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Even that is open to massive bias. Who would vote to curtail the 7 tech giants when their own portfolio is basically the SP500 those companies dominate?

The SP500 is probably the most popular investment in America, perhaps aside from housing. Wouldn't hurt to have lawmaker's fortunes broadly aligned versus narrowly aligned with specific corporations.
That can go very poorly like in 1929, 1965, 2000, etc. and it is going to go poorly again and show everyone why it is a bad idea.

https://www.currentmarketvaluation.com/models/s&p500-mean-re...

Whenever the S&P 500 craters, it is the best time to buy. Warren Buffet talks about it all the time: "Don't bet against America." There is no other large rich nation on Earth with such a dynamic economy. That (partly) explains why the US can bounce back so quickly (compared to other countries) from devastating economic downturns.

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