See the documentary Inside Job – a forensically researched, superbly delivered film about the 2008/2009 financial collapse – to see what the Euro leaders really have to deal with, the rating agencies delivering them an ultimatum.
Why haven’t we had a detailed analysis as we see in Inside Job presented to us by big media?
Some empirical facts to ponder: “The financial services industry’s share of profits increased from 10% in the 1980s to 40% in 2007, and the value of its shares (in the overall) went from 6% to 23%, while the industry only accounts for 5% of private sector employment.” Household debt in the U.S. grew from 3% of disposable income in 1998 to 130% in 2008. Prime mortgage delinquency as a percentage of loans increased from 2.5% in 1998 to 118% in 2008 – Manuel Castells.
Initially this post was about Facebook dismantling its groups. The issue then: Many people spent an enormous amount of time developing them and asking people to join. Because of widespread concern and protest by Facebook members FB resolved this and groups could keep their members. At the time I wrote: “Facebook is fast acting like a corporation acting in concert with other corporate or shady political interests – not a borrowed idea from a dorm at Harvard existing only because a lot of people use it. If Facebook is about anything it is about each and every one of its members – Facebook is nothing without the people who bother to use its pages.”
Facebookers should be informed of what this new FB policy is and what it means and then they should be asked whether they agree to the use of data that was once ‘private’ between FB members.
Facebook should reflect the members that make it up. Facebookers are not a resource to be exploited for profit in this way by Facebook’s founders (this was not the original ‘pitch’ or purpose of Facebook). If use of private data does happen, at the very least it should be only with prior full agreement of Facebook users.
If Facebook wants to charge for the service then they can and people can opt out of the FB site if they so wish – taking their data with them, not leaving it behind for commercial use.
If I buy a house I get the house and grounds, not the furniture and fittings inside and outside, unless it is in the contract of sale. Facebook do not own the data, (though I am sure their lawyers would say they do). They have already profited hugely from having such a huge number of users, but they don’t own Facebookers or their private and personal data.