What Exactly Is a Balloon Festival, Anyway?

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Every fall, The Snowmass Balloon Festival fills the skies over Snowmass Valley with big bulbs of brilliant design. It has become one of the enduring images of Aspen: fireworks over Ajax, sunrise on the Bells, balloons over the golf course. But have you ever  wondered what exactly IS a balloon festival? Is it a race? A design competition? Who makes these things? This article in the Aspen Daily News gives a great rundown.