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Why Wall Street Millionaires Feel Sad

Articles recording the feelings of rage and betrayal among the super-rich never fail to amuse. Max Abelson has a great one. One that that emerges is that bankers are far less upset about any policy than the fact that they're hated:

"We've been ostracized," another source said. "I went to jury duty about a year ago, and when I said I'm in investment banking, the people in the jury room were making ugh sounds, and I'm like, fuck you. I'm proud of what I do. And I think this firm did a lot to get the recovery going. Somewhere ranked below a pimp and well operator is not right."

Actually, the more we learn about finance, the more it seems clear that the massive explosion of salaries in the finance industry have produced "innovation" with huge negative value. Which is to say, Wall Street has finally become the parasitic industry its most heated populist critics have long accused it of being.

I think Wall Streeters are deluded to blame Obama for stigmatizing them. But they probably do deserve the stigma.