The "Unreal" Economy

I read an interesting blog today by Hilzoy about a New York Magazine article entitled, "The Wail of the 1%". Both the article and Hilzoy's commentary (on Political Animal) are a must read.

Here is a quote from the article that got me. (italics are mine)

"We're in a hypercapitalistic society. No one complains when Julia Roberts pulls down $25 million per movie or A-Rod has a $300 million guarantee. We have ex-presidents who cash in on their presidencies. Our whole moral compass has shifted about what's acceptable or not acceptable. Honestly, you can pick on Wall Street all you want, I don't think it's fair. It's fair to say you ran your companies into the ground, your risk management is flawed -- that is perfectly legitimate. You can lay criticism on GM or others. But I don't think it's fair to say Wall Street is paid too much."

Wow... I need to chew on this for a while. Or maybe I am swallowing my bile.
Hilzoy's comments are appropriate, as usual.