Mark Kleiman notes that back when we were looking at budget surpluses, it was deemed necessary to pass large regressive tax cuts to stave off the socialist dystopia that would surely result from government ownership of stocks (don't ask about the dubious logic that failing to pass large regressive tax cuts would inevitably have this result). What we have now instead are "sovereign wealth funds" (a.k.a. foreign governmnets) buying up equity in American companies. Somehow, though, this is all fine.

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