I agree Jake, it should be able to send position/speed/altitude/heading data to a satellite every 2 minutes or so...but then you'd have to install sat com capability to every airliner flying. And you'd have to put up more satellites, to monitor every square inch of the planet.

Right now less than 25% of the world airline fleet have Sat Com, and there are lots of 'dead spots' all over the globe. Then you'd have to have someone monitor all that data, from 40,000 flights per day, and you'd have to have some way to store all that data, and here's the biggest obstical:

WHO is going to PAY for that??

As with most things, it comes down to money. More safety costs Mo'money, and no Airline CEO or Politician wants to spend that money.