Monday, March 26, 2007

Credit Crunch Coming in the US?

The American economy has always been driven by debt, but in recent years it has become even more dependent on credit to stimulate economic growth. Debt intensity of GDP growth, i.e. how much more debt is needed to produce an extra dollar of GDP is now 4.5x, against averaging just 2x between 1965-95.


There is no mystery why: the economy has been transformed from one growing through production and earned income, to one where consumers spend money borrowed against inflated assets. Access to cheap debt is now as important to America as access to cheap oil and it is "burned away" just as recklessly.


Total debt increased by $3.55 trillion in 2006 alone, or 27% of that year's GDP. "Unsustainable" is too mild a word.

Debt generation is the supreme driver of the US economy. The financial services industry is a red-hot growth sector, eerily reminiscent of the dotcom mania of 1998-2000. Financial companies now make up almost a quarter of the capitalization of S&P 500, with information technology coming in a distant second at 15%.

S&P 500 Sector Breakdown as of 12/31/2006

Between 2001-05 the real estate bubble was the prime driver of the debt flood, finding its way into consumer spending through mortgage equity withdrawals (MEW). For the whole of 2005 such MEW's extracted $414 billion, i.e. 56% of that year's GDP growth . Since then the trend has reversed sharply, with MEW's dropping to just $24 billion annualized in 4Q 2006.


The economy is already feeling the first effects of a credit slowdown (MEW's included), with GDP growth slowing significantly to around 2.0-2.2% for three consecutive quarters.

From all of the above, it is clear that economic growth has come in large part through the assumption of debt - more than ever before. What will happen to the economy if the debt torrent slows down or even stops entirely, i.e. if we experience a credit crunch?

Given the high debt intensity of GDP growth (4.5x) and with inflation around 2.5%, real GDP growth is highly sensitive to credit expansion. The following chart plots the theoretical effect of a credit slowdown to GDP. The calculation is based on static assumptions, but it's not totally useless as a starting point.

As of 3Q and 4Q 2006 debt was growing at an average 7%, producing GDP growth of 2-2.2%. Given the information we have so far on housing, mortgages, etc. it is likely that credit expansion has slowed in 1Q2007.

The following is from the Fed's January 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices.

"On balance, about 15 percent of domestic banks reported that they had tightened credit standards on residential mortgage loans over the past three months, the highest net fraction posted since the early 1990s. Almost 40 percent of domestic institutions—a somewhat smaller net fraction than in the October survey—indicated that demand for such loans had weakened over the previous three months."

Following are some relevant charts from the survey.

Tightening Lending Standards for Mortgages

Conditions are tightening for commercial and industrial loans, too.

Tightening Lending Standards for C&I loans

In summary, credit conditions are tightening and loan demand is dropping. The survey was conducted in January and conditions have probably worsened further since (sub-prime mortgage crisis).

The conclusion is that credit expansion is slowing, likely leading to significantly lower economic growth ahead.


8 comments:

  1. Thanks for your informative insights. It looks like we might be close to having reached the end of the rope. I am intersted what you see in the future if you take a real deep look into your crystal ball....mine is in the repair shop right now. There's the (Weimar) camp that says we'll try to inflate our way out of the dilemma, destroying the dollar and our credit worthiness in the process, while the other camp (Depression) seem to think we will enter a deflationary period with tight credit & recession.
    I am curious because each scenario would have very different implications for investing. Highly leveraged & precious metals versus cash & bonds.
    What do you think are the chances that we'll see something like in Argentina (I think 2001 or 2002) when they simply confiscated all $$ denominated personal savings people had deposited in banks?

    ReplyDelete
  2. The US economy and the dollar are very different from precedents like Weimar Germany, Argentina, etc. The larger part of US global power comes from dollar domination, i.e. the dollar's position as global reserve currency.

    In my opinion, it is unthinkable that the US would choose to throw that away by devaluing the dollar to an extreme. Prior dollar devaluations (i.e. Plaza Accord) were only done after extensive consultation with economic partners and allies.

    Therefore, I am in the camp of credit tightening and dis-inflationary pressures - at least initially. Something like Japan, but quicker - I hope.

    Also, unlike Weimar and the LATAM debt crisis of the late 1980's- early 90's, most of the debt in the US is owed domestically and carries adjustable rates. It can't really be inflated away.

    Some refer to Ben Bernanke's "helicopter cash" speech as a hint that the Fed could inflate away debt. This is a great mistake: Bernanke was talking about what to do in a recession/depression "liquidity trap" situation where no one is willing to borrow/spend even at zero interest rates.

    Crystal balls...Mine varies from thick cloud cover to mist - when it's not pitch black! I should have bought the deluxe model, the one with the Greenspan voice-over economic commentary. That would have cleared things up, eh?

    Regards

    ReplyDelete
  3. Today's new home sales report: Demand down 1/2 million. Contractor bankruptcies loom. More at http://infohype.blogspot.com

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    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
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    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
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    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
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    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
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    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
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    bubble butts galore -
    college fuckfest -
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    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
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    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
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    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
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    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
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    gay blind date sex -
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    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
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    naughty julie -
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    neighbor affair -
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    bookworm bitches -
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    bubble butts galore -
    college fuckfest -
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    diary of a milf -
    dirty latina maids -
    fast times at nau -
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    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
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    couples seduce teens -
    diary of a milf -
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    ReplyDelete
  6. milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
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    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
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    prime cups -
    rectal rooter -
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    simpson twins -
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    tamed teens -
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    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
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    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
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    milton twins -
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    ReplyDelete
  7. latin adultery -
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    bang boat -
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    boob exam scam -
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    gangbang squad -
    gay blind date sex -
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    give me pink -
    her first anal sex -
    her first big cock -
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    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
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    squirt hunter -
    tamed teens -
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    teens for cash -
    teen topanga -
    trixie teen -
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    all internal -
    american daydreams -
    asian parade -
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    backseat bangers -
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    college fuckfest -
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    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
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    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
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    college fuckfest -
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    diary of a milf -
    dirty latina maids -
    fast times at nau -
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    ftv girls -
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    gay blind date sex -
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    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
    ass traffic -
    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
    border bangers -
    bubble butts galore -
    college fuckfest -
    college wild parties -
    couples seduce teens -
    diary of a milf -
    dirty latina maids -
    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
    gay college sex parties -
    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
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    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
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    squirt hunter -
    tamed teens -
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    teens for cash -
    teen topanga -
    trixie teen -
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    all internal -
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    backseat bangers -
    bang boat -
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    boob exam scam -
    bookworm bitches -
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    bubble butts galore -
    college fuckfest -
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    diary of a milf -
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    fast times at nau -
    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
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    give me pink -
    her first anal sex -
    her first big cock -
    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
    american daydreams -
    asian parade -
    ass masterpiece -
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    backseat bangers -
    bang boat -
    black cocks white sluts -
    boob exam scam -
    bookworm bitches -
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    her first anal sex -
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    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
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    naughty drive thru -
    naughty julie -
    naughty office -
    neighbor affair -
    porn stud search -
    prime cups -
    rectal rooter -
    she got pimped -
    simpson twins -
    so cal coeds -
    sperm swap -
    squirt hunter -
    tamed teens -
    teen brazil -
    teens for cash -
    teen topanga -
    trixie teen -
    twinks for cash -
    wild fuck toys -
    all internal -
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    diary of a milf -
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    first time swallows -
    ftv girls -
    gangbang squad -
    gay blind date sex -
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    give me pink -
    her first anal sex -
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    her first dp -
    her first lesbian sex -
    his first facial -
    his first gay sex -
    his first huge cock -
    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
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    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
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    tamed teens -
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    teens for cash -
    teen topanga -
    trixie teen -
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    backseat bangers -
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    bookworm bitches -
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    bubble butts galore -
    college fuckfest -
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    couples seduce teens -
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    her first big cock -
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    his first facial -
    his first gay sex -
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    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
    little summer -
    met art -
    milf seeker -
    milton twins -
    more gonzo -
    my first sex teacher -
    my friends hot mom -
    my naughty latin maid -
    my sex tour -
    my sisters hot friend -
    naughty allie -
    naughty america vip -
    naughty bookworms -
    naughty drive thru -
    naughty julie -

    ReplyDelete
  8. naughty office -
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    his first facial -
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    housewife 1on1 -
    housewife bangers -
    huge boobs galore -
    insane cock brothas -
    just facials -
    latin adultery -
    little april -
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    milton twins -
    more gonzo -
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    housewife 1on1 -
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    latin adultery -
    little april -
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    milton twins -
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    tamed teens -
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    twinks for cash -
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    just facials -
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    more gonzo -
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