Blogger Nick Stoller describes the consequences thus:

"I was idly thinking about social security and how the Republicans are going to privatize it and I had the following paranoid thought.

If the Republicans privatize Social Security then every American will have something most currently don't: stocks. Stocks are a stake in the welfare of our corporations... in the short term.

Stockholders tend to want stocks to go up no matter what the cost to society. Which means that all these new American stockholders will be able to be turned against anything or anyone that hurts stocks in the short term.

These things include:
1. Regulation against Corporate Malfeasance.
2. Corporate Taxes
3. Unions
4. Any cost that corporations claim hurt them in the short term which, according to corporations, is everything except ridiculous CEO salaries and option packages.

For example, when someone like Eliot Spitzer uncovers a major corporate scandal, a Republican will be able to say "He's attacking your retirement fund."

When the employees of a company try to unionize, a Republican will be able to say "they're attacking your retirement fund."

When a community refuses to let a Wal-Mart build in their neighborhood, a Republican will be able to say "They're attacking your retirement fund."

I hope I'm being paranoid. But I don't think I am.

No, I don't think he's being paranoid. I think this is what awaits us in the "ownership society."