Hudson puts the bailouts in a perspective that the current Financial Crisis Inquiry Commission is unwilling to do. His description of the recent activities of the banking/Wallstreet elites illustrates how capitalism is a criminal enterprise.
At issue is the concept of capital. Does money that is made by short-term, computer-driven financial trades qualify as “capital formation” and hence deserving of tax breaks? Are the billions of dollars of “earnings” reported by Wall Street speculators to be taxed at the low 15 per cent “capital gains” rate? That is only a fraction of the income-tax rate that most workers pay....