We have a new documentary and if you don’t know who Robert Reich is he’s a professor at Berkeley and for US Secretary of Labor and has written a couple books and now he’s made a movie. He has a blog and you can follow him here. We hear about inequality all the time and actually if you read here enough then you know it’s the non accountability of banks and companies and their math models. I keep linking to the Algo Duping page as much as I can as it’s a collection of people who are smarter than me that have done a great job to educate and tell you what’s really going on.
Here’s the trailer for the movie..and I do hope he gets beyond just the emotional call for attention here and hit the bottom line. Have not wondered how the banks ended up with so much money..math models and algorithms running on servers 24/7 and you can’t see it, talk to the algos and screaming doesn’t do much until the parameters of the computer code gets changed on the servers.
Why do we have such a big split, it’s modeled that way and government is duped and they like consumers sadly run away from math..Banks don’t. So what he says in the preview here is true you don’t have a voice as those who have the math models and code are in power and nobody questions the models.
Not going to get any help out of the SEC either as they are run by a lawyer when a technologist needs to be at the top. I feel sorry for the current chief as she’s over her head as the technologists and banks will run her under the bus. She’ trying but it’s not fast enough and we have Richard Cordray, same thing, we have to wait until he builds a data base and educates himself. Hire some quants from the other side and get educated quickly..what needs to be done.
Nothing much either with the banks as Glass Steagall would give the banks 5 more years to write models for profit with nobody asking any questions about the math. It’ what we get with folks in charge now, low tech band aid solutions for high tech problems. I spelled that one out pretty well and again I like Elizabeth Warren and wrote to her office about this so I tried. Just this week the at the SEC it was found they are not using their automated intake formats to file and tag corporation financials at they are filed and the employees are still using pencils and hand held calculators, so what’s up with that. If a technologist was at the top and saw that it would be dealt with immediately and employees would be trained and up to par. So while the Warren action is in the right direction, it won't get to the root of the problem and we need folks that understand digitally created models that move money and basically lie with the models.
Glass-Steagall Revival Presents a “Low Tech” Partial Solution for an Industry that Needs “High Tech” Regulation-Consumers Get 5 More Years of Bank Modeling For Inequality With Segmentation - No Real Regulation In Sight
When it really comes down to is modeling for inequality with segmentation. Look at all the models, what do they accomplish..segmentation. If this movie doesn’t do it for you then check out the link below.do it anyway as the politics are left out here and just plain facts.
Cathy O’Neil, Mathematician/Quant: Wall Street Quants The Culture, Big Data Mechanics, Algorithms, Data Mining, Lack of Privacy, Web Profiling, Health Insurance Profiles and Modeling Abuse…
I have more at the Algo Duping page , one more from Cathy (Weapons of Math Destruction) and few others that are great and by watching you will not look at any of this the same and realize where the power has created, computer code and algorithms and math models that lie and hide risk, but are created to make profits. BD