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Precisely. Academies used to be a great way to nurture home grown talent in a way that reflects the ethos of the club, but now they're little more than factories to grow talent to sell to richer clubs for a profit. All clubs do it to some degree, poaching players from the lower divisions. I'm not sure what can be done about it on a legal level, but the system just seems designed to favour clubs that're already at the top of the pile. Bale originally came from Southampton, after all, so, to a Southampton fan, Spurs losing him to say Man City is no different than them losing him to Spurs.
It's a culture thing more than it is a legal one. I remember growing up (cue violins) at a time when West Ham were able to keep a top international player like Trevor Brooking for the entire length of his playing career, even at times when the club was firmly established in the then second division. No way would something like that happen now.
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