> I oppose stock purchases for several reasons.
How come it's okay for private defined benefit programs but not the biggest defined benefit program of them all? Unions don't seem to have the problems you envision (how to vote the stock, which manager to patronize, etc.); I think I only agree with your projection that propping up the market would become a matter of national policy (I thought it already was, or did I miss something the other day when the Fed injected liquidity?).