J.P. Morgan hits photographer with cane This is just a brief post to explain to my old boss, Eric Schmidt, why he and his ilk are getting booed at college commencements, and why laws against data centers are getting passed. The explanation is below the fold. Let us start from an under-appreciated fact. Paul Campos reports that: The college wage premium, that is, the increased earnings associated with having a college degree as opposed to only being a high school graduate, hasn’t changed at all in the past 25 years, because median real wages have been flat as a pancake for everybody, no matter what their formal education level, for the past quarter century. But: I wonder what’s happened to capital over this time? Value of S & P 500, inflation-adjusted, 1/2000 to 9/2025 (same period as the wage data): 2000: $1,394 2025: $6,688 On average, for more than the students' entire lives, stock-owners like Schmidt and (to a much lesser extent) I have stolen every last drop of the productivity…
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