1 00:00:09,680 --> 00:00:13,720 Speaker 1: Hello, and welcome to another episode of the Odd Lots podcast. 2 00:00:13,760 --> 00:00:18,160 Speaker 1: I'm Joe Wisenthal and I'm Tracy Alloway. So, Tracy, we're 3 00:00:18,200 --> 00:00:21,840 Speaker 1: in the middle of our series, our series about episodes 4 00:00:21,880 --> 00:00:25,040 Speaker 1: about bubbles, and of course last week we had the 5 00:00:25,400 --> 00:00:28,600 Speaker 1: awesome one about the history of stock market bubbles, and 6 00:00:28,640 --> 00:00:32,640 Speaker 1: now it's time to talk about some bubbles that aren't 7 00:00:32,640 --> 00:00:37,080 Speaker 1: directly maybe not as familiar to people. Oh okay, well, 8 00:00:37,159 --> 00:00:42,760 Speaker 1: I remember doing the catfish farming bubble, so I'm excited 9 00:00:42,760 --> 00:00:45,640 Speaker 1: about what this one could be, right, Like, that's the thing. 10 00:00:45,720 --> 00:00:48,800 Speaker 1: So obviously people know about like the Internet bubble and 11 00:00:49,080 --> 00:00:51,680 Speaker 1: a few um you know, maybe they think about the 12 00:00:51,680 --> 00:00:53,760 Speaker 1: tulip bubble, which will also be talking about in the 13 00:00:53,840 --> 00:00:57,000 Speaker 1: later episode. But as you pointed out, you know, several 14 00:00:57,000 --> 00:00:59,720 Speaker 1: weeks ago we talked about the bubble and catfish. It's 15 00:00:59,720 --> 00:01:02,840 Speaker 1: a good reminder that bubbles are all over the place 16 00:01:02,960 --> 00:01:06,840 Speaker 1: everywhere throughout history, and not typically in the sort of 17 00:01:07,200 --> 00:01:10,679 Speaker 1: major areas that we think of. Yeah, and uh, I'd 18 00:01:10,720 --> 00:01:12,800 Speaker 1: like the fact that we're actually doing this one because 19 00:01:12,800 --> 00:01:17,160 Speaker 1: it follows on from the stock market bubble one that 20 00:01:17,200 --> 00:01:20,000 Speaker 1: we did last week quite nicely. It's something that actually 21 00:01:20,040 --> 00:01:23,840 Speaker 1: happened I think in the nineteen twenties before everyone got 22 00:01:23,920 --> 00:01:26,720 Speaker 1: really into stocks. But people always talk about the stock 23 00:01:26,760 --> 00:01:29,360 Speaker 1: market bubble of the nineteen twenties. They kind of forgot 24 00:01:29,360 --> 00:01:33,000 Speaker 1: about this one, right exactly, So you're hinting at what 25 00:01:33,040 --> 00:01:35,080 Speaker 1: it is. So it's last week. We talked a lot 26 00:01:35,120 --> 00:01:38,600 Speaker 1: about the stock market bubble of nine, but a few 27 00:01:38,680 --> 00:01:42,120 Speaker 1: years earlier in that decade, in the twenties, there was 28 00:01:42,120 --> 00:01:46,920 Speaker 1: an extraordinary, fascinating bubble in Florida real estate. And of 29 00:01:46,959 --> 00:01:51,480 Speaker 1: course Florida has had numerous booms and busts throughout the years. 30 00:01:51,480 --> 00:01:54,960 Speaker 1: That's sort of part of what makes Florida Florida, including 31 00:01:55,120 --> 00:01:57,920 Speaker 1: recently in the financial crisis, Florida got built up and 32 00:01:57,960 --> 00:02:01,320 Speaker 1: then hit really hard. But this is definitely one of 33 00:02:01,360 --> 00:02:04,000 Speaker 1: my favorite bubbles, and uh, you know, I think there's 34 00:02:04,320 --> 00:02:07,400 Speaker 1: a lot of lessons for people even still today and 35 00:02:07,520 --> 00:02:11,400 Speaker 1: analyzing how this built up and how it eventually collapsed. 36 00:02:11,680 --> 00:02:13,960 Speaker 1: We're going to have to rank our favorite bubbles on 37 00:02:14,000 --> 00:02:16,919 Speaker 1: a one to ten basis. I think after we finished 38 00:02:16,919 --> 00:02:18,799 Speaker 1: that'll be let's do that at the end of the series. 39 00:02:18,840 --> 00:02:22,680 Speaker 1: Every al Right, Well, I'm looking forward to this one 40 00:02:22,720 --> 00:02:24,280 Speaker 1: because I think we have a really good guest for 41 00:02:24,320 --> 00:02:27,000 Speaker 1: it as well. Right, Joe, I'm very excited about our 42 00:02:27,040 --> 00:02:29,280 Speaker 1: guest today. Today we're going to be talking to are 43 00:02:29,400 --> 00:02:33,799 Speaker 1: A Moore Parks. She's a historian, she's an author, she's 44 00:02:33,840 --> 00:02:39,360 Speaker 1: a Florida preservationist, basically the perfect person. She knows Florida, 45 00:02:39,400 --> 00:02:42,359 Speaker 1: probably better than just about anywhere else. She knows this 46 00:02:42,480 --> 00:02:45,880 Speaker 1: story and probably the perfect person to glean some insight 47 00:02:45,960 --> 00:02:50,560 Speaker 1: into this extraordinary period of sort of financial and American history. Great, 48 00:02:50,760 --> 00:03:03,240 Speaker 1: let's do it so without further Ado, let's bring in 49 00:03:03,280 --> 00:03:05,799 Speaker 1: Ava Areva. Thank you very much for joining us. Well, 50 00:03:05,840 --> 00:03:07,880 Speaker 1: thank you for inviting me. I look forward to it. 51 00:03:08,040 --> 00:03:11,160 Speaker 1: Before we just started with the uh you know, talking 52 00:03:11,200 --> 00:03:16,160 Speaker 1: about this period in Florida history. Tell us how you 53 00:03:16,160 --> 00:03:20,160 Speaker 1: your experience, How did it becoming a sort of preservationist 54 00:03:20,200 --> 00:03:25,119 Speaker 1: and historian with Florida's history? How did that become your 55 00:03:25,160 --> 00:03:29,680 Speaker 1: main interest? Okay, I was a school teacher, teaching history 56 00:03:29,680 --> 00:03:32,160 Speaker 1: at high school and in the faculty room there was 57 00:03:32,200 --> 00:03:36,240 Speaker 1: a notice of six credits toward a master's degree of 58 00:03:36,320 --> 00:03:39,320 Speaker 1: for teachers, and I applaud and was accepted and was 59 00:03:39,400 --> 00:03:42,640 Speaker 1: fortunate the doctor Charlton to both the major Florida historian 60 00:03:42,680 --> 00:03:45,840 Speaker 1: of the day got me interested in doing a master's 61 00:03:46,000 --> 00:03:49,720 Speaker 1: on the earliest community in South Florida, which was Cocoa Grove, 62 00:03:50,160 --> 00:03:52,880 Speaker 1: and that's where it all began. Uh, and I never 63 00:03:52,920 --> 00:03:56,480 Speaker 1: stopped researching after that. Are Joe knows that I like 64 00:03:56,640 --> 00:04:00,080 Speaker 1: to start um at the beginning of things whenever we 65 00:04:00,120 --> 00:04:03,920 Speaker 1: talk about certain historical events in our podcast. So when 66 00:04:03,960 --> 00:04:08,200 Speaker 1: we're talking about this real estate bubble in Florida in 67 00:04:08,200 --> 00:04:13,360 Speaker 1: the nineteen twenties, walk us through how it actually got started. Well, 68 00:04:13,400 --> 00:04:16,159 Speaker 1: we call it the boom in Florida. We don't call 69 00:04:16,240 --> 00:04:18,520 Speaker 1: it the bubble. It's so it's the great boom of 70 00:04:18,520 --> 00:04:22,279 Speaker 1: the nineteen twenties. And in many many ways, George America, 71 00:04:22,360 --> 00:04:26,440 Speaker 1: who have done my most recent work, UM moved into 72 00:04:26,480 --> 00:04:29,400 Speaker 1: what was then called the back country and started selling 73 00:04:29,480 --> 00:04:33,640 Speaker 1: lots and what he described as Miami's master suburb. And Uh, 74 00:04:34,000 --> 00:04:38,440 Speaker 1: he had the first sales in n and he expected 75 00:04:38,440 --> 00:04:41,240 Speaker 1: a couple of hundred or five thousand people showed up, 76 00:04:42,320 --> 00:04:46,080 Speaker 1: And in many ways that began the frenzy, I guess 77 00:04:46,160 --> 00:04:48,920 Speaker 1: we should say, of buying up of the back country, 78 00:04:49,000 --> 00:04:54,320 Speaker 1: buying up different areas of South Florida. UM, the Everglades 79 00:04:54,360 --> 00:04:57,080 Speaker 1: started at twenty seventh Avenue, which is hard for people 80 00:04:57,080 --> 00:05:00,400 Speaker 1: to believe today. North of the Miami River, all of 81 00:05:00,400 --> 00:05:05,080 Speaker 1: that had to be reclaimed everglades land, So there was 82 00:05:05,120 --> 00:05:08,920 Speaker 1: a lot of vacant land, and that made Miami area 83 00:05:09,000 --> 00:05:13,120 Speaker 1: the perfect candidate for this bubble or boom as yourn. 84 00:05:14,520 --> 00:05:19,080 Speaker 1: So you mentioned this character, George Merrick, who created this community, 85 00:05:19,200 --> 00:05:23,880 Speaker 1: Coral Gables, and he was a real estate development It 86 00:05:23,960 --> 00:05:28,479 Speaker 1: had way more interest from buyers than he anticipated. What 87 00:05:28,680 --> 00:05:31,919 Speaker 1: was it about his vision? What was it about his 88 00:05:32,000 --> 00:05:36,240 Speaker 1: salesmanship for buying up real estate in South Florida that 89 00:05:36,320 --> 00:05:40,359 Speaker 1: really attracted people at such an intense level. Well, he 90 00:05:40,440 --> 00:05:44,600 Speaker 1: was a master salesman and not an enormous amount of advertising. 91 00:05:45,320 --> 00:05:50,719 Speaker 1: As grandfather Think had become very wealthy manufacturing patent medicine 92 00:05:50,720 --> 00:05:53,960 Speaker 1: called Thinks Magic Oil, and he taught George, and he 93 00:05:54,080 --> 00:05:55,840 Speaker 1: was the one that convinced the Merricks to move to 94 00:05:55,920 --> 00:05:59,960 Speaker 1: South Florida after they were in Duxbury, Massachusetts, after the 95 00:06:00,160 --> 00:06:03,200 Speaker 1: terrible freeze. So they bought this land in the back 96 00:06:03,200 --> 00:06:08,760 Speaker 1: country and actually raised grapefruit, and George sold grapefruit from 97 00:06:08,760 --> 00:06:11,840 Speaker 1: a mule cart as a third jenior old boy. And 98 00:06:12,000 --> 00:06:14,599 Speaker 1: but he dreamed about what he might be able to 99 00:06:14,640 --> 00:06:16,960 Speaker 1: do with us a hundred and sixty acres the original 100 00:06:17,360 --> 00:06:21,640 Speaker 1: hundred sixty acres and his father had bought before moving on. 101 00:06:21,920 --> 00:06:24,479 Speaker 1: Just to touch on something you said, his father was 102 00:06:24,520 --> 00:06:27,520 Speaker 1: a salesman for sort of it was called Fink's Magic Oil. 103 00:06:27,880 --> 00:06:31,240 Speaker 1: That was his grandfather. And so when we think of 104 00:06:31,279 --> 00:06:33,960 Speaker 1: like in the old days, these sort of salesman with 105 00:06:34,120 --> 00:06:37,000 Speaker 1: their you know, now we call him snake oil salesman, 106 00:06:37,120 --> 00:06:40,200 Speaker 1: but the sort of cure all cure all tinctures and 107 00:06:40,279 --> 00:06:43,640 Speaker 1: cure all oils. One can imagine that these sort of 108 00:06:43,680 --> 00:06:47,240 Speaker 1: the salesmanship involved in selling those old oils may have 109 00:06:47,320 --> 00:06:50,720 Speaker 1: passed through to George to uh sell real sale real 110 00:06:50,800 --> 00:06:53,360 Speaker 1: estate in Florida as this sort of paradise. Plus the 111 00:06:53,440 --> 00:06:56,760 Speaker 1: grandfather think was a Methodist circuit riding minister prior to 112 00:06:56,839 --> 00:07:01,200 Speaker 1: becoming a stank old salesman, and his father was a 113 00:07:01,279 --> 00:07:06,279 Speaker 1: Yale educated UH Congregational minister in New England. And the 114 00:07:06,400 --> 00:07:09,720 Speaker 1: terrible freeze where they lost their child. Grandpa Fink had 115 00:07:09,720 --> 00:07:12,520 Speaker 1: been to the brand new community of Miami and told 116 00:07:13,240 --> 00:07:17,040 Speaker 1: Solomon and Althea, George's parents about buying land in the 117 00:07:17,040 --> 00:07:20,560 Speaker 1: back country. And so Solomon Merrick, the educated man, ended 118 00:07:20,640 --> 00:07:24,800 Speaker 1: up buying this wilderness uh and moved out in what 119 00:07:24,880 --> 00:07:28,200 Speaker 1: was called the back country of Coconut Grove. So walk 120 00:07:28,280 --> 00:07:31,320 Speaker 1: us through what was the sales pitch for buying um 121 00:07:31,760 --> 00:07:35,400 Speaker 1: Florida property at that time, Like I imagine, you know, 122 00:07:35,440 --> 00:07:37,880 Speaker 1: they were pitching probably to all types of people, not 123 00:07:37,960 --> 00:07:41,160 Speaker 1: just people who were already in Florida. So what were 124 00:07:41,200 --> 00:07:45,280 Speaker 1: they telling them to entice them to buy into that market. Well, 125 00:07:45,560 --> 00:07:49,040 Speaker 1: um speculation and a lot of open land. Uh. And 126 00:07:49,200 --> 00:07:53,080 Speaker 1: George Merrick I think had as much to do with 127 00:07:53,120 --> 00:07:57,640 Speaker 1: creating the boom nationally because he advertised in national newspapers 128 00:07:57,680 --> 00:08:01,480 Speaker 1: about Coral Gables and was unheard of at the time. 129 00:08:01,880 --> 00:08:05,920 Speaker 1: So people came down not then other um vacant land, 130 00:08:06,000 --> 00:08:09,000 Speaker 1: other homesteads, and the whole area was homestead and Uh. 131 00:08:09,280 --> 00:08:12,640 Speaker 1: That tells you how vacant, I mean, how unpopulated South 132 00:08:12,680 --> 00:08:15,320 Speaker 1: Blarida was. And so other owners of these hundred and 133 00:08:15,320 --> 00:08:19,800 Speaker 1: sixty acre homesteads began to also develop them into subdivisions 134 00:08:19,800 --> 00:08:23,720 Speaker 1: with romantic names, and they too began to advertise in 135 00:08:23,840 --> 00:08:27,679 Speaker 1: the papers. I find it interesting you're talking about Merrick's 136 00:08:27,720 --> 00:08:33,320 Speaker 1: father being a minister, because Merrick himself while he was 137 00:08:33,320 --> 00:08:36,520 Speaker 1: selling property. And this is something that I learned recently. 138 00:08:37,040 --> 00:08:41,960 Speaker 1: He recruited to help him sell property. William Jennings Bryan 139 00:08:42,080 --> 00:08:45,400 Speaker 1: one of the great orators of the era. He's famous, 140 00:08:45,440 --> 00:08:47,640 Speaker 1: of course her in for President. He's famous for his 141 00:08:47,960 --> 00:08:51,840 Speaker 1: Cross of Gold speech, for his role in the Scopes 142 00:08:51,880 --> 00:08:56,120 Speaker 1: Monkey trial, himself religious minister, and so there seems to 143 00:08:56,160 --> 00:08:59,920 Speaker 1: be the sort of crossover between the salesmanship involved in 144 00:09:00,040 --> 00:09:04,800 Speaker 1: selling property as well as the sort of salesmanship involved 145 00:09:04,840 --> 00:09:08,360 Speaker 1: in UH preaching. So I agree with that a dent. 146 00:09:08,559 --> 00:09:12,400 Speaker 1: And I think that Merrick again was a genius when 147 00:09:12,400 --> 00:09:14,520 Speaker 1: it came to marketing, and I think he learned a 148 00:09:14,520 --> 00:09:17,760 Speaker 1: lot of it from Grandpa Fink and his father UH. 149 00:09:17,800 --> 00:09:20,680 Speaker 1: And then hiring William Jennings Bryant was just unheard of 150 00:09:20,760 --> 00:09:23,520 Speaker 1: at the time. So Jenny's blind became one of his 151 00:09:23,640 --> 00:09:27,800 Speaker 1: major salesmen to selling coral gables, both locally and nationally. 152 00:09:28,559 --> 00:09:33,080 Speaker 1: So in addition to these big name salesman like William 153 00:09:33,160 --> 00:09:36,680 Speaker 1: Jennings Bryan, you also had this network of young men 154 00:09:37,200 --> 00:09:40,720 Speaker 1: called binder boys, and they would go out and try 155 00:09:40,720 --> 00:09:43,880 Speaker 1: to get people to put down payments on houses. Right. 156 00:09:44,800 --> 00:09:47,920 Speaker 1: They would sell quote binders, which were laid down payments 157 00:09:48,800 --> 00:09:50,920 Speaker 1: and for a certain price. So you would get a 158 00:09:50,960 --> 00:09:53,440 Speaker 1: binder on a piece of land and you would pay 159 00:09:53,480 --> 00:09:56,120 Speaker 1: for it later. And they made a lot of money 160 00:09:56,160 --> 00:09:58,640 Speaker 1: doing that, and unfortunately a lot of them that was 161 00:09:58,920 --> 00:10:03,240 Speaker 1: a lot of that. The binders helped create the fall 162 00:10:03,440 --> 00:10:05,880 Speaker 1: or the end of the boom because people were not 163 00:10:05,960 --> 00:10:09,680 Speaker 1: able to pay them off after the stock market crash 164 00:10:09,679 --> 00:10:12,960 Speaker 1: and after the bank failures and everything else. So the 165 00:10:13,000 --> 00:10:17,160 Speaker 1: binder voice not only promoted the boom, they also helped 166 00:10:17,240 --> 00:10:20,840 Speaker 1: end it. Let's talk about some of the you know, 167 00:10:21,040 --> 00:10:24,040 Speaker 1: some of the things that characterized you called a boom, 168 00:10:24,240 --> 00:10:26,440 Speaker 1: might call it a bubble. But in any boom, there's 169 00:10:26,480 --> 00:10:30,480 Speaker 1: sort of glaring examples that in retrospect seems like people 170 00:10:30,520 --> 00:10:33,600 Speaker 1: behaving completely irrationally. What were some of those things, like 171 00:10:33,640 --> 00:10:35,680 Speaker 1: what were sort of the price jumps that we would 172 00:10:35,720 --> 00:10:39,160 Speaker 1: see on a plot of land from first purchase to 173 00:10:39,240 --> 00:10:41,880 Speaker 1: flip to the next flip and so on. Well, it 174 00:10:41,920 --> 00:10:44,720 Speaker 1: would go out dramatically. As I said, the hundred sixty 175 00:10:44,720 --> 00:10:47,520 Speaker 1: acre homesteads were basically free. I think it costs about 176 00:10:47,679 --> 00:10:50,760 Speaker 1: fifteen dollars to apply, and so a lot of the 177 00:10:50,880 --> 00:10:55,280 Speaker 1: land began as homesteads and then it was subdivided and 178 00:10:55,360 --> 00:11:00,320 Speaker 1: sold off, so the price increases the exorbitant to the 179 00:11:00,360 --> 00:11:03,840 Speaker 1: owner in the beginning, and as the boom grass, the 180 00:11:03,840 --> 00:11:05,920 Speaker 1: prices kept going up up up, I mean in the 181 00:11:05,960 --> 00:11:11,000 Speaker 1: cables that was particularly true. Uh George Merrick wanted to 182 00:11:11,040 --> 00:11:14,559 Speaker 1: build beauty for the middle class. Uh and not he 183 00:11:14,679 --> 00:11:18,679 Speaker 1: did not start out building this grand fancy pan subdivision. 184 00:11:19,040 --> 00:11:21,480 Speaker 1: That only happened because it was so popular and people 185 00:11:21,559 --> 00:11:24,480 Speaker 1: kept paying more and more and more. The Binder Boys 186 00:11:24,640 --> 00:11:27,040 Speaker 1: they became so prevalent that they had to be like 187 00:11:27,320 --> 00:11:29,480 Speaker 1: they were like just selling out on the sidewalk and 188 00:11:29,520 --> 00:11:32,040 Speaker 1: selling out on the street everywhere, and they actually had 189 00:11:32,080 --> 00:11:35,080 Speaker 1: to pass ordinances to sort of get them indoors so 190 00:11:35,080 --> 00:11:37,840 Speaker 1: that people could get through the streets. Like how crazy 191 00:11:37,920 --> 00:11:40,880 Speaker 1: and frenzy did the Bonder Boys phenomenon guests well, the 192 00:11:40,920 --> 00:11:45,280 Speaker 1: downtown Miami eras where the Bonder Boys would solve the streets. 193 00:11:45,400 --> 00:11:47,520 Speaker 1: And if you look at some of the pictures all 194 00:11:47,559 --> 00:11:50,440 Speaker 1: the many of the first high rise buildings in Miami 195 00:11:51,000 --> 00:11:52,920 Speaker 1: were built in this era too, So some of the 196 00:11:52,960 --> 00:11:56,840 Speaker 1: early pictures of downtown Miami, the streets are just full 197 00:11:56,880 --> 00:12:01,400 Speaker 1: of people and the sky is full of medals. You know, 198 00:12:01,520 --> 00:12:05,000 Speaker 1: skyscrapers going up. So it was an incredible period of 199 00:12:05,040 --> 00:12:09,520 Speaker 1: time and people as I grew up bunch later than that, 200 00:12:09,559 --> 00:12:12,920 Speaker 1: but my people were still talking about dull boom and 201 00:12:13,000 --> 00:12:18,679 Speaker 1: everybody knew they were talking about the nineteen and they 202 00:12:18,679 --> 00:12:21,280 Speaker 1: were literally when you say the streets were filled with people, 203 00:12:21,440 --> 00:12:24,080 Speaker 1: is literally people coming down from the rest of the 204 00:12:24,120 --> 00:12:27,760 Speaker 1: country on the streets meeting up with the Binder boys 205 00:12:28,280 --> 00:12:33,600 Speaker 1: and making real estate transactions right there and site unseen, 206 00:12:33,720 --> 00:12:36,040 Speaker 1: like not really knowing anything about the real estate they 207 00:12:36,040 --> 00:12:39,160 Speaker 1: were buying right something that was true. And there were 208 00:12:39,160 --> 00:12:43,000 Speaker 1: busses though. George Berrick had a fleet of buses that 209 00:12:43,120 --> 00:12:46,240 Speaker 1: brought people in even in from the north into Coral 210 00:12:46,240 --> 00:12:49,199 Speaker 1: Gables to sell them. So he he tended to show 211 00:12:49,240 --> 00:12:53,400 Speaker 1: them and he created He had a first professional landscape architect, 212 00:12:53,480 --> 00:12:57,560 Speaker 1: Frank Button, did big plans and when you go into 213 00:12:57,559 --> 00:13:00,640 Speaker 1: Coral Gables today, these plans are still intact. So even 214 00:13:00,679 --> 00:13:03,840 Speaker 1: though George amery go we had eight years he planned, 215 00:13:03,880 --> 00:13:07,320 Speaker 1: he had the first planned trimunity and uh, that's why 216 00:13:07,400 --> 00:13:10,720 Speaker 1: it continues to be, you know, very valuable real estate 217 00:13:10,760 --> 00:13:13,840 Speaker 1: today even though it lost everything there for a while. 218 00:13:15,040 --> 00:13:18,320 Speaker 1: I like the anecdote that the binder boys, you know, 219 00:13:18,320 --> 00:13:21,560 Speaker 1: when they would get paid a down payment on a property, 220 00:13:21,600 --> 00:13:23,600 Speaker 1: it was all by check, so it would take them 221 00:13:23,640 --> 00:13:26,600 Speaker 1: a while to get the actual money. So what they 222 00:13:26,600 --> 00:13:30,160 Speaker 1: would do is they would take their um their binders 223 00:13:30,679 --> 00:13:34,120 Speaker 1: over to hotels and restaurants and clubs and use those 224 00:13:34,160 --> 00:13:36,720 Speaker 1: to get credit in the meantime until the check cleared. 225 00:13:37,160 --> 00:13:39,760 Speaker 1: Kind of creates this nice image of the boom times 226 00:13:39,760 --> 00:13:42,640 Speaker 1: and all these binder boys out partying in Miami with 227 00:13:42,679 --> 00:13:45,480 Speaker 1: the money that they haven't yet received. It was a 228 00:13:45,520 --> 00:13:49,040 Speaker 1: wild and crazy time, and uh there were nightclubs, and 229 00:13:49,080 --> 00:13:55,400 Speaker 1: there were prohibition uh escape issies, even though prohibition you know, 230 00:13:55,600 --> 00:14:00,400 Speaker 1: was in effect not very much an affection Miami. So 231 00:14:00,559 --> 00:14:02,560 Speaker 1: I'm just curious, you know, when it came to the 232 00:14:02,559 --> 00:14:06,559 Speaker 1: people who were actually buying the properties. Give us some sense. 233 00:14:06,640 --> 00:14:08,800 Speaker 1: How many of them were in it because they were 234 00:14:08,840 --> 00:14:13,800 Speaker 1: actually excited about the prospect of developing this previously unused land, 235 00:14:13,880 --> 00:14:15,520 Speaker 1: and how many of them were in it just because 236 00:14:15,559 --> 00:14:17,840 Speaker 1: they were looking to make a quick book. Well, I 237 00:14:17,840 --> 00:14:20,240 Speaker 1: think there was plenty of each. It's hard to give 238 00:14:20,400 --> 00:14:22,760 Speaker 1: exact numbers because some of the people that came down 239 00:14:22,800 --> 00:14:24,840 Speaker 1: to make a quick book kind of fell in love 240 00:14:24,880 --> 00:14:28,520 Speaker 1: with the area state, So a lot of or lost 241 00:14:28,560 --> 00:14:31,120 Speaker 1: everything and had to stay. You had a combination of 242 00:14:31,160 --> 00:14:35,760 Speaker 1: the two when the boom ended and after the hurricane. Say, 243 00:14:35,800 --> 00:14:40,000 Speaker 1: there was this horrible hurricane in and that pretty much 244 00:14:40,000 --> 00:14:44,240 Speaker 1: stopped the quote boom. Uh, it just proctly blew Miami away. 245 00:14:44,680 --> 00:14:48,160 Speaker 1: But George Merrick continued to pour his money into Coral 246 00:14:48,200 --> 00:14:52,080 Speaker 1: Gables after the hurricane. So you can't say that it 247 00:14:52,160 --> 00:14:54,720 Speaker 1: completely stopped a lot of people, do I I disagree 248 00:14:54,760 --> 00:14:57,640 Speaker 1: with that point of view. It really stopped in twenty 249 00:14:57,680 --> 00:15:00,960 Speaker 1: eight and they literally threw George out of Coral Table 250 00:15:01,720 --> 00:15:04,000 Speaker 1: and he lost everything he put, every study had and 251 00:15:04,040 --> 00:15:08,560 Speaker 1: trying to keep it going after Okay, so the bust 252 00:15:09,320 --> 00:15:13,640 Speaker 1: really came for sure by nine when the stock market 253 00:15:13,680 --> 00:15:16,160 Speaker 1: crash you know, happened to and then that killed it off. 254 00:15:16,200 --> 00:15:18,200 Speaker 1: I want to talk a little bit more about the 255 00:15:18,200 --> 00:15:20,320 Speaker 1: bust in a second, but one thing I wanted to 256 00:15:20,400 --> 00:15:23,640 Speaker 1: go back to. You mentioned that George Merrick at one 257 00:15:23,680 --> 00:15:26,800 Speaker 1: point got his own fleet of buses to bring people 258 00:15:26,920 --> 00:15:31,040 Speaker 1: down would be buyers. Something that I read is that 259 00:15:31,120 --> 00:15:35,560 Speaker 1: at one point the craze to buy property in Florida 260 00:15:35,680 --> 00:15:39,080 Speaker 1: got so intense that they actually had to limit the 261 00:15:39,200 --> 00:15:42,560 Speaker 1: number of passengers who came in by rail and highway 262 00:15:42,640 --> 00:15:45,720 Speaker 1: so that they could make room for food and other 263 00:15:45,800 --> 00:15:48,280 Speaker 1: provisions to get into the state to feed the people 264 00:15:48,320 --> 00:15:50,760 Speaker 1: that were actually there. Was getting so clugged? Am I 265 00:15:50,800 --> 00:15:53,960 Speaker 1: remembering that correctly? Yes, you are. It's hard to even 266 00:15:54,000 --> 00:15:58,000 Speaker 1: imagine today. We've never seen anything quite like za boom 267 00:15:58,120 --> 00:16:01,480 Speaker 1: as as we call it. We've had the booms. In fact, 268 00:16:01,560 --> 00:16:07,080 Speaker 1: I was born here and and I frequently say I've 269 00:16:07,080 --> 00:16:09,680 Speaker 1: lived in maybe seven different Miamis because we've had a 270 00:16:09,720 --> 00:16:14,160 Speaker 1: series of these quote booms or uh speculative period where 271 00:16:14,160 --> 00:16:17,240 Speaker 1: we keep changing who we are. I like that. I 272 00:16:17,320 --> 00:16:20,440 Speaker 1: like that idea that like the boom and bus cycle, 273 00:16:20,520 --> 00:16:23,240 Speaker 1: is there just sort of almost definitional to uh, to 274 00:16:23,320 --> 00:16:26,480 Speaker 1: what Florida is all about at this point? Absolutely, I 275 00:16:26,520 --> 00:16:30,720 Speaker 1: would I would certainly agree to that. Particularly Miami. Ums 276 00:16:30,840 --> 00:16:33,840 Speaker 1: has been so true here in my life. I've been 277 00:16:33,840 --> 00:16:37,520 Speaker 1: through booms and bus Uh. I've watched it happen, you know, 278 00:16:38,560 --> 00:16:43,160 Speaker 1: are before we move on to the trigger of the bust? Uh, 279 00:16:43,240 --> 00:16:47,040 Speaker 1: what's your favorite anecdote from the boom period of this time? 280 00:16:47,160 --> 00:16:50,800 Speaker 1: Is there one thing that sticks out in your mind? Well, um, 281 00:16:50,880 --> 00:16:53,560 Speaker 1: you know that It's really hard because I've just known 282 00:16:53,600 --> 00:16:57,800 Speaker 1: so much. I think the idea that that George had 283 00:16:57,840 --> 00:17:00,600 Speaker 1: the Spanish theme, it's it's kind of ironic it today 284 00:17:01,400 --> 00:17:04,400 Speaker 1: we have somebody Spanish speakers and the majority of people 285 00:17:04,400 --> 00:17:06,960 Speaker 1: in Miami now or you know from from Latin America. 286 00:17:07,280 --> 00:17:09,640 Speaker 1: This certainly was not true. We were mostly what everybody 287 00:17:09,640 --> 00:17:14,639 Speaker 1: called crackers, which were the southerns who populated Miami prior 288 00:17:14,720 --> 00:17:19,320 Speaker 1: to the boom and uh, the crackers were everything. And 289 00:17:19,680 --> 00:17:21,720 Speaker 1: one of the quotes that was in the New York 290 00:17:21,760 --> 00:17:25,040 Speaker 1: paper is the only thing lacking, uh in Coral Gables 291 00:17:25,040 --> 00:17:28,359 Speaker 1: were the Spaniards themselves. And that's kind of ironic. What 292 00:17:28,400 --> 00:17:31,119 Speaker 1: do you think about today? Because George named all the 293 00:17:31,160 --> 00:17:34,920 Speaker 1: street names see after Spanish and then later Italian cities. 294 00:17:35,520 --> 00:17:38,280 Speaker 1: So he saw the history. He was a history book. 295 00:17:38,480 --> 00:17:40,880 Speaker 1: He saw the history of Florida. Were getting way back 296 00:17:40,920 --> 00:17:43,800 Speaker 1: with postibly on as what we should be thinking about 297 00:17:43,880 --> 00:17:47,359 Speaker 1: in that era. I see the boom town. So it's 298 00:17:47,400 --> 00:17:52,640 Speaker 1: all very fascinating, honestly, and let's uh, let's talk about 299 00:17:52,720 --> 00:17:56,040 Speaker 1: the bad stuff and how it eventually came to an end. 300 00:17:56,080 --> 00:18:01,960 Speaker 1: So you mentioned the role that the six hurricane had. 301 00:18:02,560 --> 00:18:06,760 Speaker 1: The hurricane didn't kill the market outright, but it was 302 00:18:06,840 --> 00:18:10,359 Speaker 1: sort of the beginning of the end. How bad was 303 00:18:10,480 --> 00:18:13,080 Speaker 1: the hurricane, like sort of put it in context and 304 00:18:13,119 --> 00:18:16,000 Speaker 1: then talk about, you know, sort of the immediate hurricane 305 00:18:16,040 --> 00:18:19,120 Speaker 1: aftermath for the market. Well, it's still it was down 306 00:18:19,119 --> 00:18:21,640 Speaker 1: as one of the worst hurricanes in South Florida history. 307 00:18:21,680 --> 00:18:24,600 Speaker 1: The hurricane was another one that was a lot of flooding. 308 00:18:24,640 --> 00:18:28,040 Speaker 1: But the twenty six hurricane, and we in all our 309 00:18:28,119 --> 00:18:31,640 Speaker 1: history say it really did stop the boom. Uh So 310 00:18:31,800 --> 00:18:34,159 Speaker 1: we went into the great depression before the rest of 311 00:18:34,200 --> 00:18:39,159 Speaker 1: the days we led. Our great depression began really in 312 00:18:39,200 --> 00:18:43,600 Speaker 1: twenty six. And it was George uh that for his 313 00:18:43,720 --> 00:18:47,480 Speaker 1: fortune he was today be a billionaire. He poured his 314 00:18:47,560 --> 00:18:50,280 Speaker 1: fortune back into trying to keep the quote boom and 315 00:18:50,400 --> 00:18:53,560 Speaker 1: keep corl Gables a lot. So when the three amount 316 00:18:53,560 --> 00:18:56,280 Speaker 1: of eight, he didn't have anything. And when he died 317 00:18:56,320 --> 00:18:59,080 Speaker 1: he was only fifty five. His estate was less than 318 00:18:59,240 --> 00:19:02,560 Speaker 1: three or four hundred dollars. So that gives you the 319 00:19:02,640 --> 00:19:07,879 Speaker 1: idea of how the boom killed people's personal money on 320 00:19:07,960 --> 00:19:11,560 Speaker 1: the bus rather kills the personal fortune of most of 321 00:19:11,560 --> 00:19:14,280 Speaker 1: the people that had come down during the boom. So 322 00:19:14,359 --> 00:19:16,960 Speaker 1: what happened afterwards, because you know, if I think back 323 00:19:17,040 --> 00:19:20,560 Speaker 1: to the most recent real estate boom that we had 324 00:19:20,960 --> 00:19:24,680 Speaker 1: in the US, that would be just before two thousand seven, 325 00:19:24,720 --> 00:19:28,119 Speaker 1: two thousand eight, um. The aftermath of that was, I 326 00:19:28,160 --> 00:19:30,600 Speaker 1: mean incredibly emotional for many people. And you had lots 327 00:19:30,640 --> 00:19:32,840 Speaker 1: of people who were kicked out of their house. But 328 00:19:33,000 --> 00:19:35,840 Speaker 1: if a lot of the Florida properties were being bought 329 00:19:36,040 --> 00:19:39,159 Speaker 1: for speculative use, uh, you know what happened. People just 330 00:19:39,200 --> 00:19:41,439 Speaker 1: lost money or where their people sort of out on 331 00:19:41,440 --> 00:19:44,680 Speaker 1: the street. In South Florida. Well, a lot of people 332 00:19:44,760 --> 00:19:49,560 Speaker 1: did lose their homes. And there's some similarity between the 333 00:19:49,600 --> 00:19:53,760 Speaker 1: speculatives booms of the nineteen twenties and and the other booms. 334 00:19:54,680 --> 00:19:57,399 Speaker 1: A lot of people got the idea that they could 335 00:19:57,600 --> 00:20:00,760 Speaker 1: make money on Florida real estate as so they purchased 336 00:20:00,800 --> 00:20:03,040 Speaker 1: as as the prices went up, they continued to purchase, 337 00:20:03,119 --> 00:20:06,200 Speaker 1: even with more expensive prices. And then when the next 338 00:20:06,640 --> 00:20:10,480 Speaker 1: bust came and the prices dropped, they couldn't pay the 339 00:20:10,480 --> 00:20:13,640 Speaker 1: mortgage and so they lost their homes, They lost their property. 340 00:20:13,720 --> 00:20:16,440 Speaker 1: So it is definitely a pattern boom bus, boom bus, 341 00:20:16,520 --> 00:20:21,120 Speaker 1: boom bus in Miami history. And so George Merrick, you said, 342 00:20:21,160 --> 00:20:23,840 Speaker 1: he basically ended up broke. He was at one point 343 00:20:23,960 --> 00:20:26,879 Speaker 1: the modern equivalent of a billionaire. He ended up with 344 00:20:26,960 --> 00:20:30,760 Speaker 1: about four d dollars. The timing of the when people 345 00:20:30,800 --> 00:20:33,840 Speaker 1: sort of declared in your mind the boom, as you 346 00:20:33,920 --> 00:20:37,200 Speaker 1: call it, did it end with the stock market crash? 347 00:20:37,280 --> 00:20:40,360 Speaker 1: Of did it end a little bit before that? When 348 00:20:40,440 --> 00:20:42,600 Speaker 1: is the sort of period where you know you sort 349 00:20:42,600 --> 00:20:45,240 Speaker 1: of book ends the boom, Well, it kind of ended 350 00:20:45,240 --> 00:20:49,800 Speaker 1: with the hurricane of as far as most everybody but George, 351 00:20:50,200 --> 00:20:52,920 Speaker 1: And as I said, he poured his his fortune into 352 00:20:52,920 --> 00:20:56,240 Speaker 1: trying to keep Coral Gables going and he did not succeed. 353 00:20:56,800 --> 00:21:00,040 Speaker 1: He ended up actually being postmaster. Uh. He applied of 354 00:21:00,040 --> 00:21:02,760 Speaker 1: the reason very smart. He applied for the postmaster and 355 00:21:02,880 --> 00:21:06,280 Speaker 1: got a job as Miami postmaster. And he was only 356 00:21:06,320 --> 00:21:10,240 Speaker 1: fifty five when he died. So uh, it's a very 357 00:21:10,280 --> 00:21:12,000 Speaker 1: sad story in a way. But when you look at 358 00:21:12,000 --> 00:21:16,800 Speaker 1: Coral Gables today, his planning I was brilliant. And someone says, 359 00:21:16,840 --> 00:21:18,399 Speaker 1: you don't need it define to tell you when you 360 00:21:18,480 --> 00:21:21,359 Speaker 1: had a Coral Gables because of his planning that he 361 00:21:21,400 --> 00:21:24,119 Speaker 1: did back in the nineteen twenties during the boom. You know, 362 00:21:24,320 --> 00:21:27,520 Speaker 1: there's a quote that uh, I think it is right. 363 00:21:27,600 --> 00:21:30,600 Speaker 1: I can't remember it exactly, but I read it somewhere 364 00:21:30,600 --> 00:21:32,880 Speaker 1: recently and they were saying, like, the key to all 365 00:21:32,880 --> 00:21:38,639 Speaker 1: bubble is you have to have a tremendous story that 366 00:21:39,080 --> 00:21:41,919 Speaker 1: then just gets taken too far, but the fundamentals have 367 00:21:42,040 --> 00:21:44,399 Speaker 1: to be really good. And what it sounds like, I 368 00:21:44,400 --> 00:21:46,120 Speaker 1: think with Florida, and part of the reason he keeps 369 00:21:46,160 --> 00:21:49,120 Speaker 1: coming back is that the fundamentals actually really are good. 370 00:21:49,160 --> 00:21:51,720 Speaker 1: Like it is a very beautiful place. It's one of 371 00:21:51,760 --> 00:21:54,960 Speaker 1: the some of the best weather in the entire country. 372 00:21:55,320 --> 00:21:59,920 Speaker 1: The beaches are beautiful. As you mentioned, his community of 373 00:22:00,040 --> 00:22:03,880 Speaker 1: Coral Gables was very well designed. So while it may 374 00:22:03,920 --> 00:22:06,639 Speaker 1: have like gotten completely carried away and a bunch of 375 00:22:06,640 --> 00:22:10,879 Speaker 1: people lost their heads with speculation, the key thing I 376 00:22:11,000 --> 00:22:12,960 Speaker 1: think to go it seems to go back to is 377 00:22:13,000 --> 00:22:16,399 Speaker 1: that the underlying fundamentals are in fact very strong and 378 00:22:16,440 --> 00:22:18,800 Speaker 1: he was not wrong to be, you know, sort of 379 00:22:18,840 --> 00:22:21,560 Speaker 1: selling what he was selling. No. I think that one 380 00:22:21,600 --> 00:22:24,120 Speaker 1: of the major influences was a lot of vacant land. 381 00:22:24,720 --> 00:22:27,600 Speaker 1: Um you know, people had not the railroad did not 382 00:22:27,720 --> 00:22:31,280 Speaker 1: come down here until nine And you think about the 383 00:22:31,280 --> 00:22:35,280 Speaker 1: rest of the nation up to uh and and there were. 384 00:22:35,320 --> 00:22:37,960 Speaker 1: You know, when Miami was incorporated, there were three thirty 385 00:22:38,080 --> 00:22:42,119 Speaker 1: people here in e in the city of Miami, so 386 00:22:42,480 --> 00:22:45,800 Speaker 1: it started booming. The railroad created maybe one of the 387 00:22:45,840 --> 00:22:49,119 Speaker 1: first booms when it got here, and then it just 388 00:22:49,200 --> 00:22:52,800 Speaker 1: kept continuing. It's just a history of boom and buff Joe. 389 00:22:52,840 --> 00:22:54,840 Speaker 1: I think that's a nice place to leave it. I 390 00:22:54,880 --> 00:22:57,560 Speaker 1: think that is a perfect place to leave it. I 391 00:22:57,640 --> 00:23:00,119 Speaker 1: love I'm really glad you brought in the railroads there 392 00:23:00,119 --> 00:23:01,879 Speaker 1: at the end, because I do think that you know 393 00:23:02,160 --> 00:23:05,359 Speaker 1: that that's sort of a constant theme with bubbles, is 394 00:23:05,600 --> 00:23:10,200 Speaker 1: some new technology or to enable the sort of capital 395 00:23:10,240 --> 00:23:13,119 Speaker 1: to flow, and obviously the railroad being a key source 396 00:23:13,119 --> 00:23:15,240 Speaker 1: of capital from the rest of the country, are of 397 00:23:15,280 --> 00:23:17,760 Speaker 1: a more parks. It was delightful to talk to you, 398 00:23:17,880 --> 00:23:21,600 Speaker 1: so great to get your perspective, and uh, I really 399 00:23:21,600 --> 00:23:24,359 Speaker 1: appreciate it. Well, I'm glad you're doing this because people 400 00:23:24,440 --> 00:23:28,240 Speaker 1: need to understand that we're the capital booms. I guess 401 00:23:28,960 --> 00:23:33,359 Speaker 1: I love that boom capital of the world. Thank you 402 00:23:33,440 --> 00:23:45,640 Speaker 1: very much. Thank you. I don't know about you, Tracy, 403 00:23:45,720 --> 00:23:48,560 Speaker 1: but I really like talking to our just now. Yeah, 404 00:23:48,720 --> 00:23:50,680 Speaker 1: I gotta say I feel like I know a lot 405 00:23:50,720 --> 00:23:54,280 Speaker 1: more about Florida than I did when I started this podcast. 406 00:23:54,680 --> 00:23:57,200 Speaker 1: But I thought the point that you were just making 407 00:23:57,240 --> 00:24:00,080 Speaker 1: towards the end that you know, fundamentally there has to 408 00:24:00,119 --> 00:24:04,440 Speaker 1: be a story to justify every bubble. I think that's 409 00:24:04,440 --> 00:24:06,560 Speaker 1: a really important one. And you can see it in Florida. 410 00:24:06,640 --> 00:24:08,520 Speaker 1: You know, you had the advent of the cars, so 411 00:24:08,560 --> 00:24:12,639 Speaker 1: people could actually drive down to Florida and see the 412 00:24:12,640 --> 00:24:15,119 Speaker 1: beautiful weather and you know, the coconut trees or the 413 00:24:15,160 --> 00:24:18,080 Speaker 1: orange trees or whatever. Uh. You had a bunch of 414 00:24:18,080 --> 00:24:21,879 Speaker 1: people who were becoming newly wealthy and had lots of 415 00:24:21,960 --> 00:24:25,359 Speaker 1: leisure time to take vacations. Uh, and you could see 416 00:24:25,400 --> 00:24:29,159 Speaker 1: why they would be interested in Florida real estate. No, absolutely, 417 00:24:29,200 --> 00:24:32,480 Speaker 1: like every you know, it's like you sort of sell 418 00:24:32,640 --> 00:24:36,280 Speaker 1: Florida as this wonderful paradise within the US. But the 419 00:24:36,320 --> 00:24:39,439 Speaker 1: truth is it kind of is like it's beautiful and 420 00:24:39,520 --> 00:24:43,200 Speaker 1: great beaches and now especially today, now that air conditioning 421 00:24:43,280 --> 00:24:46,920 Speaker 1: is widespread, it's very uh, very comfortable to be in 422 00:24:47,440 --> 00:24:50,720 Speaker 1: and so yeah, people got carried away, obviously, but the 423 00:24:50,800 --> 00:24:54,080 Speaker 1: fundamentals are pretty great. And you know, I remember last 424 00:24:54,119 --> 00:24:58,120 Speaker 1: week we're talking to Scott Nations, uh and he about 425 00:24:58,160 --> 00:25:00,200 Speaker 1: stock market bubble is and one of the things said 426 00:25:00,200 --> 00:25:02,679 Speaker 1: is that each stock market bubble kind of has a 427 00:25:02,720 --> 00:25:07,480 Speaker 1: new financial contraption. So whether it's portfolio insurance in the 428 00:25:07,560 --> 00:25:12,720 Speaker 1: eighties or the trust funds of the nineties twenties, and so, 429 00:25:12,840 --> 00:25:15,360 Speaker 1: you know, you think about the new technologies that we're 430 00:25:15,400 --> 00:25:18,360 Speaker 1: emerging for real estate, whether it's the emergence of these 431 00:25:18,359 --> 00:25:22,160 Speaker 1: down payments, these binders, the trains, the broad people, and 432 00:25:22,200 --> 00:25:25,679 Speaker 1: it's sort of similar themes across all bubbles. Yeah, I 433 00:25:25,680 --> 00:25:29,320 Speaker 1: think that's right. And also the network of salesmanship that 434 00:25:29,359 --> 00:25:33,000 Speaker 1: went into this, right, you had the newspaper advertisements, Uh, 435 00:25:33,080 --> 00:25:36,720 Speaker 1: you had who was that guy at William William Jennings Bryan. 436 00:25:36,800 --> 00:25:40,040 Speaker 1: That's one of my favorite little nuggets. Because everybody knows 437 00:25:40,119 --> 00:25:44,040 Speaker 1: the Cross of Gold speech, everybody knows the trial over 438 00:25:44,200 --> 00:25:47,000 Speaker 1: the teacher who taught evolution that they made that play about. 439 00:25:47,720 --> 00:25:50,199 Speaker 1: But the fact that as part of his career, one 440 00:25:50,280 --> 00:25:52,280 Speaker 1: of the things he did was go to Florida and 441 00:25:53,160 --> 00:25:55,919 Speaker 1: hawk real estate during the twenties. I think it's probably 442 00:25:56,160 --> 00:25:59,760 Speaker 1: something that a nobody knows, but be really fits into 443 00:25:59,760 --> 00:26:02,520 Speaker 1: the road or theme that if you can preach religion 444 00:26:02,560 --> 00:26:05,800 Speaker 1: really well, you could probably sell property as well, do 445 00:26:05,840 --> 00:26:09,600 Speaker 1: you think many of the bankers around nowadays selling E. 446 00:26:09,720 --> 00:26:12,640 Speaker 1: T F and things? I think they have experienced in preaching. 447 00:26:12,960 --> 00:26:16,440 Speaker 1: I don't know, but probably they should consider recruiting from churches. 448 00:26:17,040 --> 00:26:19,600 Speaker 1: You know that there may be an untapped market of 449 00:26:19,640 --> 00:26:23,600 Speaker 1: potentially good salesman out there, so maybe there's a future 450 00:26:23,680 --> 00:26:27,080 Speaker 1: lesson for them. All right, Uh shall we end up? 451 00:26:27,760 --> 00:26:30,640 Speaker 1: Let's do it there. We have more episodes in our 452 00:26:30,680 --> 00:26:33,920 Speaker 1: Bubbles series coming up and you'll have to ah, stay 453 00:26:33,960 --> 00:26:36,399 Speaker 1: tuned to find out what they are. I'm Tracy Alloway. 454 00:26:36,480 --> 00:26:38,919 Speaker 1: You can follow me on Twitter at Tracy Alloway, and 455 00:26:38,960 --> 00:26:41,800 Speaker 1: I'm Joe Wisn't All. You could follow me on Twitter 456 00:26:42,080 --> 00:26:45,000 Speaker 1: at the Stalwart and you can follow our producer Sarah 457 00:26:45,000 --> 00:26:48,720 Speaker 1: Patterson on Twitter at Sarah pett with two teams. Thanks 458 00:26:48,760 --> 00:26:49,240 Speaker 1: for listening.