But when the government invests money for you, its decision-making is not grounded in free choice or in sound business judgment. Its decision is grounded in power and politics. The power is its ability to extract tax dollars from you even if you profoundly disagree with the way it will spend what it has extracted. The power is the government's ability to borrow cash in your name, even if you disagree with the borrowing. Since the government isn't risking its own money, but yours, it needn't worry about affording a loss.
Stated differently, the government doesn't care if it loses your money. It only cares if it loses your votes and thus loses power. Its goal is not a return on investment; its goal is staying in power. Its decision-making on risking your money is not based in sound business judgment, but on power politics. It wants to tell you how to live, and it wants you to keep it in power.
Calling this crony capitalism actually gives cronyism a good name. Capitalism is freedom. It is your unfettered ability to do with your money, as an investor, as a consumer, as a saver, as an employer, as a worker, as you wish, with no government intervention. We have seen what happens when the government intervenes: Your money goes to a place where you would never voluntarily send it. That's not capitalism. That's private ownership but government investment. That's private ownership but government control. That's extracting money by the force of law and spending it against your will. And that is called fascism.
Do we want this fascism here? It's already here.