Noah Smith
speaker
437 appearances
1 recordings
1 series
first heard Jul 2026
last heard 24 Jul
Noah Smith’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
So that's not a worry I think you should worry about, or it should be a reason to encourage a broad sovereign wealth fund that buys index funds rather than the kind of policy Donald Trump is doing with ad hoc stakes individual companies, which I do have very strong misgivings about.
The main difference there being that most people don't have the money to buy index funds and they don't have the liquidity to borrow money to buy index funds.
Yes, that's the... Yes.
That's the whole point, redistribute capital income to regular people.
So you got some person who works at a gas station.
That person could theoretically, you know, like scrimp and save and buy a tiny bit of index fund.
But the transaction costs are high.
The information costs are high.
They don't understand how to do it.
And practically, they can't borrow.
Like, what does the government borrow at?
A couple percent?
Like, even now that interest rates have risen a ton, what's the 20-year treasury rate?
I don't even know.
It's like a few percent.
Do you think the gas station worker can borrow it a few percent to buy an index fund?
You're crazy.
It's absolutely not.
There's two pieces here.
Number one is it's redistributionary.
Showing 221–240 of 437 · page 12 of 22
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