The Housing Bubble

Try the Wall Street Journal

http://www.wsj.com/public/page/news-stock-market-movers.html

Scroll about halfway down to “Markets Diary.” Friday’s share volume:
on the NYSE was 3,457,124,472. They have NASDAQ and NYSE MKT too. I’m not sure if that’s what you’re looking for, but I’m WSJ has what you need.

Don’t buy stocks, and you won’t have to trouble yourself.

This was at the top of Yahoo:

Jeb Bush’s Success at CPAC: More Than Convincing

‘Sure enough, there were boos and shouts of “Common Core” when Bush took the stage accompanied by Fox News host Sean Hannity, but they were quickly drowned out by his supporters.’

http://finance.yahoo.com/news/jeb-bush-success-cpac-more-113700357.html

Aha! I’d like to repeat a theory I’ve had about how things work and especially with Hannity and Limbaugh. These two guys will go on for years, saying ‘the darn Republican Establishment are ruining this party. They and their high paid consultants have betrayed us on’…etc.

But then, when the time comes, they are there to bring in the flock to the pen. ‘Oh I know, that Romney is a little weak here and there, but what are you gonna do? We’ve GOT to beat Obama or the world will end.’ Same now with Bush.

What’s the difference between Bush and Clinton? Their agendas are both basically neocon. Sure they might want different social this or that, but the Empire is what matters to the PTB. Limbaugh and Hannity are on the air because they in part perpetuate the two party system. And IMO it is this system that prevents meaningful change in this country.

I’m looking forward to a 350.00 casket from china. I’m going to buy one and put it in the garage to protect myself against commodity inflation. I better buy it now before the price goes up in 6 months right?

“The manufacturing purchasing managers’ index (PMI), a key measure of factory activity in China, posted 49.9 in February, up from 49.8 the previous month, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP).

A reading above 50 indicates expansion, while a reading below 50 represents contraction.”

So the official NBS number indicates contraction. To my recollection, this number is viewed as subject to upward bias by the global financial community outside of China.

And your point was?

You have very strange math. The Chinese GDP has about doubled since 2008. Now, the growth has slowed but that is the law of large numbers which happens to corporations too. Apple cannot grow by the same percentage as when it first took off. Still China’s absolute GDP will grow by more than the United State’s GDP as it gets closer to becoming the world’s largest economy. By some measures it already is, such as GDP adjusted for purchasing power. In terms on demand on raw materials, its economy will add more demand this year than in 2008 in absolute numbers.

“China GDP Growth Rate Plummets 45% Since 2008″

Does that clarify the point?

Seems a lot of work. I just put it under the mattress. Sex is a lot better.

Why put cash (that is being debased by the Fed) into your safe deposit box? Put in a real store of value - precious metals - that is impervious to moisture in the air and increases in value against Fed-debased green paper.

The solution is to put the cash in individual zip-lock bags, squeeze the air out, then zip lock the bags. Add a desiccant to the safe. Then every few weeks…

… pile the cash up in the middle of the room and roll around in it?

If I worked for the State and was trying to identify posters with off the grid precious metals or assets, I might post something like this to see who responded and about what.

Oatmeal also has desiccant properties.

Why not just park your cash in bitcoin? Electronic money is not subject to physical depreciation.

How many millions of rotting excess empty houses do these federal reserve partners have?

Then you pile the cash up in the middle of the room and roll around in it, right?

wtf happened here? A million barrels of oil are delivered from Kurdistan to Houston/Galveston. Presumably not yet bought and paid for. Then it’s parked off the coast (environmental risk) for months. So the full ship travels back to the point of origin? What a waste! I thought the premise in law is to avoid waste - unload the oil and figure out later who should get the money.

Probably due to the rain.

Equal time

http://cartoonpolitics.tumblr.com/image/82809884750

http://c.o0bg.com/rf/image_960w/Boston/2011-2020/2015/02/24/BostonGlobe.com/EditorialOpinion/Images/0225toonwasserman.jpg

http://c.o0bg.com/rf/image_960w/Boston/2011-2020/2015/02/25/BostonGlobe.com/EditorialOpinion/Images/20150226edohmanc-a.jpg

http://imgick.oregonlive.com/home/olive-media/width960/img/oregonian/photo/2015/02/26/editorial-cartoons-of-the-week-b88c66048aac0fa6.jpg

That was not intended to be a smiley-face, as you might imagine.

Yikes! I’ve been lucky, have been renting my place for 6 years and just got a 5% hike this month and it was the first…like the place but the LL is 80 and in poor health so things could change quickly. However locally (Calif. wine country) it looks like the echo bubble may pop this year so I may try to buy again when that happens.

As Oil Prices Fall, Houston Shudders
By MIMI SWARTZ
FEB. 28, 2015
A Shell gasoline station in Houston, Feb. 19.
Credit Daniel Borris for The New York Times

HOUSTON — LATELY — very lately — I’ve started to enjoy driving by my neighborhood Kroger again. The boldly colored curbside sign has been showing an uptick in the price of gas in the last few weeks, from $1.75 a gallon to $1.91 to $2.11. In fancier parts of town, I’ve even seen it hit $2.50.

If I lived in Kansas or New York or California, this price rise would not be particularly good news. But I live in Houston — the energy capital of America, if not the planet — where even this tiny increase is cause for optimism. Maybe, I think, it won’t be so bad this time, “it” being the predicted downturn that always comes when oil prices start to teeter.

Despite well-intentioned talk by civic leaders about economic diversification, and by the oil companies about their “risk management” strategies, the inevitable highs and lows of the energy business continue to dominate my adopted hometown, not just economically but emotionally. Like a lot of Houstonians, I, for instance, have no personal stake in the business — no oil leases, no dividend coupons, no piece of a deal in Kazakhstan or even South Texas — but over the years I have grown accustomed to the dramatic highs and lows that cause tectonic shifts in this city’s identity.

I arrived in Houston during the oil boom of the late-1970s, when the Texas I had grown up in was only a few decades removed from backwater status. (Jett Rink, the rude, crude wildcatter James Dean played in the 1956 film “Giant,” based on the novel by Edna Ferber, did not spring entirely from her imagination.) But then, suddenly, skyscrapers by the likes of Philip Johnson and I. M. Pei started rising all over town. At Tony’s restaurant, local notables hosted everyone from Mick Jagger to Princess Grace to Ernest Borgnine. The University of Houston even started a creative-writing program, a sure sign of the end of hickdom if ever there was one.

No one cared that the freeways were clogged — frequently with émigrés from Michigan — and that the air was as soupy and sticky as Beijing’s is today, because we were all just biding our time until our well came in. And it would, of course, because oil, which had risen from around $10 a barrel in 1974 to about $38 in early 1980, was sure to hit $50. And then go even higher. Forever.

It didn’t. Instead, in the middle of that year, the price started trending in the opposite direction, thanks in part to OPEC nations that decided it was time to flood the world with cheap oil. By 1986 oil was selling below $20 a barrel, and the price slumped again after a slight rise in 1987.
…

As much as I respect Dan’s thoughtful opinions, I’m not sure I would use the term “expert” as some of his geopolitical theories are on the fringe. Even though I often don’t agree, I welcome Dan’s posts because seeing all sides is much more interesting than being in an echo chamber. But that’s what’s good about this blog, different points of view get expressed here without name-calling or disrespect.

Snipped from URL to article linked below:
oil-prices-are-still-far-from-stable

Commodities
Oil’s Big Swings Are the New Normal
Market has rarely been more volatile; an end to the ‘Groundhog Day’ era
A few years ago, Goldman Sachs analysts talked of a ‘Groundhog Day’ loop for oil. The market is far more volatile now. Photo: Bloomberg News
By Eric Yep and Nicole Friedman
Updated Feb. 26, 2015 7:34 p.m. ET

Volatility is roiling the oil market, luring traders in search of quick profits but discouraging longer-term investors who had grown accustomed to more muted swings.

Crude prices tumbled Thursday to their lowest levels in nearly a month after data released Wednesday showed inventories continuing to swell.

Volatility has surged in recent months following a bruising selloff that cut global benchmark prices by 60% from June through January. That was followed by a jump of more than 30% in the first two weeks of this month.

It is a sharp turnaround for a market that was relatively dull until a year ago, with Brent crude, the global oil benchmark, trading at more than $100 a barrel on average for three years in a row, ending in 2013.

Goldman Sachs analysts talked of markets being stuck in a “Groundhog Day” loop, referring to a movie in which a weatherman keeps waking up on the same day in a seemingly endless cycle. Traders complained that a lack of volatility in energy markets made it hard to make money.

Last year’s selloff was driven by unexpectedly strong U.S. oil output coupled with the decision by the Organization of the Petroleum Exporting Countries to keep output steady, leaving the market awash in supply.

But attention is now turning to how the U.S. shale industry is reacting to low prices, with any signs that output is cooling likely to spark a sustained oil-price recovery and put a floor under current prices.

The big swings by oil prices are drawing in hedge funds and other short-term speculators who look to profit from the rapid moves, with an increased number of bets also contributing to the big moves.

“We like volatile two-way markets,” said Emil van Essen, principal of Emil van Essen Managed Futures, which oversees $130 million. Although recently, as prices have risen, “it’s just been a one-way street.”

Mr. Van Essen is using options that benefit if West Texas Intermediate prices, another benchmark, fall to $40 a barrel but lose money if they fall to $30, as well as bets that would profit from rising prices.

The WTI oil price fell $2.82, or 5.5%, to $48.17 a barrel Thursday on the New York Mercantile Exchange.

Big investors have also turned to the energy sector as prices have risen recently, with investors placing a net $9.4 billion into global energy-sector funds so far this year, according to data provider EPFR. That compares with $6.1 billion in the final two months of 2014.

But too much volatility also can be harmful, especially to traders with long-term views as the market can lead to heavy short-term losses even if their outlook is correct.

“The current volatility is too high for us,” said Hakan Kaya, portfolio manager for Neuberger Berman Group LLC, which manages $250 billion in assets. Mr. Kaya, who helps oversee about $300 million in commodity investments, said his fund has less money invested to oil prices than it would if volatility were lower.

Oil prices have closed higher or lower by more than 2% for 24 out of the 37 trading days this year, compared to just three days in the same period last year. For eleven consecutive trading days up to Feb. 13, oil prices closed higher or lower by more than 2%, the longest streak of this kind since the 21-day period from Dec. 4, 2008 to Jan. 5, 2009.

The CBOE Crude Oil Volatility Index, which tracks investor expectations for price swings based on options on the United States Oil Fund LP, an exchange-traded fund for West Texas Intermediate crude oil, meanwhile topped 63 earlier this month, up from around 15 in June 2014. The higher the index’s level, the more volatile markets are.

OPEC’s failure to agree on supply cuts to help support prices when it met last November has been the key source of oil’s new volatility. Oil traders had come to rely on OPEC, led by the world’s biggest oil exporter Saudi Arabia, to help keep prices above $100 a barrel, said Mark Keenan, head of Asian commodities research at French bank Société Générale SA .

Analysts and traders have thus found themselves grappling with newly important but unfamiliar data, such as how many U.S. drilling rigs are operating, or the financial health of U.S. shale companies. That raises the risk that people trade on misinterpreted numbers, roiling prices and possibly distorting valuations, said Citi Futures oil analyst Tim Evans.

“While we clearly see the heightened interest in the drilling rig count, it looks to us as though those most eager to call a longer-term bottom in oil prices are seizing opportunistically on the one bullish data point they can find rather than building a more complete fundamental picture,” Mr. Evans wrote in a note last week.

Other data points coming under higher scrutiny than ever before include the monthly selling prices charged by Middle Eastern producers for exports, or the amount of unsold West African oil. Oil’s rally this month was in part caused by a succession of capital spending cuts announced by oil majors like Royal Dutch Shell PLC and Total S.A. that suggested oil supply growth might eventually slow.

BP Capital LP, which manages about $1 billion in assets, is investing in oil futures and options as far as three years away, believing that this year’s volatility in the oil markets is a sign of what’s to come, said David Meaney, a portfolio manager. As shale drillers become the swing producer in the market, the supply-and-demand balance will likely move wildly because shale-well production peaks and declines so quickly, he said.

“We think we’re going to get higher highs, lower lows and shorter cycles,” Mr. Meaney said. “We plan to take advantage of panic in the market.”
…

Jesse Colombo Contributor
I’m an economic analyst who is warning of dangerous post-2009 bubbles

Investing 2/28/2015 @ 9:03PM
Where Is Oil Heading From Here?

Since my last oil market update, oil has treaded water in a directionless manner as market participants wait for the next catalyst that will either cause a rebound or push oil to fresh lows. Falling global oil rig counts have helped oil to recover from its lowest levels reached in late-January, but the persistent oil glut has prevented more extensive gains. The U.S. dollar – a major influence on the oil market – has also remained in a flat trading range for the past month, which is likely contributing to oil’s lack of direction.

WTI crude oil is stuck in a $10 trading range between $45 and $55 per barrel as it continues to cross above and below the heavily-watched $50 psychological level. A decisive break above or below this trading range is necessary to confirm WTI crude oil’s next directional move.

Similar to WTI crude oil, Brent crude is in a trading range between $50 and $65 per barrel, though it has been climbing up a channel pattern. A convincing break below $50 or above $65 is needed to confirm Brent crude oil’s next significant move.

Though many market participants believe that crude oil has already bottomed, I am still wary because the key $40 psychological level has not been touched yet in either WTI or Brent crude oil. $40 is a level that goes all the way back to the first Gulf War oil panic in 1990 and it also marked oil’s lows during the Global Financial Crisis in early-2009. Though anything can happen and I am not making a hard prediction, it would be surprising if Brent and WTI crude oil didn’t at least try to touch $40 before truly putting in a bottom.
…

Norwegians reaching end of oil-wealth ‘fairy tale’
By MARK LEWIS The Associated Press
Posted: March 1, 2015 at 2:09 a.m.

STAVANGER, Norway — Losing his job on a Norwegian oil rig meant more to Kristoffer Sandberg than saying goodbye to a high salary. It downshifted his lifestyle and expectations, something an increasing number of people in this small oil-rich country are facing.

After a decade of an oil-and-gas boom, plunging energy prices are shaking Norwegians out of a reverie that guaranteed workers lengthy summer vacations, generous health and social benefits and allowed them to leave work at 4 p.m. and even earlier on Fridays.

Some of the helicopters that transport workers from the southwestern coastal city of Stavanger — the epicenter of the oil industry — to platforms on the North Sea have fallen silent. Already 10,000 workers have been laid off. It’s the start of what economists are predicting will be a long recession in the energy industry, which accounts for 15 percent of Norway’s economy, more than half of its exports and 80 percent of the state’s income.

The Nordic country is being forced to contemplate a future without the certainties of the past.

“I know that people are envious of these conditions elsewhere in the world. We joke about it sometimes,” says Sandberg, a 24-year-old mechanic. “But I don’t know how many more people will lose their jobs or how much longer it will be uncertain like this.”

Sandberg is selling his new S-Class Mercedes and moving to Singapore to help oversee the construction of a new giant oil rig, in the hope of retaining even a bit of his old lifestyle. But he’ll have to work longer hours and won’t be rewarded with the four-week breaks for every two weeks of labor enjoyed by offshore workers here.

Sandberg still feels being born in Norway was like winning the lottery but agrees that the regular, annual ratcheting up of wages was unsustainable.

Last year, the state-run oil and gas company Statoil revealed its 23,000 employees were being paid an average annual salary of $130,000.

Knut Sunde, director of industrial policy at the employers’ organization Norsk Industri, says the shake-up for Norwegian workers used to the rewards will be painful, but he welcomes the reality check.

“The average Norwegian has just gotten too much. We have a welfare economy and an expectation from youth, who expect wealth to come down from heaven,” Sunde said. “When we come down to periods like this, it comes down to good old values of working hard and competing. A country like Norway needs to go through that.”
…

Oil may have double dip says analyst who predicted 2009 rebound
Trader: we haven’t seen bottom for oil yet
Oliver Sloup, Director of Managed Futures, iiTRADER joins BNN to discuss why we haven’t seen bottom for oil yet.
Angelina Rascouet, Bloomberg
10:32 AM, E.T. | February 28, 2015
Energy & Resources

Oil prices could drop again later this year as a supply glut persists, according to Jason Kenney, a Banco Santander SA analyst who accurately predicted a rebound in prices after the 2008 slump.

The current oil shock caused by the boom in U.S. shale production is reminiscent of the mid-1980s, when development of fields in the North Sea and the Gulf of Mexico caused a supply glut, Kenney, the head of European oil and gas equity research at the Spanish bank, said by phone from Edinburgh Thursday. It differs from the 2008 collapse, which was caused by slumping demand in a recession, Kenney said.

“My gut feel is that the oil price could see a double bottom,” Kenney said. “We’ve got too much inventory” and the recent price rebound may not have taken fully into consideration the supply glut, he said.

The price of oil collapsed about 60 percent from June to January as the Organization of Petroleum Exporting Countries maintained production and the U.S. pumped at the fastest pace in three decades. A plunge on a similar scale happened almost 30 years ago, when crude dropped from about $30 a barrel in November 1985 to less than $10 four months later. A two-month rebound to $17 was followed by second dip to near $10.
…

February 25, 2015, 11:43 A.M. ET
Energy Bottom Fishers Beware: Nigeria, Venezuela Desperate To Pump Oil
By Dimitra DeFotis

The new world order in oil markets has hurt energy-dependent Nigeria more than many oil producers.

Oil prices have tempered their recent rise, with the U.S. WTI benchmark down 0.2% today to $49.19 per barrel, and the global Brent benchmark up 1% to $59.34.

Nigeria, cut off from U.S. oil demand with the boom in U.S. shale oil production, is competing for market share with China. Ergo Nigeria’s supertankers have been loaded with oil with nowhere to go, and Nigeria is “screaming” for an emergency OPEC meeting soon, as is oil-dependent Venezuela, said John Kilduff, an independent energy and oil analyst at Again Capital, in a Bloomberg Radio interview this morning.

Bottom fishers in energy investing are in for a tough lesson with the U.S. oil price struggling to maintain the $50-per-barrel level, he says. The amount of oil in storage is the greatest it has been in 80 years, he added. Gulf of Mexico drilling will only add to production and “we haven’t seen the bottom of the market yet,” Kilduff warns, adding that curtailed production will eventually increase in Iraq and elsewhere.

Nigeria’s oil minister, Diezani Alison-Madueke, said in an FT interview Monday that Nigeria will seek an emergency OPEC meeting if prices don’t improve, Reuters reported. She is also OPEC’s alternate president. The next meeting is scheduled for June, and OPEC held production steady at its November meeting, fueling a downdraft in oil prices.
…

U.S. Oil Inventories Surge for Seventh Week
After a jump of 2 percent, they’re at an 80-year high
by Tom Randall
8:51 AM PST
February 25, 2015

Crude oil in storage in the U.S. jumped 2 percent, to 434 million barrels, according to EIA weekly data released today, Feb. 25. The increase of 8.43 million barrels was more than double the median estimate in a Bloomberg survey of analysts and was the biggest increase in a month.

U.S. oil storage is bursting at the seams amid a global glut of supply that has driven prices down by half since last summer. U.S. inventories remain at their highest levels in at least 80 years, according to an analysis by Bloomberg Intelligence.

U.S. Oil Inventories Reach 80-Year High

Oil prices fluctuated as the inventory news was tempered by slowing growth in production last week, rising a fraction of a percent to 9.29 million barrels a day, the EIA reported today. Production continues at the highest rate since 1972.

Winter weather and refinery outages have contributed to the glut of U.S. crude. Even when those conditions subside, high levels of production and vast quantities in storage may continue to suppress oil prices for the near- and medium-term, according to Bloomberg Intelligence.
…

Don’t get caught long in oil when the market runs out of closet space.

As U.S. oil tanks swell at record rate, traders ask: for how long?
By Catherine Ngai
NEW YORK Fri Feb 13, 2015 7:06am EST
A field of 14 storage tanks that each hold 510,000bbls of oil can be seen at the Trans-Alaska Pipeline Marine Terminal in Valdez, Alaska on August 8, 2008. REUTERS/Lucas Jackson

(Reuters) - Oil is flooding into U.S. storage tanks at an unprecedented rate, leading traders to wonder how long the hub in Cushing, Oklahoma, can keep absorbing its share of the global supply glut.

About half the surplus crude accumulating in tanks across the United States is flowing into Cushing. If the build-up continues at the same rate, some industry officials and sources said, the tanks could reach maximum capacity by early April. Others suggest the flow might continue until July before it tests the limits of the dozens of steel-hulled storage tanks clustered in mid-Oklahoma.

Traders have been scrambling to secure space at Cushing so they can store oil purchased at current low prices and sell it in a year at a profit exceeding $11 a barrel because the oil market has been in a structure known as contango.

In January, crude oil arriving by pipeline and rail into Cushing, the delivery point of the U.S. crude futures contract, jumped nearly 11 million barrels to nearly 42.6 million barrels, the largest monthly build since the U.S. Energy Information Administration began tracking the data a decade ago.

On Thursday, data from energy information provider Genscape showed Cushing stocks rose a further 3.2 million barrels in the four days to Feb. 10, the biggest such increase ever.

Over the past 10 weeks, some 550,000 barrels per day (bpd) of crude have flowed into oil tanks across the United States, according to the EIA. That’s approximately one-quarter of the current global surplus estimated by OPEC.

Whether it happens in April or July, the implications of full storage tanks are clear: The excess oil will spill over into the wider market, further pressuring global prices that have recently stabilized following a seven-month dive.

The build-up in Cushing has made demand look more robust than it actually is, artificially supporting prices, say traders.

“Once it’s full, the market will puke,” said one trader.

TANK TOPS

The swelling of tanks is a reversal from seven months ago, when oil was flowing out of Cushing to sate thirsty refiners on the Gulf Coast, and traders were attempting to gauge tank bottoms rather than tank tops. In July, Cushing inventories fell below 18 million barrels, the lowest value in six years.

Fast forwarding to February, global crude oil prices have tumbled by nearly 60 percent due to oversupply and lackluster demand. The West Texas Intermediate oil complex has flipped into an increasingly deeper contango, with front-month crude selling at a deep discount to future months.

With the contango deepening, the flow into Cushing has quickened. Since reaching a low of under 19 million barrels in early October, stocks have risen by an average of 188,000 bpd, EIA data show. Since early December, the pace has exceeded 265,000 bpd, according to calculations.

While Cushing has a nominal capacity of nearly 85 million barrels, the EIA only considers 71 million barrels as working storage, according to the most recent data available from September 2014. That amounts to about 84 percent of the “shell” capacity.

If stocks rise at the slower rate, they would not reach that level until July, according to Reuters calculations.

According to Genscape, which monitors stock levels in Cushing, the utilization rate has never exceeded 80 percent, suggesting a threshold around 67 million or 68 million barrels, says Brian Busch, Genscape’s director of oil markets.

TESTING THE LIMITS

Some say usable capacity may be lower still. The 60 million barrel mark is a better indicator of “full” because of tank blending requirements, according to seven people who use storage space or analyze the tankage. If stocks fill at the faster rate, they would hit that level by mid-April.

“Cushing is filling up at a pretty high rate and in two months, it will be full,” Harry Pefanis, president and chief operating officer at Plains All American Pipeline LP said in a call with analysts last week. The firm owns nearly 20 million barrels of storage tank capacity in Cushing, more than any other company except Enbridge.

Traders are racing to secure storage space to capitalize on the contango. Medium-term lease rates have risen from 25 to 30 cents a barrel a few months ago to nearly 40 cents a barrel, according to executives from NGL Energy Partners, which owns over 4 million barrels of Cushing tanks.

Philip K. Verleger, a consultant and energy economist who closely tracks storage economics, said he would not expect Cushing to fill until the end of May at the most recent pace.

There is ample storage elsewhere, however. In the Gulf Coast region, for instance, current stocks of 208 million barrels remain well below the area’s capacity, which exceeds 330 million barrels.

“If this continues, Gulf storage will not fill until the end of the year,” he wrote in a report this week.

Once Cushing inventories top 52 million barrels, their previous record high set in early 2013, it is an open question how much more oil can flow in.

Logistics around Cushing have grown more complex in recent years. Some pipeline flows have reversed from north to south; there is more varied crude quality with arrivals from the Canadian oil sands. Refiners have demanded that some tanks be used to create special blends, and a host of new companies own tanks.

“The fact is, it’s hard to know what the constraint is, at least without extremely distressed pricing,” said Eric Lee, an oil market strategist at Citigroup.
…

Thanks, very interesting! and the entire story is worth a look at the link, goes on to tell how many of the members later served in WW2.
Sounds like the alternative VFW was inspired in part by the Bonus Army, from what I’ve read that was a big deal back in the day…

http://en.wikipedia.org/wiki/Bonus_Army

salinas is a nice town on the coast, high rollers.

that leaves you out doesn’t it?