canadian pharmacy wellbutrin program order valentines treats buy ginseng up where to buy famvir bangkok cheapest price on cefixime new wholesale generic altace for altace order flovent ventolin nolvadex low price blood pressure propranolol sale liquid inderal sale in canada how can i get allegra nyquil cheap dapoxetine tablet buy nexium san francisco cheapest price seroquel shop prandin online how can aspirin help in preventing heart disease buy cheap dulcolax suppositories canadian pharmacy wellbutrin price imuran online cheap mexico buy orlistat 120mg online uk generic topamax order sarpinos online canada pharmacy brahmi powder singulair non perscription substitute alli online cheap amazon cheapest price on antabuse generic buy chloramphenicol eye drops online claritin non perscription viagra endep generic name buy tricor online kopen rocaltrol online order how can i get paxil zoloft different canadian pharmacy roxithromycin indication cheap antabuse online wholesale generic florinef price wholesale generic kamagra online cheap price on nizoral uk nolvadex cheapest price market how can i get baclofen compared to soma how can i get danazol until medrol next day delivery quote generic imitrex dosage benzac cheapest price malaysia clarinex online order noida wholesale generic hydrochlorothiazide zentiva tricor cheapest price of generic sinemet cheapest price bulk cholestoplex next day delivery time buy keppra online mg cefadroxil online order bangalore how can i get allopurinol look like buy cheap mircette can wholesale generic ditropan dosage ophthacare next day delivery gifts where can i purchase cozaar you find olanzapine generic name where can i purchase sarafem canada zyprexa buy online flipkart buy benadryl online bestellen generic actos available us how can i get nizoral xampu buy benadryl online nz generic name for minocin buy chloramphenicol for dogs rosuvastatin sale injectable where can i purchase paroxetine used purchase hyaluronic acid reviews prazosin low price blood pressure how can i get eurax until buy rocaltrol you cheapest price on antabuse africa where to buy haldol line pentax k 30 purchase low cost geriforte engorda generic of xeloda buy cheap clonidine kuala lumpur low cost paxil jittery how can i get lithium long do where to buy imuran in thailand buy shatavari online herb where to buy advair online discount albenza dosage where to buy shuddha guggulu tablets cheapest price on lipitor lawsuit vpxl next day delivery times lithium online cheap aa batteries uk generic lariam teva rhinocort cheapest price aqua buy nexium in mexico how can i get benfotiamine your system calan sale road ventolin lowest price cvs femara buy online real buy prandin usa purchase hyaluronic acid rich foods liv 52 ordering zentel discount septilin order mestinon online overnight delivery cheap cephalexin generic flovent lowest price buy indinavir online where can you cheap triamterene place buy where can i purchase benfotiamine powder buy azulfidine mexico how can i get propranolol quick does buy clomid boots pharmacy wholesale generic shuddha guggulu zandu lioresal over the counter bought duphalac non perscription lenses fml forte online cheap vintage clomid lowest price medicine liv 52 sale mechanism of action generic deltasone going buy calcium carbonate online in bulk generic name for dramamine claritin d non prescription cheapest price on micardis australia generic xeloda same buy cheap mircette dosage how can i get trazodone excreted carafate next day delivery quote buy cafergot za"pfchen generic dulcolax ralista online order food buy cheap saw palmetto hair loss order silagra dosage canadian pharmacy toprol for discount retin a acne scars buy bactrim liquid buy sominex ebay ventolin online order farmacia cheap rogaine zimbabwe where to buy reglan best place cytotec for sale meetup how can i get detrol counteract detrol ordering line canadian pharmacy diakof sirop canadian pharmacy trental levitra is propecia available over the counter haldol cheapest price australia order triamterene online australia lipitor next day delivery xanax levlen next day delivery quote how can lithium be used low cost rosuvastatin xerox machine buy indinavir online legal order citalopram sale low cost hyzaar bula sumycin online cheap india dilantin lowest price mg buy baytril online australia where can i purchase cozaar find how can i get haldol treat schizophrenia buy minocycline australia how can i get desyrel kilo speman cheapest price dubai femcare online order zara canada pharmacy wellbutrin health wholesale generic benicar to go buy doxazosin online apotheke shop rental rates in singapore furosemide low price levels actos over the counter muscle relaxer buy cheap ginseng best precose cheapest price sale where to buy septilin jarabe clarinex online order zumiez aceon cheapest price cvs where can i purchase xeloda for dogs buy silagra online in india generic endep bentyl cheapest price mg buy altace online cefadroxil online order food risperdal online order india zetia lowest price retail wholesale generic flagyl cost order revatio online coupon diarex next day delivery generic tadapox avis strattera discount coupons erexor cheapest price jeans norvasc buy online uk buy cheap ventolin mestinon buy online tablets pristiq non perscription eyeglasses buy cheap proventil inhaler online wholesale generic plavix in usa cheapest price on zyvox australia low price advair periactin cheapest price xbox buy prazosin online mims where can i purchase cozaar manufacturer low cost sarafem work cheapest price on antabuse canada vasodilan lowest price online buy tetracycline online pharmacy buy cheap nexium generic ciprofloxacin lowest price philippines where is best place to buy cialis online nizoral buy online boots buy cheap copegus boots buy maxalt online uk buy torsemide online canada chloroquine over the counter uk cheap terramycin nedir lotrisone cream buy online shop dutas results cardizem ordering order triamterene online sale cheap ventolin online order vasotec generic gasex lowest price serevent online order offers buy viagra jelly online endep next day delivery tired lady era ordering hope buy cheap cleocin sydney buy cheap copegus kuala lumpur buy cheap ginseng xiamen saw palmetto for sale ireland where to buy isoniazid online generic celexa vs name brand wholesale generic plavix discount card liv 52 sale empty stomach how long to get lamisil out of system buy prandin at walmart flagyl ordering guide astelin non perscription drugs how to get lithium from batteries order aceon online sale shop diarex blades wholesale generic bupropion weight loss allopurinol buy online generic diarex lowest price laptop discount mentat quotes where can i purchase ranitidine vancouver order flonase the counter seroflo cheapest price rotacaps maxalt online cheap designer how can i get toprol you feel buy cheap cyklokapron pills digoxin ordering canada lopid cheapest price wholesale generic zaditor drops cheapest price on ashwagandha in pakistan generic prevacid sam;s club buy zofran injection buy cheap viramune nyc fast acting erection pills over the counter where to purchase calcium carbonate buy minocin online rx discount famvir reviews dulcolax online cheap nz plavix cheapest price tab order mestinon online overnight shipping order rhinocort online order triamterene uses cheap danazol buy generic triamterene all singulair buy online getting where to buy famvir greece order pletal online overnight delivery lukol non perscription diuretic buy plavix side generic for avapro where can i buy femara online generic sildalis review epivir-hbv cheapest price nz finast next day delivery flowers where to buy indinavir the uk hoodia gordonii seeds sale low cost actos wedding dresses order etodolac india where can i buy femara some anafranil buy online flipkart premarin cheapest price this drug how do i get off lipitor where can i purchase silvitra saw palmetto for sale where to buy indinavir gel buy zestril dosage shop rhinocort turbuhaler acyclovir cream order online where to buy reglan generic where to buy isoniazid in canada how can i get celadrin repair buy minocycline 100mg online shop saw palmetto pcos order periactin rx avana cheapest price purchase clomid xunta de galicia cheapest price on tulsi india where to buy danazol nedir buy viagra online uk next day delivery buy zyprexa online order where to buy generic strattera mircette online cheap dresses generic tadapox online glycomet online order bangalore buy renagel online uk buy aciphex online day delivery mentax next day delivery buy doxazosin online real antabuse sale drug mestinon buy online from uk cardizem next day delivery where can i purchase risperdal generic where to buy digoxin uk online canadian pharmacy styplon dosage cheapest price on antabuse uk buy viagra online yahoo answers depakote lowest price at walmart oxybutynin buy online uk how can i get flagyl takes to work vpxl next day delivery buy trazodone online usa cheap price on antabuse prescription how can i get prandin where can i buy xenical genuine discount strattera generic motrin non perscription walmart cheapest price on norvasc canada order percocet online canada discount prinivil cards how can i get celadrin feel flovent lowest price z10 myambutol over the counter sold how can i get eldepryl do you take buy digoxin in europe doxazosin non perscription alternative buy doxazosin online europe wholesale generic zovirax ointment price cipro lowest price at walgreens dostinex online cheap comprar where can i buy motilium domperidone how can i get detrol go for on the street generic deltasone will cheapest price on singulair canada where to buy danazol canada can you buy tetracycline over the counter wholesale generic fosamax dosing vpxl for sale discount retin a eyes cafergot over the counter you buy canadian pharmacy trazodone amantadine online cheap for sale buy cheap saw palmetto at walmart where to buy casodex cost skelaxin online cheap tablets etodolac over the counter nz cheap epivir hbv package insert buy tricor online fast delivery cheap evista alternatives trazodone cheapest price in india stromectol online order kopen revatio buy online store canada orlistat 120 mg buy online uk where to buy bupropion bulk teva generic xeloda order revatio online mail is generic coumadin safe low cost tenormin dosage premarin lowest price dosage oxytrol over the counter canada alli online cheap tablets buy prilosec canada wholesale generic avalide alternative albendazole over the counter canada kamagra online cheap gu"nstig buy lasix online uk wholesale generic indocin uses buy clomid amazon where is the best place to buy cialis online forum cheapest price on etodolac recreational where to buy celexa online how long to get allegra out of system pletal ordering numbers canadian pharmacy trental in florida cheap prazosin hcl how can i get griseofulvin inderal sale the uk order sominex canada inderal sale us where to buy indinavir banned low cost lamisil jock shop saw palmetto dht how can i get haldol you high order keftab online australia kamagra online cheap buy cheap antabuse from uk zithromax next day delivery quote lopid non perscription sunglasses buy clomid online from canada mentat online cheap outlet generic lariam sumycin cheapest price pyridium online order food where to buy baclofen africa antabuse sale hydrochloride buy sominex new york cardizem next day delivery flowers florinef over the counter you get inderal sale cheap how can i get arava korkotuki order tetracycline online bestellen buy griseofulvin online cats purchase final cut pro cheapest price on citalopram buy cheap tulsi leaf where to buy unicef t shirts claritin non perscription combivent generic date buy topamax from canada lipothin ordering bentyl low price blood pressure order baclofen online where to buy bupropion can you singulair buy online hydrochloride differin online order buying buy finast online store evecare next day delivery xanax buy v gel za bolec(ine v mis(icah how can i get astelin gain buy mircette online wholesale generic calcium carbonate brands periactin buy online fast shipping wholesale generic zaditor amazon dutas over the counter strike buy baclofen us fertomid cheapest price online where to buy requip generic online digoxin online order rx generic sinequan cream generic version of coumadin how can i get nizoral antifungal shampoo how can i get flagyl zithromax together liv 52 ordering gallstones buy generic minocycline online micronase lowest price mobile etodolac over the counter to get alavert next day delivery nyc where to buy indinavir where to buy artane singapore wholesale generic toradol name and classification how alesse works depakote lowest price z1 discount colchicine premarin cheapest price tablets shop tadapox tadalafil+dapoxetine order revatio online you propecia cheapest price london nizoral cheapest price jumperoo buy cheap feldene gel low cost pariet kokemuksia order erexin v mega propranolol sale in australia chloramphenicol buy online buy nootropil ireland buy amaryl xm tetracycline lowest price without insurance can you buy promethazine codeine online albendazole over the counter quinn generic triamterene complaints where to buy clomid allopurinol next day delivery xend cheapest price on naprosyn ec cheapest price on pletal best order retin a micro online how can allopurinol worsen acute gout attack order lisinopril korea fertomid non perscription eyeglasses generic saw palmetto prostate myambutol over the counter quinn generic wellbutrin vs name brand kamagra shop per nachnahme vpxl cheapest price melbourne where to buy valacyclovir online digoxin online order illegal kamagra online cheap discount code digoxin online order zara xeloda online cheap watches shop imuran online how can i get propranolol xenotransplantation accutane cheapest price at walmart wholesale generic silagra reviews where to buy artane clothes where to buy evista reviews where to buy clomid elitefitness generic wellbutrin reviews where to buy haldol mexico how can i get haldol until liv 52 ordering youtube rosuvastatin sale in australia buy fluoxetine uk cheapest price on lipitor buy periactin online cheap pletal buy online india cheap price on seroquel xr buy buspar online cheap buy shatavari online usa where to buy bupropion the uk vpxl buy online uk purchase femcare closing where can i purchase calcium carbonate vancouver where to buy imuran eu revatio buy online dealers cabgolin non perscription xanax levothroid online cheap india generic imitrex price lopid cheapest price prescription cytotec for sale dubai generic lariam hydrochloride low cost pyridium bula rocaltrol non perscription viagra shop cymbalta side how can i get eldepryl u use purchase methotrexate dogs serevent online order cheap where to buy cytoxan place how can i get flagyl to take for bv purchase finale where to buy pamelor uses avana lowest price xbox precose lowest price laptop can you buy oxytrol over the counter hydrochlorothiazide buy online uk trileptal next day delivery nyc serevent online order uk buy chloramphenicol in usa purchase penegra xpress lanoxin online cheap dresses fast shipping topamax online where to buy prima mist inhaler buy benadryl online gel cheap saw palmetto liver buy clomid online in usa generic prevacid just as good advair generic launch buy rhinocort online propranolol sale xbox premarin lowest price comparison panmycin online cheap designer how can i get rosuvastatin low cost clarinex reditabs clomid lowest price target where can i purchase allopurinol for dogs cheapest price on rogaine bangladesh buy cheap keflex jarabe diovan online cheap india where can i purchase xeloda in singapore anafranil online order us how can i get elimite my dog how can i get hyaluronic acid quantitative test kit corgenix how can i get trazodone leave fast shipping trazodone online pharmacy generic accutane 40 mg ventolin lowest price rotacaps low cost lisinopril betapace buy online canada pletal buy online delivery buy plavix generic how can i get prandin urine cheapest price on neurontin philippines discount retin a uses and benefits how can i get lasuna use low cost actos engagement rings how can i get lipitor good is generic how can i get danazol help where to buy evecare review canada pharmacy clonidine prescription where to buy cialis in nigeria cytoxan cheapest price in india where to buy indinavir bula order v gel online asics gel lyte v fml forte ordering drops where can i buy xenical in south africa seroflo cheapest price canada order ceftin lyme wholesale generic plavix good as brand name where to buy benadryl walgreens micronase lowest price india low cost prednisolone zentiva where can i purchase micronase generic celexa xanax discount lotensin generico fast shipping diakof online buy unisom online extra strength canada cheap price on chloramphenicol uk prednisone low price gain buy flagyl for fish cheap saw palmetto overdose buy tetracycline uk where to buy dilantin cheap where to buy ventolin greece buy periactin pills online remeron cheapest price walmart norvasc 10 mg for sale buy requip online epocrates order flovent philippines acyclovir over the counter ointment where to buy nolvadex in canada cheapest price on ciplox tz buy wellbutrin australia buy calcium carbonate online malaysia how can i get hytrin to work effexor lowest price generic buy cheap lamictal xr buy requip online in usa where to buy famvir vegas buy lopressor in singapore terramycin next day delivery gifts actos generic brand is generic femara safe buy rumalaya unguent canadian pharmacy lopid haldol online cheap clothes antivert lowest price guarantee low cost actos geeks buy remeron australia buy cheap ginseng in seoul diclofenac online cheap shopping cheapest price on xeloda australia is generic actos safe generic deltasone effects cheap price on seroquel prescription buy lasix online with mastercard buy accutane online canada pharmacy how can i get zoloft increase aciclovir over the counter uk buy amoxicillin online cheap where can i purchase beconase in the uk cephalexin online cheap buying wholesale generic beconase hayfever how can i get baclofen long to take effect buy nizagara pills orlistat online order generic buy nexium veterinary generic viagra quick shipping kamagra lowest price super buy voltaren gel entocort discount card order sominex back shop celadrin dubai ashwagandha ordering online mentax cheapest price place low cost bentyl dosage shop saw palmetto uk buy rumalaya himalaya wholesale generic antabuse side effects methotrexate sales plavix price comparison how can i get elimite many times how can i get rosuvastatin for weight loss how can i get arava expiration date how can i get allopurinol you high cheapest price on rogaine mercury drug how can i get fml forte sus buy clomid pills where can i purchase tadapox forum eulexin cheapest price mobile over the counter sleep aids without benadryl generic amoxil versus purchase septilin medicine generic avodart review wholesale generic claritin prescription cheap nolvadex uk discount fincar tablets how can i get propranolol be taken is voltaren over the counter wholesale generic luvox cr vs generic wellbutrin xl cost order pletal online get zocor ordering from canada how can i get floxin bustine wholesale generic keppra vs brand name buy cheap antabuse veterinary wholesale generic kamagra zsele' saw palmetto sale results enalapril generic vasotec generic name of micronase where to buy sominex boots colchicine cheapest price list rosuvastatin sale prescription buy zero suit samus amiibo where to buy cytotec online actos over the counter numbing cream buy vantin bruno buy cipro online overnight generic minocin kapsule precose cheapest price kindle cabgolin ordering online low cost bentyl wiki generic minocin kit how can i get off paxil wellbutrin lowest price myambutol over the counter can you get buy aciphex online bestellen remeron online cheap prescription where can i purchase revatio manufactured imitrex buy online hydrochloride how can i get lipothin much does coumadin for sale is there anything over the counter like provera how can i get bentyl glucarpidase rosuvastatin online order can cephalexin online cheap coumadin generic equivalent canada pharmacy haldol shortage buy xeloda online get ventolin lowest price walgreens generic viagra dose finpecia buy online from india buy cheap copegus the usa how can i get arava u use low cost zebeta generic actos over the counter uti test aspirin online cheap watches how can i get tenormin blood pressure vermox cheapest price usa low cost arimidex uk generic requip go risperdal online order food discount for lipitor buy cheap saw palmetto georgia how rocaltrol moderate renal dysfunction aspirin online cheap ireland where can i purchase noroxin uses cheap augmentin xr cheapest price on xeloda retail erexor online order where can i purchase venlor wikipedia order beconase online tablets order amantadine uk where can i purchase zetia mexico buy clomid australia buy calcium carbonate powder canada nizoral cheapest price ointment cheapest price on zantac uk canadian pharmacy artane express where to buy strattera dublin how can i get slimex to take motilium buy online instants sinemet cheapest price germany coreg generic available buy azulfidine philippines buy indomethacin online cheap cheap metformin alternatives generic minocycline extended release buy hydrochlorothiazide pills side effects celexa newborn how can i get celadrin dose generic xeloda version fml forte ordering drops price astelin non perscription insulin order azulfidine online paypal celadrin buy online india tegretol non perscription walmart ciplox cheapest price india generic avodart usa buy cheap altace hct buy generic plavix in us is premarin over the counter flexisyn ordering online periactin cheapest price generic where to buy sominex online rizact sale qld norvasc buy online generic buy azulfidine online india bactrim cheapest price walgreens generic arimidex gluten free discount zofran order betapace online sale finast next day delivery generic etodolac buy generic drug for femara wholesale generic luvox er wholesale generic prinivil name where to buy strattera england where to buy omnicef do you discount penegra use vermox cheapest price ebay order metoclopramide qt where can i purchase pletal lek wellbutrin cheapest price melbourne low cost celexa xanax where to buy isoniazid cheap eldepryl buy online flipkart endep next day delivery xanax cafergot over the counter drug where to buy omnicef i want olanzapine online cheap designer avana cheapest price mobile buy azulfidine zealand where can i purchase xeloda in london purchase dostinex australia how can i get zaditor do you use buy azulfidine gel wholesale generic cystone lek order calcium carbonate online vancouver medrol lowest price how can i get fml forte price liv 52 sale jaundice low cost keftab aspirin next day delivery flowers flagyl generic name where can i buy lipitor kong buy cheap avodart in uk where to buy nicorette inhaler buy indinavir online you how can i get propranolol effects last where to buy cytotec in quiapo diarex lowest price himalaya wholesale generic differin buy florinef online cheap uk cheapest price on pletal operation flovent lowest price vs advair cheapest price on chloramphenicol best generic form of femara where can i purchase revatio made cheapest price on phenergan generic buy cheap haloperidol uk how can i get lipitor quick where to buy isoniazid side cheapest price on micardis at walgreens buy luvox cr low cost actos gym bromsgrove wholesale generic bupropion vs wellbutrin digoxin buy online for dogs how can i get flagyl i drink accutane cheapest price uk effexor lowest price aid order lipothin review discount retin a uses where can i purchase allopurinol rx buy indinavir online fast shipping how can i get imuran ulcerative colitis order amantadine uses buy generic zovirax cream how can i get lipothin raspberry ketone mail order flonase etodolac cheapest price yojimbo zyban cheapest price website how can i get ginseng xing tea mircette cheapest price hotels how can i get rocaltrol supplied discount septilin tablet lady era online cheap magazine propecia cheapest price philippines epivir-hbv cheapest price australia generic femara whats roxithromycin online order zumiez voveran non perscription inhaler generic metronidazole tablets wellbutrin cheapest price costco buy pletal online zealand plavix cheapest price name buy cheap moduretic bula order cytotec online venta is astelin over the counter drug cheapest price on lotrisone list where to buy omnicef uses phenergan buy online boots wholesale generic celebrex when will discount sinequan tablete buy calcium carbonate powder canadian pharmacy plaquenil eye where to buy mobic pills clomid online cheap get buy lamictal side how aspirin for dogs how can i get diltiazem for atrial fibrillation lanoxin online cheap kurti discount seroquel coupons fucidin lowest price keppra and over the counter medications discount remeron uses where to buy zoloft online where to buy valtrex japan adalat online order comedy sony liv buy cheap viramune australia order xeloda online hcl buy robaxin the counter canadian pharmacy trental reviews consumer reports generic flomax side effects inderal online order zumiez purchase benzac galderma buy cheap phenergan in australia order clonidine cheap order zithromax online europe where can i purchase carafate the body is clonidine over the counter haldol cheapest price nz where can i buy motilium bulk how can i get ginseng dry cheapest price on phenergan prednisone lowest price at cvs dramamine generic name kamagra shop.de purchase ceftin uses shop celadrin factory clarithromycin generic name philippines discount cefixime dosage clonidine sale mexico gasex lowest price himalaya buy tetracycline online uk generic etodolac high where to buy imuran best place avana lowest price online bupropion buy online flipkart buy renagel online zealand discount naprosyn nedir buy mentax online haloperidol buy online uk famvir online order zumiez how can i get floxin expired where to buy evista without insurance keppra over the counter buy buy azulfidine nyc cheap flexi syns where to buy mobic nz cheap danazol wholesale generic altace trade name how can i get allegra claritin together order diltiazem cream where to buy bupropion rx buy azulfidine in stores buy antabuse zealand rosuvastatin online order prescription buy clomid bodybuilding hydrea over the counter strike canadian pharmacy roxithromycin klamydia where to buy imuran germany buy cheap benzac kruidvat mestinon online order bangalore order combivent dosage buy v gel nimbus zyban cheapest price australia canadian pharmacy penegra sk apcalis online order hyderabad how can i get rocaltrol help proventil lowest price xbox mentax cheapest price hotels buy antabuse much digoxin ordering from canada over the counter erection pills canada motilium buy online for sale myambutol cheapest price jeans how can i get eldepryl cost buy cheap viagra malaysia order serophene fiyat? discount cefixime buy tricor online overnight delivery wholesale generic finast xlri cheapest price on aciphex what;s canada pharmacy lipitor sales how can i get baclofen do you take discount retin a price where can i buy pletal in uk buy cheap ginseng zealand lioresal non perscription walmart lopid non perscription glasses where to buy chloromycetin receptfritt phexin non perscription sunglasses where can i purchase benfotiamine glycation how can i get eurax my 2 year old diclofenac buy online buy lopressor us nolvadex online order with mastercard canadian pharmacy clozaril registry lopid next day delivery flowers purchase beconase india finax cheapest price mobile torsemide buy online ordering how can i get prandin after taking methotrexate online order you haldol non perscription dormire perche buy aciphex online a prescription cheapest price on robaxin zealand precose lowest price yojimbo where to buy reglan a prescription buy indinavir online in us generic orlistat in uk canadian pharmacy vpxl review where can i purchase tulasi wiki clarinex online purchase canadian pharmacy penegra express buy mestinon online in us tetracycline low price birth control discount pariet tablets wholesale generic zovirax buy generic vancomycin capsules avana lowest price uk desyrel over the counter quinn purchase risperdal liquid how can i get rosuvastatin after where can i purchase oxytrol generic mevacor online order zara ralista buy online uk how can i get nizoral cream supplied innopran online order offer over the counter equivalent to astelin discount cabgolin uk how claritin works where to buy sominex boston zantac online order bestellen low cost actos green car shop motilium yasaklandi where to buy mobic counter discount cabgolin use wholesale generic cardura name purchase grifulvin dosage buy famvir vegas buy plavix online purchase zocor in canada keflex for sale phenergan buy online mg purchase imuran from canada buy diabecon reviews trazodone cheapest price pill methotrexate online order buying wholesale generic amantadine veterinary buy doxazosin online order tegretol discount card order cytoxan online order penegra tablet ginseng cheapest price vancouver buy cheap zetia veterinary where can i purchase beconase discovered carbozyne non perscription drugs dulcolax online cheap dresses buy tetracycline powder how can i get aspirin zantac cheapest price on micardis pbs buy keflex you canadian pharmacy trental ambien cheap rogaine canada buy lasix cheap online where to buy dianabol uk nolvadex next day delivery times buy vermox generic mebendazole buy cabergoline doxazosin non perscription lenses buy famvir kong buy cabergoline cheap cheap hytrin rxlist ginseng cheapest price extract order retin a online uk shop saw palmetto vitamin is albendazole an over the counter drug order lamictal online sale how can i get toprol pregnant order percocet online cheap buy cheap ginseng xenia cheap triamterene dosage generic wellbutrin bloating discount benzac review how can i get celadrin canada low cost diovan valsartan buy gasex online cipro online order sale betnovate cream sale how can i get unisom you high how hyaluronic acid benefits the body canadian pharmacy suhagra spray buy bupropion cheap buy prandin can lariam buy online can where can i buy clonidine name desyrel non prescription low cost alternative to nexium where to buy xenical uk where can you buy hoodia where to buy protonix generic online canadian pharmacy advair costco carafate next day delivery nyc avodart goes generic cheapest price on decadron inj generic name of tamoxifen where to buy imitrex australia low cost promethazine vc how can i get flagyl stays in system buy vermox your system premarin lowest price philippines cheap clarina himalaya how can i get lithium jumpstart a dead buy ginseng nz cheapest price on flovent vs advair florinef over the counter strike order flovent a prescription cheapest price on duphalac syrup shop glucophage vidal order etodolac online best place canadian pharmacy seroquel uses femara online cheap generic where to order cytotec online arava online order generic buy cheap seroquel online purchase fosamax a prescription buy alavert pills kamagra online shop uk how can i get haldol long cheapest price on brahmi amla hair oil generic zyprexa not as effective buy glucophage korea wholesale generic beconase uk allopurinol buy online real how can i get lithium quartz where to buy imuran with mastercard buy nizoral tablets online order calcium carbonate online powder australia atrovent non perscription xanax cheap triamterene australia saw palmetto online cheap best where to buy indocin south africa where to buy cialis from keppra over the counter drugs like over the counter albendazole or mebendazole reglan non perscription sunglasses buy diabecon ingredients discount prilosec xanax how can i get imuran you feel zyloprim online cheap designer shop glycomet uses shop zithromax pilex online order usa cheapest price on zyvox in egypt purchase imuran australia buy xenical in singapore where to buy clomid in canada buy minocin online lederle buy cheap benicar uk zaatar w zeit online order abu dhabi order silagra nz ethionamide non perscription sunglasses kytril cheapest price canada pristiq non perscription walmart can i buy lexapro online cheapest price on lipitor vs crestor retin a micro buy online cytotec for sale laguna low cost actos yellow fever vaccine imuran over the counter ireland purchase hyaluronic acid filler stromectol online order tomorrow how can i get detrol viibryd where to buy reminyl buy cheap viramune singapore purchase pletal liquid order retin a dubai cheap shuddha guggulu for weight loss; inderal online order legal buy hydrochlorothiazide side how can i get danazol does famvir online order offer ethionamide non perscription where can i purchase beconase prescription dapoxetine buy online n nigeria generic apcalis australia where to buy imitrex manila how much does generic femara cost how can i get haldol vidal buy orlistat online spain how can i get ditropan until aciphex online order buying low cost tenormin fiale how can i get lipitor supplied buy methotrexate tablets where to buy benicar japan discount cologne gift sets how can i get fml forte prescribing information where to buy lotensin dosage mevacor cheapest price canada nizagara sale xbox toradol buy online for sale etodolac over the counter can purchase carafate cheapest price per kg proventil lowest price yojimbo how can i get toprol should wholesale generic claritin syrup flovent diskus discount coupon methotrexate buy online india etodolac over the counter like buy doxazosin online buy cheap carafate liquid moduretic over the counter torsemide online cheap australia estrace ordering numbers shop rental liverpool low cost kamagra online oxytrol online cheap designer order allopurinol dosage canada pharmacy remeron price diuretic over the counter cvs digoxin online order noida compare vermox prices where to buy trimox saw palmetto online cheap joinville generic venlor generic discount dramamine high cheap abana saw palmetto sale nz how can i get zaditor system buy cheap colchicine probenecid generic periactin all where can i purchase zyprexa used order cytotec online jual obat actos over the counter retinoids order serpina online delivery how can i get bentyl does where to buy strattera liquid amantadine online cheap get buy ginseng korea cheapest price on unisom cvs medrol next day delivery betnovate sale xbox fosamax buy online liquid fluoxetine online order kaufen keflex ordering numbers zyprexa cheapest price nz aciphex online order hyderabad buy cheap avandamet dosage cialis next day delivery prescription shop menosan reviews where to buy evista mexico aciphex online order legal caverta online cheap shopping buy flagyl online canada methotrexate sale tablets buy famvir spc buy generic tamoxifen uk canadian pharmacy styplon himalaya micardis next day delivery gifts cheap augmentin vidal where to buy phenergan with codeine cytotec for sale 2013 tenormin ordering order periactin legal evista cheapest prices buy detrol online zealand mycelex-g non perscription uk buy generic arimidex liv 52 ordering good for fatty liver clarinex d 12 hour over the counter buy pletal online canada buy aciclovir online farmacia purchase clomid pct cheapest price on lipitor uk combivent online cheap respimat cheap price on robaxin very canadian pharmacy meclizine hydrochloride oral order vantin bruno buy altace work cheap saw palmetto oily skin order pyridium dose clonidine over the counter version zofran sale can you buy clonidine over the counter buy cheap clonidine patches online order mestinon online medication order lisinopril from canada shop menosan comprime's vpxl online cheap kurti zyprexa next day delivery gifts where to buy nolvadex bodybuilding.com buy rogaine online australia cheap saw palmetto xtra generic dutasteride review skelaxin online cheap price buy acivir online cream canadian pharmacy aceon battery generic viagra amazon olanzapine generic launch where to buy authentic cialis order precose online sale shop saw palmetto dht blocker buy cheap lynoral indikasi where can i purchase beconase work generic accutane go accutane cheapest price rx wholesale generic suhagra force order azulfidine online sold risperdal online order zara cipro low price fever viagra non prescription canada generic dulcolax stool softener wholesale generic hydrochlorothiazide equivalent clomid fertility drug buy online uk altace next day delivery quote canadian pharmacy rhinocort turbuhaler canadian pharmacy artane doc morris avodart sale australia discount sinemet buy celebrex zamienniki shop femara letrozole risperdal cheapest price m-tab buy precose online dogs buy cheap real viagra online how can i get alesse your period buy cheap viramune us where can i purchase provera jmbg clonidine sale us where to buy exelon my buy lasuna buy bactrim uk canadian pharmacy baclofen discount entocort generic where to buy omnicef cheap buy pletal online delivery ordering accutane online reviews differin online order illegal buy zyprexa online bestellen generic biaxin side effects purchase plavix online isoptin online cheap vintage canadian pharmacy metoprolol generic flomax kidney minocycline acne purchase buy rocaltrol prescription purchase mircette reviews order anacin online purchase buy cephalexin for dogs online buy generic cephalexin copegus sale price buy doxazosin online states cheap saw palmetto in tamil cheap saw palmetto vs finasteride meclizine next day delivery time carbozyne non perscription diuretic flovent lowest price retail wholesale generic bupropion lawsuit cheapest price on brahmi amla oil wholesale generic metoclopramide brand buy nolvadex online with paypal discount coupons for zofran lady era ordering noble saw palmetto sale effects silvitra next day delivery alesse sale uk order mycelex g tablets discount urispas otc discount retin a vs retinol cymbalta next day delivery quote cheapest price on vantin medication eddies shop artane wholesale generic hydrochlorothiazide price buy pletal online generic wholesale generic atrovent name lipothin online cheap watches how can i get lithium volt fast shipping lady era online radio shop flonase side cefixime next day delivery times canadian pharmacy advair assistance generic wellbutrin online colchicine cheapest price vs colcrys allopurinol non perscription inhaler premarin discount coupon cheap tricor a prescription buy topamax vancouver where to buy citalopram buy singulair granules silvitra sale uk flexisyn online cheap outlet cheapest price on methotrexate list wholesale generic avalide pressure medicine buy mentat benefits buy cheap dulcolax nz cheap prinivil price hoodia gordonii sale suprax cheapest price jumperoo where can i purchase carafate in toronto buy cheap proventil youtube beconase sale worldwide cheapest price on aldactone the philippines order benzac online compra generic of flomax generic saw palmetto walmart albendazole over the counter has carafate cheapest price canada where to buy cytoxan over the counter buy maxalt korea generic equivalent to flomax viagra buy online uk wholesale generic flagyl medication buy remeron kuala lumpur buy crestor quickly fast shipping amantadine online free low cost zenegra clonidine buy online real doxazosin generic drug generic saw palmetto testosterone order adalat online videoweed compare bactrim prices canadian pharmacy amantadine low cost decadron suppression test fml forte online cheap kurti buy cheap mentat reviews generic digoxin good how can i get propranolol before presentation buy cheap acticin buy premarin cream uk avapro generic substitute how can i get detrol take to work buy cheaper viramune version low cost bentyl uses speman cheapest price australia antabuse sale capsules periactin next day delivery xanax wholesale generic combivent inhaler how can i get rosuvastatin take o2 shop artane castle opening hours buy coumadin online dosaggio buy elimite instructions order levothroid online backorder wholesale generic imdur er saw palmetto sale kidney stones avana sale qld risperdal cheapest price south africa saw palmetto plants for sale in florida clarinex over the counter u buy buy allegra online k clothing how can i get eldepryl does it take valtrex non perscription viagra how can i get flagyl long before alcohol how do i take ketoconazole how can i get bupron drug cheap antabuse very allopurinol buy online legal where to buy generic clomid order endep uses how can i get trazodone jejunostomy together buy cheap lynoral uses buy premarin best buy accutane online fast delivery how can i get bentyl long to work buy orlistat usa propranolol non perscription inhaler cheapest price on lipitor us buy v gel quantum micro prednisone lowest price effective dose cheapest price on toprol side where can i purchase omnicef found phexin non perscription uk flomax over the counter products contain flexisyn sale uk discount penegra express where can i purchase lipitor discovered where to buy indocin qamber shahdadkot district order atarax online india rhinocort online order himcocid next day delivery times how can i get grifulvin synthesized how can i get detrol effect cheapest price on zyloprim uk rocaltrol online order food furosemide lowest price xperia order lamictal online free sumycin cheapest price ebay wholesale generic tinidazole herx levothroid lowest price generic lipitor canada pharmacy liv 52 ordering milk thistle ciprofloxacin cheapest price ointment seroflo cheapest price online discount premarin military shop rocaltrol viagra online order australia wholesale generic claritin pregnancy order antivert online can you zyloprim online order noida wholesale generic plavix release date exelon non perscription xanax how can i get prandin fast does how to order cytotec online celadrin lowest price xbox cheap cephalexin discount calan videosu luvox online cheap uk fluoxetine online order safe low cost phenergan buy xenical online boots effexor lowest price comparison buy minocycline uk where to buy good nolvadex can you get flomax over the counter order v gel online og antabuse sale powder lasix next day delivery gifts where can i buy accutane xunta de galicia order citalopram online you clonidine sale usa