Reply #18: Gadner is correct,as we have all noted.

[dixiegrrrrl]

Denninger's comments on this are totally on point also.

"all that long ago a similar bill was proposed. It essentially nationalized what had been up until then a State's Right - usury laws. These laws set maximum interest rates, and were state-specific.

The credit - that is, bank - industry argued that everyone should have the right to have banking and credit cards on consistent terms across state lines, and that this would promote interstate commerce.

They won.

What happened?

The Banks then shopped for a couple of states where they could bribe the legislature with a bunch of call centers and jobs. They found South Dakota along with a handful of other states, which had no usury law at all.

By doing this we welcomed into the world the 39% credit card interest rate and destroyed the 50 State's ability to discern that this was an abusive practice that they should not allow anyone to subject their citizens to.

Now the banks are at it again, and they will once again abuse the law.

Once this law is passed they will find some state that needs jobs, and bribe the legislature to enact ridiculously loose notary laws, such that a notary signature will become effectively meaningless.

This law will force every other State in the Union to accept that signature even though it signifies nothing.

Notarization is an extremely important legal protection. It provides verification that the person who is alleged to have signed a document in "wet ink" actually did so, and actually made a personal appearance in front of the Notary.

Further, land titles and land transactions, along with the private property rights that vest thereupon, are inherently a state function, and their protection and verification is also a state function."

More:

http://market-ticker.org/akcs-www?post=168500