You would have to be living under a rock today to not have heard at least one news article about the NIH and the FDA needing more funding and in this article we have the absurdity here with cutting their funds? In the mean time we have corporate USA brokering and selling a lot of data they collect about consumers and the error factors are increasing with the inclusion of non credible data today so we are all “data chasers” that work for free to fix what corporate USA misrepresents with a lot of this. Biotech companies go broke before they can even get an FDA approval and what are we losing here, I might guess to say plenty.
In the meantime we are all somewhat Algo Duped on what data is important and what has value and there’s just flat out crap out there too, everyone knows that but they still seem to spin market crap. It’s totally amazing that corporate USA (this includes companies, banks, trading firms, social media and ton of other entities) are just flat out getting rich from selling data. In addition state governments who do license some of these mining bots are now having a new expense with it, software to limit the bots so you and I as consumers can still get access. A while back North Carolina tossed out Core Logic due to this and the fact that they were not updating and paying timely for updated information. Have you as a “consumer data chaser” had the experience of getting corrected information fixed and then wait and wait and wait until it gets updated? This is part of the reason.
Again I’ll use my Walgreen example here that showed in 2010 that the corporation made short of $800 million, from the intangible data selling only so how big is this pot, huge. I have been beating this horse around here for a while now and we don’t seem to have folks in DC who can come to terms with this as it’s not visible and doesn’t create the stir that talking about abortions created, so when the digital illiterates get over their heads, this is the useless rhetoric we get and it’s pathetically all over the news and folks that know better just shake their heads in disgust, self included here as it represents no productivity at all and nothing for the “good” of mankind, just a bunch of old crabby folks out of touch that are stuck in the 70s.
Not too long ago we had this story on how Congress was going to look at the data sellers and again 70s mentality here prevails as they are only looking at trying to create a law to regulate, but anyone living in the current world knows it’s like next to impossible and for a comparison look at the same scenario with the SEC, private industry outdoes them the next day with loopholes and ways to get around it as the laws are written by attorneys and they lack some big technology input and realities…garbage in other words. If you look at the device tax it may have been a good plan a few years ago but not now as things change so “deadheads” would be wise to see this and quit hanging on to what doesn’t work. Sometimes going back in time to look at the past can offer some good insight but most of it today is futile as it doesn’t apply.
Congress To Investigate the Data Sellers - Need To Create a Law to Tax Them As The Algorithms Used For This Business Generate Billions of Dollars, Partly Why Corporate Profits Are So High - Remove the Medical Device Tax as They Produce Needed Jobs/Tangibles
This topic was also chapter 17 of my Attack of the Killer Algorithms series which depicts how math and formulas “get you” when you least expect it and it is due to flawed data or folks using unethical algorithms and formulas for profit. Instead of the Occupy movement as we see it, “Occupy Algorithms” for goodness sakes and let’s get some accurate queries and data out there instead of some of the ones designed for “desired” results. We end up with something along this line:
”Hey dude let’s crunch some numbers and see if we can come up with some analytics to sell”
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
Actually if more economists would collaborate with more mathematicians I think we might have a little better forecasting going on as many economists sometimes get those “flawed” reports and rely on antiquated methodologies of math too, so bump head guys and see what collaboration might do. How much is that algorithm in the window? Even going up the ladder from healthcare this lives and I urge everyone to watch this documentary at the link below about the Quants on Wall Street…hello…wake up…as you actually get to hear them talk about the fiction they create outside the real world and economies are built on this, not good when it comes to inequality as it keeps it going and again in DC we go back to a distraction of more abortion talk..ho hum. You can also find this video on the links page where I have over forty chapters on how algorithms have teeth and bite you, everyday event that you may not be aware of, again flawed data or formulas for profits without ethics for most of it.
Quants: The Alchemists of Wall Street Video Documentary - Why It Needs to Matter What Companies Do and Not Focus Only On the Price of Stock With So Called Value - Attack of the Killer Algorithms Chapter 44
Don’t get me wrong as far as the data is concerned as I am great fan of research and studies that create cures and treatments but we live with this other element out there that is for profit only and really is not helping even though you will see some very well crafted marketing studies they create to support their queries and algorithms that are junk. I had the NISS write to me and they agree about all the junk out there and “liked” the Killer Algorithm series and I have no clue why but nobody else seems to write about this as I guess we are more Algo Duped than we could imagine.
Sure it is hard to tell the difference but there are smart people out there, a smarter than me that can help with some of this before garbage runs a muck in the press. A lot of those folks don’t have a clue, mostly because they have never written code and they to cover some of this but there's been many news articles out there about journalists know a little bit of code to help them report better, and I agree any education with how things work today is great. I didn’t write those article though so don’t chew me up on that account and I do understand the quotas and grading procedures that journalism goes through at times with ratings and getting that best OMG story out there so more readers go to websites and are exposed to advertisements so they can stay in business as advertising pays the bills.
So if you don’t think that we need funding for the NIH and FDA, read this article in the link below as this was a full blown effort to help keep funding at the NIH and a way to bring some private industry partnerships in to keep it going. Those biotech companies that we are depending on to create cures and treatments will go away if everyone keeps sinking money into the next gaming format we have out there. Where’s our heads at times and sure games are ok and we need some entertainment but look at where we put our priorities, entertaining ourselves first it appears instead of the betterment of the world and fighting diseases and finding cures. New game ventures are funded right and left and science is left at the end of the line. Look at this headline though even the NFL which is our entertainment has gotten wind of this and made their contribution.
NIH And Milken Institute Announce “Celebration of Science Day” Saturday September 8, 2012 Recognizing Research and Development & Making a Difference - NFL Donates $30 Million to the NIH For Brain Injury Research
Look at this company making millions in profit with mining data and his whole operation doesn’t even come under any federal laws, he writes algorithms, queries and studies and goes to town. In time as a consumer you might have to be chasing down some of the data sold here and fix it and this is just one example. This company and others who sell data should be licensed and pay an excise tax as they are the ones who benefit and we just run around for free and fix their erroneous information which a lot of times is created with non credible data mixed with credible data. It’s fine to crunch numbers and predict on geographic and demographic data as we get smarter but when you bring it down to the individual level and score with this, we have a problem of flawed data as it’s not all credible.
There’s also the big Algo Duping case with FICO and their claim to fame with using credit scores combined with who knows what other information which they have not divulged that says they can score and predict if you will take your prescriptions and they are selling data and making money at it and you may not even have a chance to chase this data as it is sold to pharm and insurance companies, so how flawed is it and does it really have any merit? This is all for profit to sum it up.
E-Scoring Credit Algorithms Invisible To Consumers Used to Market and Evaluate, Does Not Fall Under Federal Law And Such Are Used by Insurance Companies - How Will This Work With Exchanges –Attack of the Killer Algorithms Chapter 42
Big Data, Flawed Data, Business Intelligence, Where’s The Future and What Has Been Our Past…A World With ”Algo Duping” of Society and Consumers
So want more money for research, go where the money’s at to where the data sellers get their data for nothing and profits for free…billions in profit and they should not object as the employees of all the entities may need some of this research for treatment or a cure someday, so no reason for anyone to balk at the idea when we have billionaires doing their share by all means. It’s a way of giving back that makes sense. I have to pay an excise tax every time I buy a tire to drive to a “lesser” paying job these days. If we don’t find the money then the NIH and the FDA cannot service the US citizens in a way that works toward the betterment of the country where all benefit. It’s time corporate America kicks in their share in the form of an excise tax as they make billions doing it and consumers just chase their data for them for free as we are under the Attack of the Killer Algorithms being guilty until we prove our innocence with data today…kind of sucks…but the digital illiterate lawmakers have stood by to just let it happen. Link below..some idle thoughts of mine dating back to August of 2009…yup too far ahead of my time:)
The NIH and FDA need money to serve so let’s get it done and use the resources we have and get the greedy folks out there to give back via such a tax as they won’t do it on their own and let’s ensure we can work towards having a world of credible data and get rid of some of the junk out there and move forward.
In closing, Francis Collins at the NIH and Dr. Margaret Hamburg at the FDA see what you think as a potential solution to a solid method of contributions that would be collected quarterly and help keep the agencies in business with the resources they both need.
Someone has to introduce some creative thinking here as it certainly is not getting out of the 70s in Washington any time soon and I hope the “default” topic of women's health and abortions can be put away for good so we can move forward as it does little but deprive and basically publicizes even more how out of touch and the lack of digital literacy we have making laws. BD
During a Sept. 20 press briefing at the National Press Club, Rep. Ed Markey said the prospect of 8-10% cuts to the NIH budget could prove cataclysmic in terms of the American pre-eminence in life science research, and then went a step farther, claiming that the answer to the NIH sequestration question “will determine whether we will add to the Endangered Species Act the American scientist.
Adding to the spooky-Kabuki atmosphere was the claim by Mary Woolley, President of Research!America that if sequestration goes into effect, entire industries, including biotech, would “die here” and/or go overseas. One might expect such catastrophizing from an organization that embeds an exclamation point in its name, but still, it’s just plain nuts.