Seventy-three years ago, John Maynard Keynes thought about the reform and regulation of financial markets from the perspective of the first three purposes and found himself “moved toward... mak[ing] the purchase of an investment permanent and indissoluble, like marriage...” But he immediately drew back: the fact “that each individual investor flatters himself that his commitment is ‘liquid’ (though this cannot be true for all investors collectively) calms his nerves and makes him much more willing to run a risk...”