I agree with you that it’s a bad idea, I just don’t think there are many in the US right now who care. And I myself have to grudgingly accept that industrial policy is probably going to happen in areas like strategic resources, even if I don’t like it. I just think it has to stop at a very low level, or you quickly end up with the government owning 25% of Blackrock in order to prop up the market.

Do I think we have that kind of restraint? No. It’s probably going to end up this way. Our future is all the bad parts of China without any of the good.