Explaining ‘Capital’

first_img On Friday March 6 at Harvard Law School, renowned economist Thomas Piketty, professor of Economics, EHESS and at the Paris School of Economics, visited the law school to debate his bestselling book Capital in the Twenty-First Century with several Harvard faculty, including: Sven Beckert Laird Bell Professor of American History, Harvard University; Christine Desan, Leo Gottlieb Professor of Law, Harvard Law School; David Kennedy, Manley O. Hudson Professor of Law, Harvard Law School; and Stephen Marglin, Walter S. Barker Chair in the Department of Economics, Harvard University. It’s been just a year since Thomas Piketty’s “Capital in the Twenty-First Century” turned the respected French economist from the University of Paris into an academic and publishing rock star. Few could have imagined that a nearly 700-page text tracing wealth and income-distribution patterns in 20 countries as far back as the French Revolution would become a worldwide million-plus seller.Harvard University Press (HUP) released the English translation — done by Arthur Goldhammer, co-chair of the Contemporary Europe Study Group and chair of the Visiting Scholars Seminar at the Minda de Gunzburg Center for European Studies (CES) — in March 2014. Already, it is the second-biggest seller in the publisher’s 102-year history.Piketty’s status showed little sign of fading during his March 6 visit to Harvard to speak about the book before an overflow crowd inside Austin Hall at Harvard Law School (HLS). He focused on three key points from his groundbreaking research: the trends of income inequality dynamics in countries, including the United States, using tax records from the last 100 to 200 years; the return of very high wealth-income ratios in countries with low economic growth; and that as the net-of-tax rate of return, or r, continues to outpace the growth rate, or g, future wealth-inequality levels may reach or surpass those of the 19th century.Sven Beckert, Laird Bell Professor of American History in the Faculty Arts & Sciences (FAS), Christine Desan, Leo Gottlieb Professor of Law at HLS, David Kennedy, Manley O. Hudson Professor of Law at HLS, and Stephen Marglin, Walter S. Baker Chair in the Department of Economics, later offered assessments of Piketty’s work.Piketty joined 40 faculty and students from the Political Economy of Modern Capitalism Workshop for a discussion at a private luncheon held earlier in the day at the Harvard Faculty Club, where he talked expansively, touching on the book’s widely critiqued equation for explaining growing income inequality.“First, about r > g. To me, this was more like a marketing trick — and apparently it worked,” he joked. “Look, I don’t seriously believe that you can explain everything in three centuries of the history of income and wealth in 20 countries with one equation. If I really believed this, the book would be 10 pages long.”“The book is so long is because I try… to describe the multidimensional history of capital and capital ownership. I try to show that all the different capital assets give rise to different bargaining processes, to different institutions, to different legal rules, to different negotiations processes between the owners of capital and those who don’t own much capital and mostly own their labor.”The workshop, co-led by Beckert and Desan, is a long-running research seminar under Harvard’s Program on the Study of Capitalism. It draws students and faculty working in an array of fields — including history, economics, law, government, business, sociology, and anthropology — who take a multidisciplinary approach to the study of capitalism.It’s a method Piketty supports. “I think the boundaries between economics and history and sociology are much less clear than economists have tried to pretend,” he said.Despite near-universal acclaim from many left-leaning economists, some critics, including The Financial Times, Bill Gates, and others, have challenged the precision of Piketty’s data, and the effectiveness and practicality of his proposal to institute a global wealth tax. The tax would increase on a sliding scale from 0.1 to 0.5 percent on wealth less than €1 million to 10 percent on wealth of several hundred million and up.Such a tax, Piketty writes, would “contain the unlimited growth of global inequality of wealth, which is currently increasing at a rate that cannot be sustained in the long run and that ought to worry even the most fervent champions of the self-regulated market.”“Many of the critiques of the deficiencies that have been pointed out, I very much agree with them. I think there are strong limitations to this book,” he said during the luncheon. “But I try to take a global perspective of the distribution of income and wealth over the past three centuries, so of course there’s no way you can do that in just one book. This is at best an introduction to a history of capital and wealth and income since the Industrial Revolution, and there are many issues which are clearly not covered as much as they should [be].”Piketty said the data show that the sustained power of inherited wealth through history undercuts widely held beliefs of meritocracy and productivity often used by the rich to explain why they have more.“What’s important is not to take for granted the claims that meritocracy is working,” he said. “In every country, including the United States, including France, of course, as well, you have very strong theoretical claims about the merits about the national educational model as a way to promote” upward mobility.“So should we tax the endowment of Harvard? I don’t know,” said Piketty. “I care about education more than taxation. I care about taxation as a way to finance education and other public good, but in the end, I think the issue of equal access to higher education is a bit more important.”Beckert said that the book gets at the heart of the complexities bound up in capitalism.“In some ways it’s a pessimistic reading both of the long history of capitalism and also of the contemporary state that we are entering, and it’s sometimes a frightening reading of how we might continue to evolve in the direction of ever-greater inequality and what that means for democracy and for politics more broadly,” Beckert said of “Capital.”“But on the other hand, what I appreciate about him so much, and I think that’s also the case for students, is that he opens up a space to discuss these matters and also he insists on the importance of politics. That we can shape the world in which we live, we’re not just victims of a kind of large, historical process about which we cannot do anything.”Piketty’s visit was sponsored by the Minda de Gunzburg Center for European Studies; the CES Seminar on Social Exclusion and Inclusion; the Cultural Services of the French Embassy in the U.S.; Program on the Study of Capitalism; the Charles Warren Center for Studies of American History; and the Institute for Global Law and Policy at HLS.Thomas Piketty visits HLS to debate his book ‘Capital in the Twenty-First Century’ <a href=”https://www.youtube.com/watch?v=3ofjozfEr-U” rel=”nofollow” target=”_blank”> <img src=”https://img.youtube.com/vi/3ofjozfEr-U/0.jpg” alt=”0″ title=”How To Choose The Correct Channel Type For Your Video Content ” /> </a>last_img read more

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C-NS, Liverpool ice hockey game snowed out

first_imgThey were supposed to be together again last Friday night, the Cicero-North Syracuse and Liverpool ice hockey teams each in need of a victory for different reasons.The Northstars wanted to build a win streak before it headed into the Section III Division I playoffs, while the Warriors simply was looking to avenge a 5-3 defeat to C-NS on this same Twin Rinks ice in late December.But heavy snows, a rare commodity in this Central New York winter, returned early Friday, postponing the game, which will get made up this Friday at 6 p.m. as the regular season winds down. Tags: C-NSice hockeyliverpool Liverpool met up with Watertown IHC last Wednesday night and played the Cavaliers to a 3-3 tie. At 6-9-3 overall, the Warriors host Rome Free Academy Tuesday just as C-NS takes on first-place Syracuse.Share this:FacebookTwitterLinkedInRedditComment on this Story center_img C-NS had taken on Mohawk Valley last Tuesday at Rome’s Kennedy Arena and rolled past the Raiders 8-2, scoring twice in the first period and then erupting for five goals in the second period to get away.And the big story of the night took place during that second-period surge. Matt Cramer passed it to Ava Fields, who put home the goal – the first scored by any female player in C-NS hockey history.All told, Cramer had two goals and two assists, with Aidan Long also scoring twice. Fields joined Devin Freeman, William Madely and Tyler Murray earning single goals as Holden Sarosy and Aiden Mackenzie had two assists apiece.last_img read more

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Steelers bounce back with a ‘Statement Win’

first_imgLe’Veon Bell (26) tries to break the tackle of Carolina Panthers’ Thomas DeCoud (21) during the second half of an NFL football game in Charlotte, N.C., Sunday, Sept. 21, 2014. (AP Photo/Mike McCarn)Just as quickly as we all buried the Steelers after the Ravens loss, the team rebounded with a huge win, dominating the Carolina Panthers. Just as quickly as they won that game, we need to remind ourselves not to anoint these guys as the class of the NFL either.  We still don’t know who the real Steelers are but they sure looked good, for at least one night.The team played a complete game on both sides of the ball and special teams too. Big Ben was on point, completing 22 of 30 passes for 196 yards and two touchdowns. Ten of those 22 completions were to Antonio Brown as he was finding the ball wherever he was on the field, including in the end zone twice.The running game was the real force of the offense and proved to be extremely valuable as LeVeon Bell ran for 147 yards and LeGerret Blount for 110, allowing the black and gold to control the clock for nearly 35 minutes of the game.The defense was also rather ferocious, creating a turnover on a forced fumble, obtaining three sacks and hitting the Carolina QB’s six more times. They flew to the ball, looked fired up and played a very complete game when they needed it most.The black and gold special teams showed up as well, creating a turnover and scoring a TD off of it as well as Sean Suisham being true on all three of his field goal attempts.It was certainly a night to remember and one they needed in order to keep pace with the undefeated Bengals and the now 2-1 Ravens as well.NEWS, NOTES, UPDATESGame Ball: Antonio Brown. He was electric, catching 10 balls for 90 yards and two TD’s. When he’s making the big plays, the offense is hard to stop.Still a Discipline Problem?: The team had 11 penalties for 91 yards. That’s far too many errors and they need to reduce those.Injuries: Jarvis Jones separated his wrist and has already been placed on the IR list, designated to return. That means he’s out at least eight weeks.  Ike Taylor broke his arm.  Ryan Shazier injured his knee. Mike Tomlin has admitted all the injuries are “significant”.Rumor: With the injuries to the two starting linebackers, James Harrison may make a return to Pittsburgh afterall.2-1, up next vs. Tampa BayMike Pelaia hosts the website Steel Nation Association www.steelnationassociation.com– Covering the Steelers and helping Children’s Hospital All Day Everyday. You can e-mail him at [email protected]last_img read more

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Folk Singer At Olympia Timberland Library

first_imgThe Olympia Timberland Library is at 313 8th Avenue. For more information, call the library at (360) 352-0595 or go to www.TRL.org. Facebook0Tweet0Pin0 Touring folk singer Debra Cowan will give two performances at the Olympia Timberland Library on Wednesday, October 3, one for children and one for the grownups.“Silly Songs and Funny Folk” will be presented for young children at 10 a.m., before the library is open. (Enter by the Adams Street door.) Cowan returns to the library to perform “Women and the Sea” at 7:30 p.m. Both concerts are free of charge.The emphasis for the children’s show is on laughter and the plain joy of singing. The program will include songs children find hilarious, such as “Safari Up My Sister’s Nose” by Peter Alsop and “My Brother Threw up on my Stuffed Toy Bunny” by Barry Louis Polisar. Cowan uses a variety of funny voices in her interpretation of John Prine’s “Bottomless Lake,” and sings humorous lyrics to classical music melodies of Beethoven and Johann Strauss.Cowan will teach simple refrains and choruses of traditional and contemporary songs to encourage the children to sing along. Kids will have the opportunity to learn entire songs such as “Wild about Horns on Automobiles” and “The Stars at Night” so that they can take them home and share them with others.Cowan’s evening show centers on maritime songs and stories that highlight the women’s diverse relationships with the sea. There are the wives, mothers and lovers waiting for the fishermen and sailors. “Polly on the Shore” is a traditional song with many versions, full of lament and regret, but Cowan sings of a sassy and independent Polly in a contemporary song by the UK’s Lester Simpson.In one traditional ballad the woman is a ghost, the “Dreadful Ghost,” taking her revenge on her false sailorman. Then there are the women who went to sea themselves, often passing as men, and the many twists and turns in their stories.Cowan’s shows are interactive. She involves the audience in her songs, joking between them and explaining where the music comes from. Her voice is a warm, clear alto that blends Celtic and Appalachian styles. She performs a cappella and with guitar in the tradition of folk singers like Joan Baez and Judy Collins, interpreting contemporary and traditional songs from England, Ireland, Scotland and North America. She tours extensively in North America and the United Kingdom. Cowan has recorded three CDs. Her website is http://debracowan.com.“Accompanied or unaccompanied, she presents a song with exceptional story-telling skills and a keen understanding of traditional music that is rare among her contemporaries.” ~Folk-Legacy Recordslast_img read more

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Giants call up power-hitting outfielder Jaylin Davis from Triple-A

first_imgST. LOUIS — The Giants have had trouble scoring runs in their first two games in St. Louis this week, so the front office set out to find a solution.Power-hitting outfielder Jaylin Davis might be able to help.The Giants announced Wednesday that Davis was selected to the 40-man roster and called up from Triple-A Sacramento to join the club in St. Louis. To clear space on the roster for Davis, San Francisco transferred reliever Reyes Moronta (right shoulder strain) to the 60-day injured list. …last_img read more

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Draft tax laws up for public comment

first_img6 June 2011The National Treasury has released a draft of the 2011 Taxation Laws Amendment Bills (TLAB), which includes personal income tax relief, for public comment.The draft was released on Thursday, which gives effect to the budget review tax proposals that were announced in the Budget in February.“The [draft] includes most, but not all the 2011 Budget proposals, as some proposals require further work or consultation; the taxation of gambling winnings and contributions to retirement funds are thus not included,” the Treasury said in a statement this week.“These outstanding matters will be covered by separate legislation in the form of a second set of bills.”Formal hearingsThe draft is published for public comment before formal introduction in Parliament. The standing committee on finance convenes informal hearings on these draft bills and considers public comments received.The National Treasury and the South African Revenue Service (Sars) will consider all the comments received, and thereafter submit a response document to the standing committee in August.“The draft Bills are then revised and formally introduced in Parliament by the minister of finance [expected to be in early September],” the Treasury said.Tax bracket adjustmentsThe draft legislation deals with personal income tax relief through adjustments to the personal income tax brackets and rebates amounting to R8.1-billion, and the introduction of a third rebate of R2 000 per year for taxpayers 75 years and older.It also proposes an increase in the tax-free interest-income annual threshold from R22 300 to R22 800 for individuals below 65 years and from R32 000 to R33 000 for individuals aged 65 years and older, among other matters.The draft legislation and explanatory memorandum can be found on the National Treasury website www.treasury.gov.za.Comments should be submitted to the National Treasury via Nomfanelo Mpotulo at [email protected] and to Sars via Adele Collins at [email protected] by 4 July 2011.Source: BuaNewslast_img read more

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Rain in Punjab and Haryana to boost wheat crop

first_imgWidespread rain during the last two days in Punjab and Haryana is expected to boost wheat crop sowing this rabi season, officials and experts told The Hindu.An expected drop in minimum temperature during the first week of December would also help the temperature-sensitive wheat crop, which needs cold conditions to thrive.Rain and thunder showers at most places in Punjab and at many places in Haryana during the past 48 hours have brought cheer to farmers, especially the wheat growers who were in for another round of irrigation this month. The west Uttar Pradesh region also received isolated showers, according to the India Meteorological Department (IMD).“The current active wet spell over Punjab and Haryana is mostly over and thereafter the weather conditions are likely to improve with an expected fall in minimum temperatures in the first week of December,” said Surinder Pal, Director at the India Meteorological Department, Chandigarh.According to government data, in Punjab 75% of wheat sowing has been completed. The total sowing in the State is expected to be around 35 lakh hectares during the ongoing rabi season. In Haryana, wheat has been sown on nearly 18.05 lakh hectares so far. Both States are major contributors of wheat to the central pool.‘Welcome showers’“These are welcome showers. Sowing of wheat had started in early November and now it has reached the crown-root initiation stage. For farmers who have sown the crop in early November, it’s time for second irrigation of the crop, and hence, the rain has come at the right time. If at this stage the crop is not irrigated, it could result in less yield,” Anand Sharma, Deputy Director General of the Agromet Advisory Service Division at IMD said. Wheat is sown between late October till December while the harvesting starts from April onwards.last_img read more

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SOUTH EAST QUEENSLAND TOUCH LEAGUE ROUND NINE WRAP

first_imgRound Nine of the PowerAde Isotonic South East Queensland Touch League (SEQTL) was played at the Brisbane Metropolitan Touch Association’s Whites Hill complex on Friday 10 August 2007.The second last round of games produced some great contests as teams across all grades stepped up performance and intensity levels with the 2007 Finals program just around the corner. In the early game of the PowerAde Isotonic SEQTL Men’s Open competition on Friday night, Country Club United (CCU) reaffirmed themselves as end of season specialists with a decisive 6-3 victory over a Colts combination that was lacking the cohesion and flow of recent weeks.Brent Madders was outstanding for CCU, whilst Brett Hughes continued his good form this season with another stand out performance for Colts.Dodgers took a share of the competition lead with CCU after completing a comprehensive 11-4 drubbing of Tigers at 8.10pm.Australian Men’s Open guns Peter Stoddart and Nathan Jones led Dodgers brilliantly and the defending premiers are timing their title defence well coming into the business end of the season.Southern Storm, with Australian Mixed Open star Ben “Boozer” Mc Cullen, and 2007 Australian Men’s Open World Cup aces Drummayne Dayberg Muir and Jason Stanton calling the shots completed a comfortable 10-6 victory over University Rebels.Ryan Pollock was also at his industrious best for Storm, whilst Damian Moar continues to shine in a Uni-Rebels side that crossed for six touchdowns of their own in a highly entertaining contest that was played in good spirits by both teams.In PowerAde Isotonic SEQTL Women’s Open action, 2006 Grand Finalists Southern Storm showed their enormous depth when, despite missing six regular Division One players, they prevailed with a comfortable 5-1 victory over Colts. Storm dug deep in a contest that had plenty of feeling in it, with Emily and Sam Hopkin, who have been in commanding form in recent weeks, leading the way for the Southside club in a battle that was extremely physical.Master of the mind games, Australian Women’s Open Captain Sharyn Williams stepped up and inspired her young Storm team to meet the challenge issued by the bustling Colts outfit.Missy Tyack and rookie Mtia Tass also played strongly for Storm who called up former Australian Women’s Open legend Catherine Bell to her first Division One game in five years. Bell answered the call from Coach Wayne Grant admirably to chip in and help her club out when it was most needed. Colts were best served by Meg Ballon and Lauren Potter who never stopped trying to lift their team.Colts were without their marquee player Australian Women’s Open star Peta Rogerson, but it was still a below par performance that Colts, a quality combination, will be keen to atone for this week.Both these sides meet again this Tuesday night in a catch-up game that will, along with the last round of fixtures have a big bearing on the finishing positions of the top four.Crushers and Country Club United played out a highly competitive 2-2 draw in the 8.10 pm game on Field 2.CCU got off to a good start to go 2-0 up at the break with Australian Mixed Open star Rebecca Tavo, Kate Adams, and National 18 Years Youth player Kelly Jones leading the way.Crushers, boosted by a half-time address from Australian Men’s Open star Jason Stanton, came out a focused outfit in the second half with relentless defence being rewarded with a glut of possession that allowed them to claw their way back into the contest and claim an honourable 2-2 draw.National Youth squad member Kathrine “Dooie” Moore, Margo Mackintosh, and  Melissa Cragg led the inexperienced Crushers team well, with 13 year-old Michaela Jacks again proving her mettle at this level with an impressive display.In the late game at 9.00pm on Field 7, Dodgers defeated defending premiers University – Rebels 4-3.Dodgers looked to have the contest well in hand for the duration with good drive and intelligent ball movement a feature of their performance.Kiwi International Anita Kerrigan, Australian Mixed Open playmaker Amy Fong, and 2006 Queensland Mixed Open representative Nicola Slade were key contributors for Dodgers, whilst Australian Women’s Open 2007 World Cup stars Teena Mc Ilveen and Roxy Winder, and Barbarians Women’s Open player Tamara Appo tried valiantly to inspire a late comeback from the premiers.The final round of the 2007 PowerAde Isotonic SEQTL will be played this Friday 17 August 2007 with some key match-ups to decide the finishing order of the top four in the Elite Men’s and Women’s Open divisions.The Men’s Open top four are all capable of winning the premiership and Friday’s tenth and final round will set the scene for an engrossing finals series in coming weeks.Colts will be looking to keep their Major semi-final berth hopes alive by securing the three points against Tigers in the 7.20pm timeslot.Colts will need to win, and then rely on either CCU or Dodgers to lose to get “two bites of the cherry” for the semi-final series.CCU will be looking for the win against Uni-Rebels at 8.10pm to wrap up a spot in the top two.Dodgers and Storm will meet in a pivotal contest at 9.00pm with Dodgers desperate for the points to secure a major semi-final berth as well. Storm, arguably the most dangerous attacking unit in the competition, will suit up for the minor semi-final regardless of the outcome Friday night, and will be looking to set up their finals campaign with a good performance Friday night.In the PowerAde Isotonic SEQTL Women’s Open competition the top four is clear, however the make-up of major and minor combatants is still to be resolved.The catch-up game between Colts and Storm this Tuesday and the final regular season round games will have an impact on the finals games.CCU will meet Colts at 7.20pm, Dodgers will take on Southern Storm, and Crushers will battle with Uni-Rebels at 9.00pm.PowerAde Isotonic SEQTL action continues Friday night in the Division Two and Three A/B divisions with key contests having a bearing on semi-final composition.For further information, draws, ladders, and results please visit the Brisbane Metropolitan Touch Association web site: www.bmta.com.aulast_img read more

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Hunter Maritime Acquisition Extends Tender Offer

first_imgzoom The Marshall Islands-based Hunter Maritime Acquisition Corp. has extended its previously announced tender offer to buy up to 8,233,100 of its Class A common shares until 5:00 p.m. New York City time on June 2, 2017. With a value of USD 0.0001 and a purchase price of USD 10 per share, the Class A common shares are currently listed on the Nasdaq Capital Market.The tender offer has been made in connection with the company’s proposed acquisition of five identified Capesize dry bulk carriers.As World Maritime News earlier reported, the ships would be bought in an en bloc transaction from Germany’s Oskar Wehr for a total of USD 139.4 million. The acquisition is subject to the satisfaction of relevant condition.Hunter Maritime said the tender offer is being made pursuant to the company’s organizational documents to provide its public shareholders with an opportunity to redeem their Class A common shares for a pro rata portion of the trust account established to hold the proceeds of the company’s initial public offering consummated on November 23, 2016.The company intends to fund the purchase of Class A common shares in the tender offer with cash available from the trust account.last_img read more

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UConn Is 1 Win From Being The Streakiest College Team Ever

After the University of Connecticut Huskies won their 109th straight game Monday, their chances of winning the NCAA women’s basketball tournament and carrying that win streak into next season remain just about steady at 48 percent (down a tick from 49 percent after round one), according to FiveThirtyEight’s March Madness predictions.Up next for the Huskies is No. 4-seed UCLA, a team that was ranked 15th at the end of the season and that UConn hasn’t played since 2014. If UConn wins that game, it’ll have 110 straight wins, moving it clear of Penn State’s 109 consecutive wins in women’s volleyball in 2007-10 — acknowledged as one of the longest winning streaks in collegiate sports history.Both streaks are over twice as long as the next-longest streak by any other entity in their sport. Before Penn State’s mark, the longest win streak by any other team in Division I women’s volleyball was USC’s 52 games in 2002-04. The longest streak in NCAA women’s basketball by a team other than UConn was 54 games by Louisiana Tech in 1980-82. (For comparison, UCLA men’s basketball’s heralded 88-game win streak was only 28 games longer than the previous record-holder’s.) Of course, Geno Auriemma’s UConn squad also holds the second- and third-longest streaks in women’s NCAA basketball, as well as the fifth-longest, which ended one game before the current streak began.VIDEO: How the Villanova and Duke losses shook the bracket Indeed, the Penn State streak may be the longest that is directly comparable to the current Huskies run. There doesn’t appear to be any official list of longest streaks across all sports, but the generally acknowledged record for a team winning streak is the Trinity College men’s squash team, which won 252 straight team meets from 1998 to 2012. Similarly, the University of Miami won 137 team tennis contests in 1957-64. But a team’s squash or tennis meet winning streak isn’t really the same as a game or match streak in a team sport, since each meet is a collection of smaller matches from an individual or pairs sport.Individual sports have generated streaks longer than UConn’s. Cael Sanderson of Iowa State won 159 straight matches to go 159-0 in his collegiate wrestling career (other wrestlers have won more in a row than UConn’s 109 as well). But comparing individual dominance to team dominance is suspect. And other acknowledged streaks can be even more dubious, because they come from lower divisions or carve out a subset of games played — like Mount Union winning 112 straight regular-season games in Division III football.In other words: Don’t miss Saturday’s game! The Huskies will be playing for a claim to the longest winning streak in collegiate team sports history.But things get harder from there. To win this tournament, there’s a good chance that UConn will have to beat three of the next four highest-ranked teams. Barring upsets, the Huskies would face Maryland in the Elite Eight, Baylor in the Final Four and either Notre Dame or South Carolina in the final. If the Huskies face the Irish, they’ll be matching up against the team with the second-longest current win streak in NCAA women’s basketball, 16 games.Check out our March Madness predictions. read more

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