Seems to me you do in fact get the distinction between productive capital  
and speculative capital. A good Ponzi scheme is not back until it collapses.  
Profits to be made from that side of the business constituting productive  
capital has never been bad business. 
On the other hand this category called "industrial capital sector" or a  
"crack between industrial capital and finance (finance!!)" is well . . .  

Industry = industrial capital. How amusing. 
The industrial capitalists can be found in your local museum, standing to  
the left of the merchant capitalist.
Wait a minute. Because GE also sells commodities and some one must sell  
these commodities to the consumer, its capital is really a form of merchant  
capital because someone brought the product from GE, and sold it to someone  
Buy such a thinking man a beer. 
I did follow some of the links CB provided and it seem to me he had not  read 

In a message dated 1/7/2009 1:12:16 A.M.  Eastern Standard Time, writes:

>>Speculation as speculative capital, denotes something different  than
speculation - risk taking, on the part of finance capital during  the
era of  Lenin. Speculative capital as a concept means investment and  risk 
taking on the  basis
of financial institutions more than less  detached from production of
commodities. Speculative capital as a form and  sector of capital rises
to  domination on the basis of revolution in the  productive forces.<<

The irony is--I would bet my money!--that so  much money pours into
speculative finance because the motive behind moving  the money is
thinking like this: this is a surer and higher return on my  money than
anything else, including direct investment into something  producing a
good or service.

Take GE, it makes most of its money (or  at least up until recently) as
a straightforward finance capital firm through  its financial arms. It
also makes money manufacturing for military,  governments  or for
markets where it almost enjoys a monopoly. And one  of the best ways to
make money manufacturing for the US military is simply to  win the big
contract and then squeeze profits out of all the sub-contractors  who
actually do all the work.

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