Coming from someone who has never held a mortgage, and whose financial life was the height of complication when I had a couple revolving CDs that kept escaping me, the idea that people have allowed transactions to get as complicated as this is astounding. A chart created by Dan Enstrom shows the complex, convoluted, redundant process that is his mortgage as it becomes something called a security.
I realize that I have never taken accounting classes or passed the series seven test, but I did pass AP Biology (more or less) and I think that when it is easier to track genetic mutation and perform DNA tests than it is to comprehensively explain a mortgage (Or your taxes, or the fine print on credit cards, or why the government is allowed to print money on a whim, or why the electoral college exists at all) then it is clearly time to work toward streamlining the system.And by streamlining, I don't mean introducing new paperwork to have one's mortgage "fast-tracked" or automatic cc-ing of documents to various organizations -- I mean hack and slash blitzkrieg wherein the structure is rebuilt with third graders as primary comprehensibility consultants. When we don't understand how our money works, how can we be expected to use it wisely? Why are we surprised by the recent foreclosure confusion?
Things that are allowed to be complicated for no reason?
Music videos by OK GO.
(For best results click the video. Embedded version cuts off right side a bit.)