I read yesterday where the Senate voted to repeal the tax but it doesn’t look real promising for the future. I said this about a year ago about taxing data sellers as a replacement and it even being a larger producer of taxes and revenue to go after a crying need that is there under everyone’s nose. This is a tough one that those who are not in touch with the way algorithms move money to digest I assume. I see it and have several posts on this blog on the topic. Shoot I even wrote to the NIH, FDA, and AdvaMed (the lobby group for devices) suggesting they at least entertain this methodology. In today’s world if you don’t have a suggestion up your sleeve, it’s hard to make progress. I sent the idea off to Elizabeth Warren too so I don’t think I missed anyone and included the FTC as well. They all don’t get it, and that’s a pretty big crowd of bliss that’s forming here. It’s amazing that the data selling in the US continues to go largely unmonitored and that fiction and error factors continue to erode accuracy in some areas for the sake of making money.
I guess at this point digital literacy and how IT Infrastructures run everything is still a bit of a mystery to most. The folks that write and create this stuff know exactly how it works though and those formulas, models and algorithms keeping moving the money. Why do you think the White House jobs act was closed down? Same thing as that you can’t fight this battle with big rules of text, you need to get down to where the action takes place. I did this post a couple weeks ago with banks making big profits on selling our credit card information to health insurance companies, so again how do you feel about your health insurance company knowing what you spend on your debit and credit cards? They get everything. Ever think about why premiums keep going up? They have to man their analytics departments and all the data they buy, look in the want ads, see United Healthcare on a hiring frenzy all over for Quants and Analysts and they make as much selling the data and have for years, one of the bit profit makers in the data selling business.
Insurance Companies Are Buying Up Consumer Spending Data-Time is Here to License and Tax the Data Sellers-As Insurers Sell Tons of Data, Gets Flawed Data When Data Buyers Uses Out of Context Too
The reality here is that most all have been duped and have no clue on how much data is really being sold and the huge profits made. Walgreens made short of $800 million selling data only in 2010, so does that give you an idea of the billions in profits made here for just writing some code and mining data? Do you wonder why companies don’t build factories and expand when it’s this easy to sell data and the government seems as bliss as every in this area too. Just listen to the privacy conversations in Congress and in other places to get this. They never address it in the way it should be…digital illiteracy thinking that text can do it all when it cannot. Just scroll down on watch the 4 videos at the bottom of this blog page and get educated. These folks are telling you right up front what the deal is, that is if you want to listen and find out what really is making all the money move, the algorithms in place and nothing changes until they are changed.
Anyway, I have been suggesting to the device folks to come up with an alternative solution for revenue, but they don’t do it, whether it be my idea (which is desperately needed for regulation purposes for sure) or something else. They just don’t get it. In the meantime, data riddled with errors everywhere you turn is used against consumers. Watch the video at the link below and see how this works..elementary if you are a tech person, but even the layman can get quite a bit out o the panel discussion video as you hear big companies that don’t have a clue as to what they are doing with some of their analytics works, the gal from T-Mobile says some of what they were doing was “silly”…listen up, good stuff.
Big Data/Analytics If Used Out of Context and Without True Values Stand To Be A Huge Discriminatory Practice Against Consumers–More Honest Data Scientists Needed to Formulate Accuracy/Value To Keep Algo Duping For Profit Out of the Game
In view of the above, also be prepared to realize that about half of the analytics purchased in the near future will be a total waste of time for a couple reason, one they are made to make money with little attention paid to reality and accuracy and second of all they don’t know what they are creating. I like data and how smart it makes us and how we can make better decisions, but it’s over cooked and you can hide formulas in code and in models to make money and others will never see it unless the government takes on the task of getting smarter and hiring some anti Quants to decipher it for them and really prosecute a white collar crime like it should be. In the meantime you just get a lot of talk and garbage from those who have no clue on how all this was built and what to do to remedy. Scares the daylights out of me and it’s gets worse every day.
Time Has Come to License and Tax the Data Sellers of the Web, Companies, Banks, Social Networks..Any One Making a Profit-Latest Microsoft/Google Privacy War Helping the Cause –Consumers Deserve to Know What Is Being Sold and To Who in a Searchable Format
So in summary this is sad that they just don’t get this with going to battle with an alternative suggestion. You have to do that today. Here’s an article where I was trying to help the cause with Cook Medical..I guess they didn’t want to jump on this either? I don’t know but I tried? I guess the problem is that this is not just a one step process as all seem to want? If the revenue is removed from one area it has to come from somewhere else as I see it and would think the government would serve to inquire as well.
Cook Medical Cancels Plans for Factory Expansions–We Need Companies That Create Tangible Products As They Create Jobs–Tax The Data Sellers/Brokers Who Make Billions With Data Mining “Killer Algorithms” And Give the Device Companies a Break
Again I agree with the device tax being levied against the companies that provide jobs as we need them, but darn, fight a smarter battle and go after the algorithmic formulas and models and do it right and cure another evil when you go to battle if they would?
Check out the page on Algo Duping and the Killer Algorithms for additional video information with a collection of lectures done by people smarter than me…this is where it’s at and not in a huge collection of text that ends up being some kind of a law…it’s not that way anymore. BD