You have non other than Richard Cordray to thank for this, remember he's the guy hired to protect us, well not this time...wrong guy in wrong job..when he was appointed I had this tosay 2 years ago and lack of confidence was huge..
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
Some of you may have read prior diaries and I'm a tech but an honest one and use my data mechanics knowledge to try and share information as best I can.
Mr. Corday is not alone and sure he has good intentions as do most government executives but he’s just one more out there sucked into “The Grays” of virtual values and can’t see the humans for the algorithms. I named this ugly phenomena a while back and I call it the “Sebelius Syndrome” as there was nobody more visible in the public’s eyes and we kept seeing the sad show over and over and over. She was whipped early on by the Killer Algorithms and when folks can’t determine what’s a real world value versus a virtual value, well I don’t need to say a lot more as it’s been on display now for quite a while.
Even here is a prime example on getting lost in virtual values when a while back Sebelius determined she needed more spy type of information on how HHS employees were talking within the agency, total nut case virtual value. When you see such activities like this you know up front there’s insecurity as folks without some “data mechanics logic” in their background and the fear to learn a little bit ends up dumping out insanity monitoring like this at the “bees” link below.
Sebelius Has Bees in Her Bonnet–Giving A Contract to Good Data to Mine HHS Employees Data So We Can See What They Think? Who Cares…Algo Duping Strikes Again…
In a letter from May 15, addressed to FHFA Director Mel Watt and CFPB Director Richard Cordray, Rep. Jeb Hensarling (R-Texas) and Sen. Mike Crapo (R-Idaho) alleged that "this expansion represents an unwarranted intrusion into the private lives of ordinary Americans and I agree with it.
Cordray even had problems within his own agency with “virtual” values as well with employee reviews and see how this syndrome rolls over into many other areas. The guy’s just lost with virtual values stuck in his head and this has been a long time conditioning that’s been going on for quite a while and the problem is the virtual values come over into the real world and end up hurting us with bits of insanity and logic floating around everywhere. Sure he got attacked in his own department as Cordray was off in “virtual land”.
Now we have this insane project from Mr. Cordray on building a data base on all the credit information on US citizens headed up by his department. I said when that was announced how nuts he was as again there’s a big lack of “data mechanics logic” here and look what he’s doing, just repeating what Sebelius did when she wanted to “spy” more on the the HHS employees…just lost as hell again. We don’t need this data base but again people that really don’t understand how values of data work, make this mistake over and over and over. He’s going to end up with monster to manage but perhaps that’s job security in having a monster to manage? Who knows, but he’s out there in “virtual” land.
I did see a little light in the recent White House Big Data/Privacy Report to where one of the recommendations was for the consumer protection agency to “learn up” more about financial technologies so somebody at least had a glimpse of “The Grays” and lack of “data mechanics knowledge” there. I didn’t expect a lot from that report as again when you see all of these folks and what they say in public, you can pin point they are just lost with virtual values while banks, insurers, etc. just walk all over them with math models and subsequent algorithms that perform on servers 24/7. We did have the President address inequality but it seems that’s where it ended from what I have seen in the news. We can always go for more recognition of this but we need action as well with coming out of “The Grays” and doing something. Read the link below if you like for more of my thoughts there, it’s basically very much the same as what I am saying here, folks stuck in virtual worlds while consumers eat it.
I like a good laugh but this year I chose not to watch the annual news correspondents show because it was too close to real life and making humor of virtual values hurting consumers was just not my cup of tea this year as if you have read this far I think I have pretty much spelled it out that we have most all our government executives floating around with “virtual” values and we’ve lost most of them as far as being in touch with “the real world”. Virtual values and this lost sensation is alive and well over at Congress (the folks that choose remain bliss and out of touch and just vie for media attention) too so it’s an epidemic that just won’t stop with the wrong people being in the wrong jobs I guess. It even bothered me a bit to see the “Obama/Biden” selfie as it seemed to be just one more reminder of how out of touch they seem to be with the “real world”. Google is having a Hay day with manipulating both parties in DC these days as they have pretty much figured out the psychology involved on how to approach the bliss on the hill and get pretty much what they want as their lobbying money is only second to GE these days.
Cordray is doing little on the actual cause of consumers rip offs as well as the FTC as they don’t want to go there as it means math and models and really digging in other than just some additional verbiage in a law..and that too is getting more complex as how in the heck does the average consumer under half of what it out there. I don’t expect and neither should anyone all consumers self included to understand big bulks of the law but the common things that touch us are now being blown out of proportion by banks, insurers, corporations and heck we don’t get a chance and we have these Algo Duped folks like Sebelius and Cordray that say “we need more consumer education” instead of attacking the root of where the complexities begin. They also don’t have to deal with it online day to day as we do, so duped it is and blame those old dumb consumers for not being educated once again.
God forbid we have executives come out of their virtual worlds and come to face with this, much easier to remain Algo Duped and again, banks, insurers and corporations love it as they can create even more financial, insurance and other models that get more complex for us to deal with and they do it because that is profit, keep the consumers confused an we’ll make money is the way it goes. So anyway, I’m taking my turn at the tables to talk about the real world here and not the virtual values our leaders are sucked into I guess. Nothing personal but it just grinds me to see all us suffer while the virtual bliss folks just wonder around without a data mechanics clue.
Banks and insurance companies have just morphed into being big software companies any way I said a couple years ago and now we have the P2P lending companies too which are nothing but software facilitating another way to loan money. They only fund about 10% of their applicants and the 90% of data probably gets sold. In addition the basic concept of P2P loans is getting away from us as well and we are going right back into a subprime selling of loans as bonds again as hedge funds and banks are back in scooping them up, so the initial individual CDO concept there as designed is being consumed once again by big financial corporations. It’s a different bunch of loans and smaller than mortgage loans but will end up in the same end result as we have regulators there to being duped all over the place. The SEC is pretty well duped with another Sebelius Syndrome executive over there too…”systems are not rigged”…Algo Duping once again.
Cordray is doing little on the actual cause of consumers rip offs as well as the FTC as they don’t want to go there as it means math and models and really digging in other than just some additional verbiage in a law..and that too is getting more complex as how in the heck does the average consumer under half of what it out there. I don’t expect and neither should anyone all consumers self included to understand big bulks of the law but the common things that touch us are now being blown out of proportion by banks, insurers, corporations and heck we don’t get a chance and we have these Algo Duped folks like Sebelius and Cordray that say “we need more consumer education” instead of attacking the root of where the complexities begin. They also don’t have to deal with it online day to day as we do, so duped it is and blame those old dumb consumers for not being educated once again.
Here's what I said after a year...and I know I clobber you over the head on algorithms and math but that's where the control is and digital illiteracy and lack of data mechanics logic here in running the agency is putting us out to pasture again and exposing our personal data. There's no reason in the world that the government needs a data base of all US consumer credit data, period. He just gets data duped right and left. Wrong man in wrong job. I have more links at my blog post hereif you want to read a bit more and I tried to condense it down for the Koz here.
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
You can maybe contact your Congressman and tell them you don't want this just as an idea and I don't who would.