The Credit Snobs

by on March 21, 2007 at 7:21 am in Economics | Permalink

I rather like the title "voodoo priest of free market economics" so I am happy to take the blame for the sub-prime mortgage defaults and at the same time stick a few pins in Nouriel Roubini.

Roubini and others generating hysteria about defaults in the mortgage market are credit snobs – they think credit is something that only the rich can handle.  Just look at the language that Roubini uses to analogize borrowers – they are "reckless patients" who "spent the last few years on a diet of booze, drugs and artery clogging junk food."  Similarly, the Washington Post tells us that it’s the end of the "borrowing binge."

Yeah, we get it.  Credit is ok for us, the "sober" borrowers but poor people can’t handle credit.  Too much credit among the poor generates decay and social pathology.  Credit must be regulated.  We can’t, for example, have credit stores in poor neighborhoods.  Don’t you know that credit is bad for people without self-discipline?   Let the poor buy on installment credit?  That’s unconscionable.  Today’s furor over sub-prime mortgages is the same old story.

Basic economics says that people should borrow so that they can consume based upon their permanent income.  Modern day financial markets are finally making this possibility a reality.  Combine financial innovation, strong US economic performance and a global savings glut and it makes sense that credit should become easier to obtain.  We see the benefits of financial innovation in bringing credit to the poor not just in the United States but around the world.  Will Roubini
next be calling for the retraction of Muhammad Yunus’s Nobel Prize?

The fact that there are defaults is partly a learning process in response to financial innovation, and thus evolution, but also partly a simple matter of risk.  Defaults are to be expected.  I see no reason to expect contagion.  All lending statistics must now be marked to the global financial market which means that diversification is now more extensive than ever before and thus net risk is lower.  Moreover, the whole point of recent financial innovation (and reformed bankruptcy law) has been to reallocate risk way from borrowers and towards those lenders in the world wide market for capital who are in the best position to handle the risk. 

The democratization of credit worries the credit snobs.  The credit snobs fear that capitalism isn’t just for the rich. 

Stuart March 21, 2007 at 7:38 am

Excellent post!

It does appear that the left wing of modern politics who the most prescriptive. The mummy knows best nanny state.

Tyler Cowen March 21, 2007 at 7:43 am

Egg-cellent post. Except you forgot to mention that you are also “toxic waste.”

tsoodonym March 21, 2007 at 8:23 am

What a strange post… I suppose I am a credit snob. I disagree with the idea of pink slip loans and paycheck loans because I’ve seen how they devastate a community and hurt the very people we pro-free market people are trying to help–those with the goals and means to pull themselves up the ses ladder. Would sub-prime have been as big a problem if the marketing of such loans hadn’t been as facile, rooted in floating interest loans, etc?

Surely you’re smart enough to see that people see the (pre-crash) effects of easy credit and leap to the conclusion that the way to prevent the effects is to remove the cause. Why on earth would you resort to ad hominem instead of using your usual analytic and normative talents?

conchis March 21, 2007 at 8:56 am

It’s easy to caricature this sort of thing, but it’s not really particularly helpful. I think the following are both relatively uncontentious:

(1) There is some subset of the poor whose situation is in part caused/perpetuated by poor decision-making, including poor credit decisions.

(2) Poverty tends to make the consequences of poor decision-making more difficult to deal with. Rich people make bad decisions too; it’s just that the consequences aren’t necessarily as bad.

The issue is whether the costs of tying to solve these problems (including possibly making credit more difficult to come by for those who will make good decisions – although regulation need not entail that) are worth bearing. Calling people credit snobs doesn’t seem to me to advance that debate much.

Anderson March 21, 2007 at 9:11 am

If poor people aren’t worse at making financial decisions, then why are they poor?

eddie March 21, 2007 at 9:57 am

Alex needs to post more.

Person March 21, 2007 at 10:02 am

AT’s post, caricatured though it may be, matches my experience. Before, people were like,

“OMG! Why won’t you lend to the poor? You jerks! Don’t you understand that they need access
to credit in order to advance? Here, let’s throw up a bunch of regulations so that you have
to rigorously document why you denied someone a loan.”

Now that lenders did that, it has become:

“You idiots! What were you thinking? Don’t you understand these people can’t pay you back?”

Martin March 21, 2007 at 10:18 am

Alex,

I’m afraid there’s a whopping fallacy in your argument at least a mile wide and just as deep.

You cite the example of Mohammed Yunus, yet you fail (perhaps egregiously, perhaps not) to cite the critical difference between the microfinance his bank provides and tens of millions in dud mortgages written by Joe’s Loans For Bums, Inc.

The Gramman Bank demands collateral.

Not financial collateral, for sure – but social collateral. If Gramman borrowers don’t repay their loans, Yunus tells their neighbours and friends. It’s a pretty good way of keeping the loan book healthy.

Does that make Yunus a ‘credit snob’? Maybe yes, maybe no – but it means his bank specialising in $25 loans holds more true to basic banking principles than any number of bum outfits selling ‘new’ and /or ‘creative’ products.

Maybe he should be appointed to the Fed. Or the SEC.

Or George Mason University.

Incidentally, radicals like you always, always put the cart before the horse. If credit is easy, what incentive is there to save? And thus to work?

I mean, I’m no economist, but is that point so simple it doesn’t need to be said?

Darin London March 21, 2007 at 10:28 am

At least some thought should be aimed at the public costs of this fallout, which, I suspect, are really behind the current push for so-called ‘predatory lending’ regulations. There are three kinds of neighborhoods in our cities. Uniformly rich, Uniformly poor, and Mixed Middle-Class. As those who have borrowed heavily from sub-prime lenders (ARMS, with no money down, etc.) to move into the Mixed Middle Class from their poor neighborhood default, a flood of houses in these neighborhoods pushes down the value of every other house in them. Also, there is always a welfare cost to government when these things happen, and more people apply for state assistance. Most state and federal government budgets are pretty thin, and not really ready to handle a flood of people into bankruptcy and welfare programs. I agree with Tyler, and am myself, a credit snob. However, the evolution of society towards a more enlightened credit-consuming state is not going to be easy.

BlogReader March 21, 2007 at 10:47 am

eddie No, he’s angry at middle-class and wealthy borrowers who borrow too much.

That sums it up. From the screech:
First, distinguish between true victims of predatory lending and deadbeat borrowers who were into early strategic default.
That is one angry dude.

What really annoys me is the world that Roubini’s setting up: lenders have to worry how they are going to be judged for a making or not making a loan based on emotions disguised as economic science (is borrowing allowed for a house at 2.2 or 3.8 times income this year?) and borrowers can pray that Roubini gifts them with absolving their economic sins if he feels like it.

lw March 21, 2007 at 11:00 am

General statements and arguments about motivation seem beside the point when looking at upcoming ARM resets or the rate of foreclosures.

ARM resets:

http://www.autodogmatic.com/forum/viewtopic.php?p=1226#1226

Foreclosures 2006Q4 look to be at the historical average rate of 1%, but have been increasing quickly since 2005Q1.

Another Matt C March 21, 2007 at 11:44 am

Roubini is making a subjective judgement rather than an objective one, even if he is correct in assessing the economic situation. The Fed created an easy money scenario, and the Federal government through tax policy and Bush’s subsidies for first time home buyers (remember he made it a point to boost home ownership) virtually guaranteed the home bubble. Instead of staying objective, however, Roubini complains about the idiotic people who used MEW to buy snowmobiles, flat-screen TVs, and trips to Disneyworld. To that I say, maybe he is the idiot for not borrowing at a real rate of around 1.5-2.5%. If there is a credit crunch, and mortagage rates are up around 7-8% and CDs are yielding 6-7%, who is the idiot: the guy who didn’t borrow “recklessly”, or the guy who is paying off a 5% mortgage?

Justin March 21, 2007 at 12:22 pm

Good post. And yet, even while the left wants credit regulated, they would claim that people are poor because of external oppressions (racism, underfunded schools) and not their behavior.

josh March 21, 2007 at 12:52 pm

Mark: “I’m not sure what permament income is?”

So look it up, Mark. That’s what this series of tubes we call the internet is for.

Bernard Guerrero March 21, 2007 at 1:29 pm

Also, many financial institutions are now gearing products to take advantage of certain people’s inability to pay – because they can make more money through fees and charges on defaulted payments than they would on normal interest.

Err, I think not. Can’t squeeze blood from a stone, eh? Banks are most certainly gearing products to generate fees (i.e. late fees, over-limit charges) as a huge source of income, but the folks targeted most certainly do have the ability to pay…or at least the banks think the majority of those in the segment do. Else they’d rapidly be looking at charge-offs and no interest or fee income forthcoming.

Mitch March 21, 2007 at 1:51 pm

There’s a nice post at calculated risk about actual information problems in the mortgage lending process:
http://calculatedrisk.blogspot.com/2007/03/ficos-and-aus-we-will-add-your.html

I agree that Roubini is too shrill, but there were some market failures. They’re temporary, to be sure–the market is already re-pricing MBS risk. I certainly don’t want more regulation, but I also very much do not want any kind of government bailout for the banks or for those in default.

It may be that advances in automating the calculation of credit risk have made credit available enough that some GSEs are obsolete.

Bernard Guerrero March 21, 2007 at 1:59 pm

Mitch, I don’t think you can call it a “market failure” per se. Market failures are persistent pricing failures, but what we see here is mostly a repricing of mistakes from 2006. As housing slowed, rates rose and normal refis dried up, nobody wanted to be first to cut capacity. Ergo, the weaker independent lenders underpriced certain risks to hold on to market share and thereby keep their infrastructure intact. The fallout, as with any industry with overcapacity, is both normal and expected; you can’t defy gravity for very long by holding inventory or “stuffing the channel”. Capacity needed to fall. One year later, it is falling. :^)

Barkley Rosser March 21, 2007 at 2:37 pm

No matter what happens, Alex, we know that everything that happens
is ultimately going to be your fault, :-).

scl March 21, 2007 at 2:48 pm

I am actually surprised that this post has received any sort of praise. To my thinking, Alex’s analysis is no deeper than simply applying his stock libertarian to a complex issue.

Here is a problem with libertarianism that is revealed in this post: people vary widely in intelligence, ability, and luck, and applying the same rules to everybody can lead to disastrous results. On the other hand, applying different rules to people can also have disastrous results. Therefore, life is complicated and so is policy.

But not for Alex! Everything is easy when you’re an ideologue.

authe March 21, 2007 at 3:17 pm

sorry, i meant “Bernard, …” in my previous comment.

Mark March 21, 2007 at 4:35 pm

Wow Dave, excellent post.

LisaMarie March 21, 2007 at 5:14 pm

dave,
Who’s desperate to get a mortgage?

sort_of_knowledgeable March 21, 2007 at 6:25 pm

The reformed bankruptcy law made it harder made it harder to file under chapter 7 where debts were discharged. What ever its merits it is reallocating risks toward borrowers not lenders.

Roubini is analogizing mortgage brokers not borrowers as people who “spent the last few years on a diet of booze, drugs and artery clogging junk food.”

Note the following “Suppose you were a poor African American or Hispanic or a white poor with low income and no assets who wanted to pursue the American Dream of home ownership and you did not qualify for a regular mortgage because of your low income. No problem – told you the mortgage broker – we will give you a NINJA (no income, no job and assets) or liar loan, i.e. a loan with no documentation of your income and assets. You did not afford any down-payment because of little assets? No problem as we will let you to put zero down-payment so that you start with zero equity in your home. You could not afford principal payments? No problem as we will give you an interest only loan. You could not afford a fixed rate mortgage? We will give you a 2-28 ARM where the rate is fixed at low level for two years and then you move to much higher market rates†¦† It is the mortgage broker desperately looking to get a deal done to get the commission that he is characterizing as gluttonous.

sort_of_knowledgeable March 21, 2007 at 6:59 pm

You cannot rationally rely on bad decisions by an entire class of customer for a long period of time, addictive substances not withstanding. If you loan money regularly for a long period of time to people who cannot pay, you will eventually suffer charge-offs, losses and finally bankruptcy yourself.

For mortgage brokers and other intermediaries it was not building a business but getting the money while they could by exploiting the looseness of underwriting standards.

Payday lenders can “rationally rely on bad decisions by an entire class of customer for a long period of time.† Their customer may not have enough money left over to pay for food and rent, but as long as they get the collateral of the bank account number where the pay check is deposit then they don’t suffer a lose.

John Pertz March 21, 2007 at 11:38 pm

Is regulation truely the answer here? I liked Alex’s point about this supposed catastrophe being part of the information process. Lenders and borrowers have entered into contracts that have not worked out particularly well for either side. Why is this a market failure? Let people who make bad decisions have to pay for those bad decisions. Why does Roubini state that we should not argure that the government creates a moral hazard problem when the government bails people out who enter into bad deals? Let them pay for their foolishness and allow those who dont enter into bad deals to live undetered by the events. People do respond to incentives and surely an economist of Roubini’s credentials realizes this simple truth? I will say that his article was a great piece of political writing even if it was severly disjointed from relevant normative analysis of the current situation.

Dave March 22, 2007 at 12:27 am

Since this site doesn’t seem to offer trackbacks, here is the longer response I have to Tabarrok’s post. As I went through it, I really couldn’t believe what poor reasoning he used (and on a issue where I think there may be something of an argument for limiting government intervention… but it certainly wasn’t made here).

Here’s the link:

http://www.blogdenovo.org/archives/001642.html

Robin March 22, 2007 at 1:56 pm

You may be interested in this report on using non-traditional payment data to expand credit access to low-income communities. It uses 5 commercially used scoring models and looks at about 8 million consumers. It suggests that the risk profile of low-income households is not as bad a people think they are and are comprable in many ways to that of non-low-income households.

http://www.brookings.edu/metro/umi/pubs/20061218_givecredit.pdf

Dave March 22, 2007 at 2:40 pm

The discussion here seems to be proceeding on the mistaken assumption that Tabarrok’s assertion is correct: that someone out there of a liberal persuasion is arguing that poor people don’t deserve credit. I’ve yet to see support for that claim. Again, I think the opposition to the subprime lenders and other predatory lenders is the *terms* on which they offer the credit, combined with their failure to ensure that the borrowers know what they are getting into. But, I suppose if it interests you that much you can all continue to take swats at the strawman.

Dave March 22, 2007 at 6:34 pm

Wow… I’m sorry I missed that. You are right, “Person”, and your argument makes everything I have said crumble like so much dust. How stupid of me to miss out on the fake conversation between hypothetical people!

Could you also please tell us the world is flat? I would like to cite it in my next scholarly article.

Dave March 22, 2007 at 8:19 pm

This is all sort of pointless, but what the hell, I’ll take the bait.

You are right… lenders should be allowed to set the terms they wish. As the terms move farther away from what a reasonable person would consider the norm, lenders have a greater and greater duty to ensure that the borrower fully understands the terms of the loan. That is the legal doctrine of unconscionability as it relates to loans.

Many poor people do have access to credit, and they handle it just fine. Plenty of poor people borrow money on excellent terms. They borrow from banks at good rates, or if their credit is bad they often borrow at not-so-good rates. However, they are informed that the details have been fully explained to them, because banks are closely regulated, suffer from bad publicity and are usually reasonably permanent.

However, the business of subprime loans and other predatory businesses is such: they make a large number of loans to a large number of people without credit or with bad credit, most of whom do not understand the terms or have a mistaken understanding of them, often due to the influence of the lender. They usually have to “seek out” this business, by going door to door, placing their businesses within walking distance, or by telemarketing. They fully collateralize these loans, often to an amount well in excess of the loaned amount. People do not understand these terms, they take out the loan, and often repay them plus the usurious interest and STILL have their collateral taken away. When the terms change (for example when the payment goes up after two years…. terms that a lot of people were vague about, because the seller has little interest in explaining it to them), they lose their home, they lose their payments, and sometimes more. In a leading case on unconscionable lending practices, Maxwell v Fidelity Financial Services, a door to door-salesman sold a middle aged couple a solar water heater on the premise that they would save money in the long run on their electricity bill for almost $6,000. The heater never worked and the company went out of business, but not before the company collected on the sale of the loan contract to Fidelity and gone out of business (which illustrates a problem with predatory lending: the seller of the loan is often not the ultimate financier). The loan provided for a 19.5% interest rate and, get this, was collateralized by their *house*. After making payments for 6 years and fully repaying the principle on the overpriced water heater (that never worked, and never saved them money on their electricity bill), the couple finally sued for unconscionability to avoid losing their home when they couldn’t make payments.

(Please note that I did not have to make that story up, cite to an idiot nor have a hypothetical conversation with myself to support that story. You can look it up… the Arizona Supreme Court, 1995).

There are people who make loans to the poor at non-usurious rates. Community Development Funds are non-profit businesses (yes, they earn profits on the loans, but those profits are then reinvested into further loans) that make loans to low income people that are not collateralized and are earmarked for investment, not consumption. They have single-digit loan rates. This is your basic business loan, but restricted to the poor. They have terrific repayment rates. They have low overhead costs, because the people involved in running them are not paid as much as for-profit bankers, and they don;t have sales costs because they are not seeking to rapidly expand their business so as to capitalize it, and as a result are not aggresively pushing loans on people low education poor people… though they are situated in their neighborhoods.

But most predatory lending is done to sell a consumable. They target people by selling them something that they can’t afford, and slip in usurious rates and ridiculous collateral. Predatory lenders convince their targets that they CAN afford that stero, car, water heater, or home, with no payments for two years, or no money down, or that it will save them money on other things, or whatever… BUT they include usurious rate and rate hikes, and often ridiculously collateralize the loans. They have the party sign away their life, sell the contract, and move on. When the bill comes due, it’s not their problem anymore.

Now… I am arguing all this not because I want to get involved in a conversation about whether or not the parties involved did or did not have a duty to repay, or whether the free market is good, or whether there should be greater regulation of subprime credit markets, nor anything else substantively. I am arguing this because you all keep on cackling that anti-predatory lending types are all saying they don’t want the poor to have credit. Which is, frankly, horseshit. When you create a hypothetical argument for the opposing side, and then argue against that hypothetical argument, you create what is called a “strawman.” Strawmen, of course, are easy to knock down. Example:

It is clear Bush hates black people (repeat after me, children: this is a strawman). Therefore, Bush shouldn’t be President because he is a racist. (How true!)

So when you state, without any logical reasoning, support, or connection to reality, that people who are anti-predatory lending are anti-poor (which is patently absurd, since many of them are involved in responsible lending programs to the poor), that is also a strawman. Of course, your argument against the strawman looks great… who could respect a person who hates the poor? But really, like “Person” you are just arguing with yourself.

For the last friggin’ time, besides “Person” talking to himself and Tabarrok’s fantasies, NO ONE is saying that there shouldn’t be credit available to the poor. What they are saying is that rates shouldn’t be usurious, and if the they are the duty is on the lender to ensure that the borrower fully understands the terms. Stop being an idiot and pretending that your strawman is real! The intellect you save could be your own…

Dave March 22, 2007 at 10:22 pm

Sure. I won’t mock your name. Particularly when there is so much more to mock.

OK… I’ll take your guarantee. Cite on person… just one… who at one point said something along the lines of “Banks should make more credit available to poor people” and then later said “Banks shouldn’t make credit available to poor people.”

Millions and millions of people’s thoughts are on the internet… just find one. One!

Until then, I’m done playing remedial thinking with you.

Good luck!

LisaMarie March 22, 2007 at 10:49 pm

Dave,
Why is it the responsibility of the lender to make sure I understand the terms of the loan? They’re in the lending business, not the education business. Where does this obligation come from?

Morgan March 22, 2007 at 11:17 pm

It’s not the responsibility of the lender. It’s the responsibility of the regulator to make sure the loan industry works for the benefit of all and doesn’t take advantage of gaps in knowledge.

And here’s the Fed saying they should have done just that: http://www.bloomberg.com/apps/news?pid=20601087&sid=a1.KbcMbvIiA&refer=home

“The Federal Reserve could have acted faster to prevent a meltdown in the subprime-mortgage market by curbing the lax lending standards that contributed to the crisis, the Fed’s chief bank supervisor said.

“Given what we know now, yes, we could have done more sooner,” Roger Cole, the Fed’s director of banking supervision and regulation, told the Senate Banking Committee in Washington today, as regulators testified for the first time before Congress on the market rout.

[snip]

“It is clear that some subprime lenders have engaged in abusive practices, and we share the committee’s strong concerns about them,” said Emory Rushton, senior deputy comptroller in the U.S. Office of the Comptroller of the Currency.

So, clearly, the US government, in the form of the Federal Reserve, the US Treasury and the US Congress, all seem to disagree with Alex’s position. Namely, they recognize there is such a thing as “predatory lending” and want regulations to be created and enforced against it. Would Alex call these entities “credit snobs” too?

Russell Nelson March 26, 2007 at 9:37 pm

Dave claims that ” NO ONE is saying that there shouldn’t be credit available to the poor. ” The trouble is that markets are like a balloon. If you squeeze them in one area (e.g. unconscionable rates), they’ll pop out in another area (lesser availability of loans). If a market for something is reasonably free in that there are lots of sellers and lots of buyers, and you don’t like the terms they’re offering each other, you need to look in a mirror to find the market failure.

Brigit April 30, 2007 at 4:36 am

I’d like to contradict the general opinion that credit is not demacratic or not available for all, or whatever. It is evident that credit terms for people with bad credit are violent, I mean the rates and fees and the lowest credit limits. Credit cards for bad credit are pricey and don’t give the needed freedom. But as you grow your credit score, you acquire access to most beneficial credit terms. For comparison, take credit terms in countries where credit history is not practiced (Russia for example). Banks just install high rates for all credits and cards and people, irrespective of their payment history, have to pay 15% and more interest rates for their credit.

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wslmwps August 14, 2007 at 3:55 am

liqingchao 07年8月14日

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sent August 16, 2007 at 11:58 am

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静音手推车
巧固架
巢湖货架
芜湖货架
大连货架
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金湖货架
太仓货架
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常熟货架|
淮安货架
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张家港货架
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盐城货架
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常州货架
无锡货架
苏州货架
江阴货架
连云港货架
徐州货架

sent August 16, 2007 at 12:06 pm

挂板架
置物架
置物架
钢料箱
物流台车
载物台车
物流台车
物流台车
料箱
钢制料箱
角钢货架
中B货架
中A货架
货架
工业货架
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货架
重型货架
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汽车4S店货架
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货架
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轻型货架
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物流台车
工作台
托盘搬运车
手动液压托盘搬运车
货架
北京货架
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重力式货架
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爱维斯货架
货架子
货架子
富源货架
货架图
移动货架
货架类型
杭州货架
货架制造
托盘
塑料托盘
木托盘
铁托盘
塑木托盘
仓储笼
仓储笼制造
折叠式仓储笼
巧固架
堆垛架
手推车
铁板手推车
不锈钢手推车
登高车
挂板架
置物架
置物架
置物架
料箱
钢制料箱
料箱
物流台车
载物台车
物流台车
南京货架
南京货架
南京货架
苏州货架
无锡货架
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连云港货架
淮阴货架
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张家港货架
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金湖货架
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日照货架
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折叠式料箱
货架
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轻型货架
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托盘
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文件柜
货架
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贯通货架
阁楼货架
模具货架
悬臂货架
货架厂
塑料托盘
货架

sent August 16, 2007 at 12:10 pm

轻型货架
中型货架
中型货架
中型货架
中型货架
重型货架
重型货架
重型货架
托盘
托盘
托盘
仓储笼
钢托盘
南京货架
仓储货架
货架
货架
货架
货架
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仓储货架
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货架公司
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货架厂
货架厂
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轻型货架
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重型货架
托盘
托盘
钢托盘
钢托盘
仓储笼
仓储笼
塑料托盘
移动式货架
滚轮货架
贯通货架
阁楼货架
模具货架
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货架厂
货架
重型货架
轻型货架
汽车4S店生产货架
立体库货架
密集架
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工业货架
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物流台车
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货架
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木托盘
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托盘
角钢货架
中型货架
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货架
登高车
轻型登高车
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不锈钢手推车
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堆垛架
仓储笼
塑木托盘
货架
货架
重型货架
轻型货架
兰溪货架
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舟山货架
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金湖货架
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太仓货架
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泰兴货架制造
常熟货架
淮安货架
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宜兴货架
张家港货架
昆山货架
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苏州货架
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货架
货架公司
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网片
隔离网
仓储笼
料箱
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次重型货架
中型货架
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义乌工作台
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金华工作台
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浙江工作台
吴江工作台
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常熟工作台
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工作台
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杭州储物柜
吴江储物柜
常熟储物柜
淮阴储物柜制造
张家港储物柜
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常州储物柜
徐州储物柜制造
苏州储物柜
南京储物柜
储物柜(重量型)
储物柜制造
储物柜
临海货架
货架
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货架
常熟货架
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无锡货架
徐州货架
货架
南京货架
物流台车
载物台车制造
物流台车
货架
挂板架制造
轻型登高车
登高车
铁板手推车
置物架
挂板架制造
轻型登高车
登高车
铁板手推车
置物架
货架
手推车
折叠式仓储笼
仓储笼制造
上海货架
仓储笼
塑料托盘
铁托盘
木托盘
塑料托盘
北京货架
钢托盘
托盘
角钢货架
中型货架
中型货架
无锡货架
货架
工业货架
仓库货架
仓储货架
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货架
立体库货架
汽车货架
移动式货架
滚轮货架
贯通货架
天津货架
阁楼货架
模具货架
悬臂货架
货架厂
货架
重型货架
角钢货架
贯通式货架
悬臂式货架
抽屉式模具货架
重型货架
中型货架
角钢货架
轻型货架
阁楼货架
托盘
料箱
货架
货架公司
仓储货架
塑料托盘
登高车
仓储笼
堆垛架
南京货架
杭州货架
悬臂货架
阁楼货架
仓储货架
北京货架
上海货架
货架厂
苏州货架
天津货架
东莞货架
北京仓储货架
模具货架

sent August 16, 2007 at 12:13 pm

仓储货架
仓储货架
南京货架
南京货架
南京货架
货架厂
货架厂
货架厂
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上海货架
上海货架
货架公司
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货架公司
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苏州货架
苏州货架
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库房货架
库房货架
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仓库货架
仓库货架
轻型货架
轻型货架
轻型货架
中型货架
中型货架
中型货架
重型货架
重型货架
重型货架
重型货架
阁楼货架
阁楼货架
阁楼货架
悬臂货架
悬臂货架
悬臂货架
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贯通货架
贯通货架
仓储笼
仓储笼
仓储笼
托盘
托盘
托盘
仓储笼
钢托盘
钢托盘
钢托盘
塑料托盘
塑料托盘
轻型货架
中型货架
重型货架
仓储货架
仓储货架
仓储货架
仓储货架
货架公司
货架公司
货架公司
货架公司
货架厂
货架厂
货架厂
货架厂
南京货架
角钢货架
轻型货架
货架
南京货架
中型货架
重型货架
贯通货架
通廊货架
模具货架
抽屉货架
移动式货架
密集货架
立体货架
阁楼货架
悬臂货架
滚轮式货架
整理架
托盘
钢托盘
塑料托盘
仓储笼
上海仓储笼
江西仓储笼
料箱
钢制料箱
物流台车
登高车
工具柜
浙江工具柜
工具车
安徽工具车
工作台
整理柜
辊筒输送机
皮带输送机
倍速链条输送机
板式输送机
升降机/移载机
手推车
静音手推车
铁板手推车
搬运车
手动托盘搬运车
液压手动堆垛机
液压手推平台车
圆桶搬运车/油桶搬运车
电动托盘搬运车
高空拣选车
电动/电瓶叉车
江苏运输公司
货运
南京陆路运输
运输公司
货运
货物运输
危险品运输
公路运输
运输
运输公司
运输|货物运输
货运公司
南京搬家公司
南京物流|沈阳物流
乌鲁木齐物流
大连运输公司
天津运输公司
太原运输公司
南昌运输公司
成都运输公司
合肥运输公司
福州运输公司
江苏运输公司
江苏运输公司
货运公司
货运
福州运输公司
合肥运输公司
南昌运输公司
太原运输公司
天津运输公司
大连运输公司
乌鲁木齐物流|
南京物流
南京搬家公司
货运公司
运输
运输公司
运输
危险品运输
货物运输
货物运输
运输公司
南京陆路运输
运输
货运
重型货架
中型货架
货架
货架公司
货架
工位器具
工具车
工具柜
垃圾车
登高车
物流台车
折叠式货箱
钢料箱
货箱
货架
折叠式仓储笼
仓储笼
柱式托盘
栈板
钢托盘
托盘
物料整理架
流利条货架
悬臂货架
阁楼式货架
货架
移动式货架
模具货架
贯通货架
搬运车
高空拣选车
全电动托盘搬运车
半电动托盘搬运车
电动托盘搬运车
油桶搬运车
圆桶搬运车
堆垛车
液压手动堆垛机
电动液压托盘搬运车
电动搬运车
手推车
搬运车
手动液压托盘搬运车
手推车
南京手推车
静音手推车
手推车
贯通货架
移动式货架
阁楼货架
悬臂货架
模具货架
抽屉货架
重型货架
次重型货架
轻型货架
货架
无锡货架|无锡货架厂
扬州货架|杨州货架厂
杭州货架|杭州货架厂
苏州货架|苏州货架厂
浙江货架|浙江货架厂
温州货架|温州货架厂
上海货架|上海货架厂
北京货架|北京货架厂
上海货架 |上海货架厂
绵阳货架|绵阳货架制造
货架厂|货架公司
成都货架|成都货架制造
日照货架|日照货架制造
潍坊货架|潍坊货架制造
东营货架|东营货架制造
永嘉货架|永嘉货架制造
济南货架|济南货架制造
青岛货架|青岛货架制造
山东货架|青岛货架
海宁货架|海宁货架制造
永嘉货架|永嘉货架制造
南京货架制造
长兴货架|长兴货架制造
松阳货架|松阳货架制造
德清货架|德清货架
龙泉货架
宁海货架|宁海货架制造
富阳货架
瑞安货架
兰溪货架|兰溪货架制造
永康货架|永康货架制造
舟山货架|舟山货架制造
货架公司
舟山货架|舟山货架制造
温岭货架|温岭货架制造
义务货架|义务货架制造
台州货架|台州货架制造
金华货架|金华货架制造
临海货架|临海货架制造
嘉兴货架|嘉兴货架制造
湖州货架|湖州货架制造
绍兴市货架|绍兴市货架制造
宁波货架|宁波货架制造
仓储货架
温州货架|温州货架制造
杭州货架|杭州货架制造
江苏货架|江苏货架制造
靖江货架|靖江货架制造
金湖货架|金湖货架制造
滨海货架|滨海货架制造
吴江货架|吴江货架制造
泰兴货架|泰兴货架制造
常熟货架|常熟货架制造
库房货架
淮安货架|淮安货架制造
江阴货架|江阴货架制造
宜兴货架|宜兴货架制造
张家港货架|张家港货架制造
昆山货架|昆山货架制造
南通货架|南通货架制造
扬州货架|扬州货架制造公司
盐城货架|盐城货架制造公司
淮阴货架|淮阴货架制造|
云港货架|连云港货架制造公司
上海货架
镇江货架|镇江货架制造公司
常州货架|常州货架生产
徐州货架|徐州货架生产|
无锡货架|无锡货架
苏州货架|苏州货架生产
南京货架|
货架|
模具货架
模具货架制造公司
苏州重型货架公司
重型货架公司广州
重型货架石家庄
上海重型货架
横梁式重型货架
成都重型货架
重型货架北京
仓储悬臂重型货架
次重型货架价格
次重型货架
轻中型货架
中型货架天津
中型货架天津
中型货架宁波
广州中型货架
上海中型货架
深圳轻型货架材料
轻型货架厂
万能角钢货架
角钢货架厂
上海角钢货架
广州角钢货架
北京角钢货架
深圳角钢货架
万能角钢货架价格
万能角钢货架常州
角钢货架安装
北京轻型货架
角钢轻型货架
深圳市轻型货架
上海轻型货架
运输
共商货运配载
南京市货运配载
湖南货运配载
西安货运配载
南京货运
南京运输公司
货运公司
南京货运公司|
南京货运代理公司
货运公司
南京货运代理
南京货运价格
南京货运网
南京货运配载
南京货运出租
南京货运信息

sent August 16, 2007 at 12:16 pm

连云港货架
常州货架
无锡货架
南京货架
南京货架
物流台车生产
徐州货架
物流台车生产
料箱
钢制料箱
钢料箱|
登高车
铁板手推车
手推车
堆垛架
料箱
盐城货架
淮阴货架
镇江货架
常州货架
徐州货架
无锡货架
苏州货架
南京货架
载物台车
物流台车生产
料箱
钢制料箱
钢料箱制造
料箱制造公司
置物架|
置物架制造
挂板架
轻型登高车
登高车生产厂
铁板手推车制造
手推车
钢制料箱
扬州货架
义务货架
台州货架
金华货架
临海货架
嘉兴货架
湖州货架
绍兴市货架
宁波货架
温州货架
杭州货架
靖江货架
金湖货架
滨海货架
太仓货架
泰兴货架
常熟货架
淮安货架
江阴货架
宜兴货架
张家港货架
昆山货架
南通货架
成都货架制造
日照货架制造
潍坊货架制造
东营货架
德州货架
聊城货架
济南货架
济南货架制造
青岛货架
山东货架
海宁货架
永嘉货架
长兴货架
松阳货架
德清货架
龙泉货架
宁海货架
富阳货架
瑞安货架
兰溪货架
永康货架
舟山货架
舟山货架
温岭货架
安徽货架
江西货架
惠州货架
江门货架
东莞货架
佛山货架
中山货架
深圳货架
广东货架
广州货架
辽宁货架
沈阳货架
山东货架
张家港货架
无锡货架
扬州货架
杭州货架
浙江货架|
温州货架
上海货架
北京货架
南京货架
上海货架
苏州货架
绵阳货架制造
江西货架
惠州货架
江门货架
东莞货架
佛山货架
中山货架
深圳货架
广州货架
江苏货架
辽宁货架
沈阳货架
山东货架
张家港货架
无锡货架
杭州货架
苏州货架
浙江货架
温州货架
上海货架
北京货架
南京货架
上海货架
轻型货架
中型货架
重型货架
仓储笼
钢托盘
塑料托盘
货架公司
南京货架
货架公司
货架厂
仓储货架
上海货架
轻型货架
中型货架
重型货架
阁楼货架
悬臂货架
贯通货架
仓储笼
钢托盘
塑料托盘
登高车
手推车
工具柜
手动液压托盘搬运车
货架厂
货架
货架公司
货架厂
南京货架
上海货架
轻型货架
中型货架
重型货架
阁楼货架
悬臂货架
贯通货架
托盘
钢托盘
仓储笼
塑料托盘
登高车
苏州货架
无锡货架
杭州货架
仓储笼
钢托盘
轻型货架
中型货架
重型货架
货架公司
货架厂
上海货架
南京货架
苏州货架
杭州货架
无锡货架
宁波货架
嘉兴货架
台州货架
南京货架
货架厂
货架公司
仓储货架
轻型货架
中型货架
重型货架
阁楼货架
悬臂货架
贯通货架
汽车配件货架
托盘
钢托盘
塑料托盘
仓储笼
料箱
苏州货架
无锡货架
常州货架
浙江货架
杭州货架
衢州货架
湖州货架
金华货架
绍兴货架
宁波货架
温州货架
台州货架
嘉兴货架
南通货架
仓库货架
沈阳货架
角钢货架
天津货架
库房货架
大连货架
仓储货架厂
山东货架
济南货架
厦门货架
青岛货架
货架设计
货架图片
重庆货架
货架制作
仓储货架公司
南京仓储笼
上海仓储笼
苏州仓储笼
无锡仓储笼
常州仓储笼
杭州仓储笼
宁波仓储笼
温州仓储笼
台州仓储笼
嘉兴仓储笼
浙江仓储笼
南京货架
南京货架
货架厂
货架厂
货架厂
仓储笼
货架公司
货架公司
货架公司
仓储货架
仓储货架
仓储货架
轻型货架
轻型货架
轻型货架
中型货架
中型货架
中型货架
重型货架
重型货架
阁楼货架
重型货架
阁楼货架
阁楼货架
悬臂货架
悬臂货架
悬臂货架
贯通货架
贯通货架
贯通货架
托盘
托盘
托盘
钢托盘
钢托盘
仓储笼
仓储笼
仓储笼
钢托盘
塑料托盘
塑料托盘
塑料托盘
手推车
手推车
手推车
南京货架
货架厂
货架公司
南京货架
货架厂
货架公司
仓储货架
轻型货架
中型货架
重型货架
阁楼货架
悬臂货架
贯通货架
托盘
钢托盘
塑料托盘
仓储笼
料箱
钢制托盘
手推车
静音手推车
登高车
液压托盘搬运车
苏州货架
无锡货架
常州货架
上海货架
昆山货架
浙江货架
杭州货架
衢州货架
湖州货架
金华货架
宁波货架
温州货架
嘉兴货架
台州货架
绍兴货架
南通货架
镇江货架
徐州货架
合肥货架
芜湖货架
重庆货架
成都货架
厦门货架
青岛货架
山东货架
济南货架
江苏货架
安徽货架
北京货架
仓储货架
钢托盘
南京货架
轻型货架
轻型货架
轻型货架
轻型货架
仓储货架
仓储货架
仓储货架
南京货架
南京货架
南京货架
南京货架
货架厂
货架厂
货架厂
货架厂
上海货架
上海货架
上海货架
货架公司
货架公司
货架公司
上海货架
货架公司
苏州货架
苏州货架
苏州货架
苏州货架
无锡货架
无锡货架
无锡货架
无锡货架
中型货架
中型货架
中型货架
中型货架
仓库货架
仓库货架
仓库货架
仓库货架
沈阳货架
沈阳货架
沈阳货架
沈阳货架
厦门货架
厦门货架
厦门货架
厦门货架
角钢货架
角钢货架
角钢货架
角钢货架
天津货架
重型货架
天津货架
重型货架
天津货架
重型货架
重型货架
天津货架
青岛货架
青岛货架
青岛货架
青岛货架
库房货架
库房货架
库房货架
库房货架
大连货架
大连货架
大连货架
大连货架
重庆货架
重庆货架
重庆货架
重庆货架
山东货架
山东货架
山东货架
山东货架
济南货架
济南货架
济南货架
济南货架
仓储货架厂
仓储货架厂
仓储货架厂
仓储货架厂
仓储货架公司
仓储货架公司
仓储货架公司
仓储货架公司
托盘货架
托盘货架
托盘货架
托盘货架
轻型货架
轻型货架
轻型货架
轻型货架
中型货架
中型货架
中型货架
中型货架
重型货架
重型货架
重型货架
重型货架
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