The answer, though, is not to tame financial markets through the socialization of equity, but to cut them down to size. A prerequisite for any positive program is a comprehensive attack on the power of financial markets, including the breakup of all “too big to fail” institutions, taxes on high-volume financial transactions, stringent restrictions on the creation of new financial instruments, and reductions in the share of national income going to the profits of financial enterprises. That’s a radical program, but (unlike Ackerman’s) every element of it is on the table right now, and commands support well beyond the Left.
That is a very radical program – who would support such a thing you ask? Well none other than the Australian Research Council.
Looks like the taxpayer will paying out over $2 million for radical ideas that already known and apparently already command support.