AMY GOODMAN: Barack Obama throughout the campaign continually said that well the people should be taxed, after the Bush tax cuts, but now owing to yesterday’s address, he seemed to back off, saying well, he would let them expire perhaps, that’s a possibility, in that I think it was 2011. Your thoughts?
MICHAEL HUDSON: The kicker is when he is talking about, Obama is talking about tax, he is talking about income tax. Most wealth, is not taxed, because most wealth, takes the form of return capital gain, most wealth does not pay, if I see a wage if not others, so what Obama is talking about, well, is taxation at the margin. He is not talking about kind of wealth, and the kind of returns that Wall Street gets, which are not subject to taxation at all, in fact, the give aways, that the treasury put in to the bank available, says that because the banks are bought, affiliates that have cash, they are not even going to be subject of the income taxation. So the whole issue of the devils of detail of the small print and Mr. Obama, thanks to his appointing Summers in this aim, is going to leave it there. The Russian cryptnocrats didn’t have to tax on income, as the phrase went, only the little people pay taxes, I am afraid that’s going to be the case under Mr. Obama also.