If you read here often enough you may have stumbled across my little campaign to tax the profits that banks, corporations, high frequency traders, drugs store chains and so on make getting “data for nothing and the profits for free”. The potential is huge if Walgreens made just under $800 million on their SEC statement in 2010 and I would almost guess they could have broke a billion in 2011.
Why should the big conglomerates profit so heavily and the “algorithmically generated profits” be so high? There’s no incentive to set up factories and hire people when a company can grab a couple programmers, write the web mining algos and start running a few queries and reports and sell the data which they get for free. We try and base too much of our economy today on algorithms and while we need them, we all need balance with manufacturing too. You know the best part of this idea is that insurance companies make millions selling data too so maybe a nice little revenue/tax bonus here and they still make enough to keep shareholders happy to boot.
Here’s my thoughts on this topic and the average consumer has no clue that all this is made as you can’t see, touch, feel or talk to those algorithms but they have teeth and take your money and your data behind scenes if written to “maximize financial dollar profits” whether they are accurate or not.
Start Licensing and Taxing the Data Sellers of the Internet Making Billions of Profit Dollars Mining “Free Taxpayer Data”–Attack of the Killer Algorithms Chapter 17 - “Occupy Algorithms”– Help Stop Inequality in the US
Small businesses are being pinched and this is no exception. It’s not that the Healthcare Law was bad but the economy evolved and a few modifications are needed, and especially in the math areas. Nobody is accountable there and with some of the big data capabilities coming in it’s hard to get to the bottom with multiple layers of code running. By the way thanks to all who are now searching for “The Attack of the Killer Algorithms” on search engines as it looks like that’s becoming a keeper.
There are many very good provisions of the Healthcare law and who’s the fool that thinks this doesn’t need to be revisited and adjusted all the time, it’s the world we live in so a total repeal like some folks talk just shows a lot digital illiteracy with politicians and lawmakers.
I said a while back that our new consumer protection chief better have some good understanding of math and algorithms as big business is using all of it for profit. I have no problem with companies making profits but when technological formulas are widening the inequality someone needs to dig in here and get with the math and algos. The link below has about 20 chapters on the Attack of the Killer Algorithm examples if you want to dive in further and see how formulas that run on servers 24/7 make life impacting decisions about out with a bunch of flawed data in the works. BD
President Appoints Richard Cordray as New Consumer Financial Protection Chief - Hope He Knows And Understands Correcting Flawed Math and Formulas To Battle the “Financial Attack of Killer Algorithms” On Consumers With Banks and Corporate USA
Small businesses are very mindful of their spending especially when it comes to healthcare. The Health Insurance Tax that's included in the Patient Protection and Affordable Care Act is raising eyebrows among business owners.
He's talking about the Health Insurance Tax that's included in the Patient Protection and Affordable Care Act.