Uncle Sam: Majority Shareholder
In an earlier post, I implied that my main reservations about social-security privatization came not so much from th more-talked-about issues like its incredible cost, its anti-middle-class attitude, it guaranteed income for brokers only, but instead from concern about what whould happen if the US Government entered the stock market. If Uncle Sam is the one controlling the investments in the "personal accounts", I haven't yet been able to imagine what it would do to the dynamics of the stock market to have Sam as by far the single largest investor going.
I'm still thinking about it. Meanwhile, Marc Perkel gives his view on the matter in his blog entry "Government Control of the Stock Market Coming".