It has become a less-risky investment. The reason why so few people see it is that those who wish to have capital flow to them, instead of the people at the bottom of the economy who have none at all, will naturally do everything they can to arrange tax and monetary policies so that happens. The blue chip companies that have heaps of collateral are far less interested in equity than in being able to borrow cheap against their assets. The government is also more interested in selling its bonds than in making it easy for people to instead buy shares in new enterprise. This is not said in a pejorative way.
Institutions are always biased toward their own self interest.
When it comes to capital, it is always a struggle for the poor to get close enough to the levers of power to tilt policy in their direction. I do thank you for your e-mail. The way it was phrased led me for the first time to think of risk labor the way we speak of risk capital. Please let me know if my explanation is satisfactory, or if not, why not. Return to top of page.