Obama Suggesting New Agency to Protect Consumers – A “Department of Algorithms” Would Work
Posted Oct 09 2009 10:01pm
Ok, everybody who reads here by now should be educated to the point that it’s those nasty little “algos” (algorithms) that run just about all our decision making processes today, Wall Street, Healthcare, Health Insurance, you name it. So if we create a new agency to monitor and help consumers, guess what, it’s going to need Algorithms to do the job. In order to audit the Algorithms run by big big business, we need Algorithms to perform those tasks. I know you folks that feel uncomfortable about technology words might be saying, yuk, more of this, well get over it as it’s reality and what is happening today, it’s a code war where the ones with the greatest and latest code are in a position to programmatically take money from others, and make money for those with the Algorithms.
We need algorithmic Centric Laws today, the pages of words printed on paper don’t cut it anymore and technology has pushed the envelope there, we just need to come out of denial and deal with it. That is a big task and paradigm for Congress and all of us to adjust to.
Remember these things run on servers and in the clouds 24/7, not like us humans who need sleep. I do wonder about the opposition below with the comment saying this is more money and will make it more costly, garbage. Sure there’s a little time needed to set up the monitoring algorithms, but once done, we’re in the same business as they are, Algos running 24/7 to make sure their Algos are not taking all our money with using business intelligence to feed on ignorance or weakness of knowledge. Michael Moore’s new movie is also out there trying to explain to all the power of the Algos too, go see it.
Nothing personal here with the way the world has evolved, bu t personal it gets with algorithms that create greed and sometimes very unbalanced society so let’s get the balance back into place and do it right, with the modern technology that is needed…the Algos. BD
With a key congressional vote nearing, Obama slams banks and business groups, saying they only want 'to maintain the status quo that has maximized their profits at the expense of American consumers.'
Reporting from Washington - President Obama today urged Congress to ignore the lobbying from banks and business groups and create a new agency to protect consumers in the financial marketplace as part of an overhaul of government regulations.
"We disagree that adding a new agency atop a broken regulatory system solves the problem or closes regulatory gaps," said David Hirschmann, president of the chamber's Center for Capital Markets Competitiveness. "The proposed CFPA will exacerbate the weaknesses of the current system that clearly failed, restrict access to credit and make it more costly for consumers and businesses."