President Donald Trump has used the power of the presidency to become an activist investor, buying government shares in a handful of companies. Trump touts this as profitable for the country, but the dangers are real, and the benefits will mostly accrue to insiders who gain power , influence, and insider knowledge.

This is what happens when government gets entangled with industry: The big and politically connected businesses benefit, as do the politicians and bureaucrats, and the lobbyists who run between them.

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That’s why I’ve criticized Trump’s activist investor model , his proposal for a sovereign wealth fund , his “ government-by-

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