Saturday, February 25, 2012
1) Here's some more interesting data. According to government statistics (and as set forth by the University of California, Santa Cruz), the total net worth of the top 1% in 1983 was 33.8% of the country's total wealth, and their total financial wealth represented 42.9%. By 2007, these numbers changed to 34.6% and 42.7%, respectively - not exactly a humongous difference (and in fact a reduction when it came to financial wealth). You'd think, wouldn't you, what with all of this "the rich are getting richer" rhetoric, the emergence of the 99% movement, etc., that the disparity in wealth statistics would show at least a little bit more than the margin of error? I was certainly surprised by the numbers.............2) The left is always ragging on Austrian economics, that its practitioners arethoroughly nutty, etc.. But, I gotta tell you here, folks (and, no, I'm not a strict adherent to this or any other school of thinking, that you very much), they have a hell of a better track record of predicting things than do the Marxists, Keynesians, and Monetarists. That's for sure. Back in 1928, Ludwig Von Mises predicted the Great Depression. In the '70s, Murray Rothbard predicted stagflation. And various other "Austrians" have also predicted the tech and housing bubbles (Peter Schiff and Ron Paul were especially prescient in this regard) of the past two decades. I mean, I don't know if this alone signifies any sort of greatness but it is pretty damned impressive, I think.............3) Randy Edsall's 2-10 opening season at Maryland is rapidly becoming less of a mystery. According to some of the stuff that I've been reading on the Maryland blogs, a total of 23 players have left the team since Mr. Edsall's arrival. They've either been kicked off the team, transferred, or simply quit the sport entirely. I guess that this Edsall guy is staunch disciplinarian and a lot of the players simply couldn't deal with it. The good news (if, that is, you're a Maryland fan) is that Edsall is now recruiting "his" players (some of which are flat-out blue-chips, btw); individuals who apparently like that style of leadership. And if his experience at UConn is any indication of what the future holds, the performance on the field will eventually reflect that soon. Fingers crossed.