The US government quietly became a shareholder in 26 companies. Someone added it all up (moeonmargin.substack.com)
The move that recurs isn't a stock purchase — it's the off-take deal, where Washington becomes co-owner, co-funder and guaranteed customer at once. The MP Materials template: a stake plus a 10-year rare-earth price floor plus a promise to buy the output.
HN reached for every ideology at once — socialism, fascist corporatism, state capitalism. The most grounded voice wasn't reaching: a former Obama/Biden-adjacent policy hand, now a VC, called it bipartisan industrial policy with a long lineage, not an aberration.
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