One of the statements made here is that one is better off being poor in other nations besides the US, and that’s a sad state of affairs. I come right back again to my series on the Attacks of the Killer Algorithms and when you have financial code running without audits and regulations that’s what you get. Formulas are created for “desired” results and for “accurate” results and the two should be the same, but they are not. When writing code, just like anything else in life you can be honest and ethical, which is what most of us do but there’s that element that exists here too with writing code to generate profits and sadly it takes money from consumers in such a small and slow process, it takes a while for all to wake up. If you read my post below on the Facebook IPO there are quite a few other links of interest for prior posts and it all goes back to the math and the algorithms and this time they came back to bite. I posted 2 years ago about the US possibly needing a Department of Algorithms or something along that line.
Facebook IPO – The Ultimate “Attack of the Killer Algorithms” Nobody is Immune In the World of Complicated Computer Code and Formulas Today
“It is a technological arms race in financial markets and the regulators are a bit caught unaware of how quickly the technology has evolved” I have also suggested a “de-valuation” of the algorithms as well, they have value of course but not to the tune of what we are seeing today.
“Devaluate the Algorithm” And “Tax the Data Sellers”–A Cure for Both Healthcare and an Economy Based Heavily on Intangibles–We’ve Lost Our Balance
Back at the end of last year I started a series on how some of the computer formulas that run on servers 24/7 affect consumers and these are every day examples that consumers deal with but maybe don’t give any thought as to how some of this originates or functions. You can always find this link with any updated links I add on the left hand side of the Medical Quack, just scroll down a little and it has it’s own home there along with a couple videos that are worth watching that discuss “Killer Algorithms”. BD
Two years after directing the Academy Award-winning documentary, “Inside Job,” filmmaker Charles Ferguson returns with a new book, “Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America.” Ferguson explores why no top financial executives have been jailed for their role in the nation’s worst economic crisis since the Great Depression. We also discuss Larry Summers and the revolving door between academia and Wall Street, as well as the key role Democrats have played in deregulating the financial industry.
According to Ferguson, a "predatory elite" has "taken over significant portions of economic policy and of the political system, and also, unfortunately, major portions of the economics discipline.