The Ignorant Investor

From a report of the Congressional Oversight Panel on the state of the home mortgage industry:

In the view of some market participants, the sheer speed of the modern mortgage market has rendered obsolete the traditional ink-and-paper recordation process, so the financial industry developed an electronic transfer process that bypasses county property offices.

Being a banker means you can create your own shadow government when faced with local rules (and fees) that threaten your business model. Those ancient rules about real estate were too inefficient for modern ultra-cool and hip banking.

“We had been disappointed with a number of legislative outcomes with the past Congress, and so we look forward to better outcomes with this Congress,” said Peter Garuccio, a spokesman for the American Bankers Association in Washington. Garuccio said banks expect a corrections bill to peel back some of the financial regulations passed into law this year.

They want what they paid for. They don't even feel the need to hide the sentiment that legislation is something one buys.