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Tuesday, November 16, 2010

BOHICA!!!!!

Bend over,

Here it comes again
.

That's an almost perfect start of a business-led contraction right there.

The rest of this post has been deleted due to the very high percentage of expletives.

Comments:
A small consolation is that the market is making sense today. It's in full-on deflation mode except for Treasury rates--which is easily explained by the increased default risk.

The Tea Party is running the House on a balanced-budget platform, Asian central banks told the Fed where they can stuff their QE, and manufacturing rolled over.

Yup, that whiff in the wind is definitely the tangy scent of the Big D.
 
Neil,

The long dated Treasuries are rallying today. TLT (long bond fund) is up 1%. Those shorting Treasuries through TBT are down about 2%.

It's deflation on all cylinders. No exceptions or disclaimers needed.

My word verification is "uncies".

The market's caught a case of the uncies, otherwise known as the crying uncle disease, lol. Sigh.

If only we could catch a case of the wolfies, but there's been a bear market in crying wolf for the past decade. Wolves seem plentiful.
 
The first link is http://www.federalreserve.gov/releases/G17/Current/default.htm - how perfect is that?
 
Hope no one's offended by the politiking, but the Notarization Bill is back before the House in an attempt to override the President's Veto.

I called my Congressman to give the telephone girl an earful. If anyone else is so inclined, I'd strongly recommend it. The only thing that will stop this bill is if Congress knows their constituents are watching. And Congress knows this, which is why they keep trying to sneak it through when no one's watching with voice votes.

So hey, take a few minutes and light up the switchboard.
 
Allan - I do not see why that 3808 is so noxious. This is the text in its entirety:
An Act

To require any Federal or State court to recognize any notarization made by a notary public licensed by a State other than the State where the court is located when such notarization occurs in or affects interstate commerce.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Interstate Recognition of Notarizations Act of 2010’.

SEC. 2. RECOGNITION OF NOTARIZATIONS IN FEDERAL COURTS.

Each Federal court shall recognize any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the Federal court is located if--

(1) such notarization occurs in or affects interstate commerce; and

(2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or

(B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

SEC. 3. RECOGNITION OF NOTARIZATIONS IN STATE COURTS.

Each court that operates under the jurisdiction of a State shall recognize any lawful notarization made by a notary public licensed or commissioned under the laws of a State other than the State where the court is located if--

(1) such notarization occurs in or affects interstate commerce; and

(2)(A) a seal of office, as symbol of the notary public’s authority, is used in the notarization; or

(B) in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

SEC. 4. DEFINITIONS.

In this Act:

(1) ELECTRONIC RECORD- The term ‘electronic record’ has the meaning given that term in section 106 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7006).

(2) LOGICALLY ASSOCIATED WITH- Seal information is ‘logically associated with’ an electronic record if the seal information is securely bound to the electronic record in such a manner as to make it impracticable to falsify or alter, without detection, either the record or the seal information.
 
Note that the notarization still has to be lawful, and the problem with the recent false notarizations was that they WEREN'T.

Nor can I conceive of any state disrupting its notary laws for the purpose of facilitating false foreclosures.
 
Here's an interesting question: If this bill is as benign as it seems to be, why did President Obama pocket-veto it? Did the language change? Why would the President pick something like this to make a stand on?
 
MoM,
I believe the electronic notarizations are the problem.
Those time stamps are not forgery proof and would
permit fraud on a larger scale with more difficulty
in detection.

Sporkfed
 
Why is HR3808 noxious?

1) It will make it that much harder for people to depose the notaries when mistakes and/or fraud are made.

2) It will allow the banks to venue shop the state which they will do all their notarization -- I imagine "data centers" popping up like dandelions across Nebraska as each TBTF opens a notarization branch. I'm slightly surprised they haven't pushed to off-shore this. It's not like these bankers have shame.

3) It's a small, yet non-trivial push-back against the unchallenged power the banks have heretofore enjoyed. It certainly doesn't help anyone besides the conglomerate banks. Is this expedient, ie. a cost savings to the mega-banks, going to save a single consumer a single dollar in doc prep fees? Ha! Now I'm the one tearing-up laughing.
 
This the text of the president's veto message:
Today, the White House announced that President Obama will not sign H.R. 3808, the Interstate Recognition of Notarizations Act of 2010, and will return the bill to the House of Representatives. The Interstate Recognition of Notarizations Act of 2010 was designed to remove impediments to interstate commerce. While we share this goal, we believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized.

Notarizations are important for a large range of documents, including financial documents. As the President has made clear, consumer financial protections are incredibly important, and he has made this one of his top priorities, including signing into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act. That is why we need to think through the intended and unintended consequences of this bill on consumer protections, especially in light of the recent developments with mortgage processors.

The authors of this bill no doubt had the best intentions in mind when trying to remove impediments to interstate commerce. We will work with them and other leaders in Congress to explore the best ways to achieve this goal going forward.

==================================
He said he wanted it "thought through".

I thought he was right to veto it because it was hustled through in a most inappropriate manner, but I still don't see how this bill will affect much of anything.

I have watched with awe and fascination and some degree of shock as the great debate over the foreclosures has consistently been turned toward the window dressings while ignoring the fundamentals.

The fundamental here is that it is not the notarization which matters - it is whether the information presented to the court is accurate which matters.
 
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