The myth of the investor class: and why small investors still rely on government.

Although the ownership of stocks and bonds is more highly concentrated than ever, we've been hearing a great deal lately about the rise of an "investor class." This concept, used with much abandon by free-market theorists and political operatives, holds that the simple act of participating in the stock market, even if indirectly and in only small amounts, moves people into this new investor class--a class that supports as little regulation and taxation as possible, because that benefits America's companies and therefore the stock market.

How plausible is this? Should ...

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