It’s a very nice interview with Jon Stewart, but again you can definitely see there’s teeth lacking here. Sure there’s the initial chat about how long it took for him to receive his approval to hold office. There’s two parts here and granted he’s done a few things and last I read he was creating a data base to study how consumers interact with financial companies and banks, hell just hire a quant and they will show you the ropes in a shorter amount of time as these processes are run on servers 24/7 with models that don’t violate verbiage but have data loopholes that don’t violate the law and they let them rip..and they do..
I have not been very kind I admit to Richard Cordray, Head of the Consumer Financial Protection Agency and frankly nothing personal but I continue to read and hear more issues that resemble the “Sebelius Syndrome” which is working on verbiage but not a clue what goes on with the other side and so we have some more Algo duping at hand. I have not heard one thing mentioned about the abusive data selling epidemic we have except for Senator Rockefeller and it needs to go further than this.
Senator Rockefeller Puts the Data Sellers on Notice–We Need to Index and License All Data Sellers to Include Banks, Insurers And Other Companies In Addition to the Data Brokers..
A few months ago I gave a very short hand clap to what I have seen so far and frankly when I listened to him on the Daily Show, he sounded a little more confident than DOJ Lanny, as seen in the documentary “Too Big to Jail”, but still no data mechanics logics and thus so no real idea on how the algorithms work with their models on the other side. Get with the program and bone up on financial math if your going to protect us as the example on the phone is verbiage and yes it’s one small victory but hell it’s “small” compared to what else is going on out there.
Richard Cordray, Fail With Understanding Flawed Models and Algorithms -Big Case of“Algo Duping”With Big Data-Save Time, Hire Quants Who Know How Consumer Financial Models Are Built and Function…Geez
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
Ho hum, here’s part one, I mean he’s a nice guy but without some math and and data mechanics knowledge don’t expect a lot as that’s where the damage is done.
Stewart is good asking about punitive damage and we all would like to see more done. I don’t know how long it’s going to take him to get money back to us if he doesn’t understand how all the algorithms control it.
Here’s part two and again nice chat, but lot of teeth lacking and we are back to “low tech” solutions for “high tech” problems, just like restoring Glass Steagall would be, I mean it’s better than nothing but not anywhere closer to really being a fix.
One good thing though is not hit the credit unions with such strict rules and laws that was discussed. Stewart brings up licenses just like I talk all the time about those for data sellers. Stewart does a great job on “complexities” and “it’s so confusing” he says, well it is, I write about it all the time and if were not so complex, Healthcare.Gov would have never happened the way it did and there was a lot duping going on there too with the “Sebelius Syndrome” in effect, and members of Congress suffers from the syndrome as well, so it’s not just a one person affliction, she just got the name for having the biggest self and project perception problems around that hurt everyone, too proud and stubborn to go ask and learn.
“I do think people understand the basics of lending”….OMG where’s he been hanging out. Sure we need to simplify banking, scroll on down and watch the Quants of Wall Street in the Footer here, the Quants tell you how complex it is and out of reach for the consumer to understand..again why in the hell won’t he hire some or at minimum go hang out with some of them and learn up!
About half way through he brings up the credit reporting business, and we don’t realize how that affects our lives, the hell we don’t and he gave a good example but did touch the data selling and the models…nope…afraid to there as he’s Algo Duped. Data selling and the huge errors it creates adds to the flawed data.
Yeah consumers get confused but they model it that way…he’s all stuck on verbiage and is basically Algo Duped and I guess we have to wait until he may decide one day to understand a little math…still a big fail as he said nothing new, nothing exciting, and offered very little on what he’s doing other than reading a lot of verbiage in the laws while the algorithms of data selling and other automation keeps ripping consumers off.
He says at the end, he’s making progress but until he understands that more than verbiage that there’s IT Infrastructure running everything out there, we are sunk with baby steps and more baby steps, while the models and math continue to take our money and deny access. The Algo Duping page has some videos done by people smarter than me you should watch as well this this post about Quantitated Justification…as I don’t think this light bulb has gone on in his head yet, again hire some folks from the other side that create the infrastructure and models and learn up, we can’t wait that long.
Quantitated Justification For Believing Things That Are Not True And Using Mathematical Processes To Fool Ourselves-The Journalistic Bot Functionality Debuts As Media Can’t Resist the Formulas…
Speaking of models and math, check out what MasterCard is up to with their “persona” marketing and their new department to figure out how to sell more data and make bigger profits. Do consumers care what one of the 5 personas made up by MasterCard you fit into? Of course not, just more stuff to keep track of and keep fees down is more important.
MasterCard As Well As Other Financial Institutions Using Big Data To Get Into Your “Online Pants” As Many Consumers Seem To Be Accidentally And Inadvertently Leaving Their “Internet Fly” Open
Well it’s about time to revisit what 60 Minutes reported on credit agencies…5 years for one woman to get her credit fixed when a data error connected her to a criminal record of another person…and the data selling epidemic makes this worse every day. Data flawed when sold, well it gets re-queried and your error goes to many other places and you don’t get to see the full files they send to those who inquire about you. When getting it fixed, you are up against the machines and the algorithms running on servers 24/7, so when Mr. Cordray gets a little more versed in data mechanics and math models, maybe something substantial will be done, but in the meantime right now it looks like we’ll all go gray in the process as Congress is just as bad, that “Sebelius Syndrome” once again.BD