The Prime Minister has vowed to use the "greatest market failure" in 75 years to commit his Government to sensible new market regulation and intervention to stabilise the economy and save jobs.
"The time has come, off the back of the current crisis, to proclaim that the great neo-liberal experiment of the past 30 years has failed, that the emperor has no clothes," Mr Rudd says in a lengthy essay for The Monthly magazine, to be published next week, The Australian reports.
Twenty years of economic reforms that have freed up the economy and given us unprecedented prosperity are now to be replaced by regulation. And the leaders of the new socialist intervention will be those Labor social democrats like Mr Rees, Mr Bracks etc. Oh dear.
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