I guess I see the promise of any given return as orthogonal. If the anticipated return is 1% or if it is 3% it is what it is.
Backstopping the obligations IMO is orthogonal to it.
To me, having taxpayer funds as a backstop creates a moral hazard such that mismanagement or poor performance simply results in someone shrugging their shoulders and going…. well don’t worry about it, taxpayers got your back.
