Some liberals have been surprised since the Wall Street bailouts that the rising tide of populism has not transformed into Democratic gains or big backing for more social-welfare policies. One reason: they failed to distinguish between wealth and unearned wealth.

I think the public — especially the middle and the right — often admire those who get rich, but resent it when people get rich unfairly. Bonuses for AIG and Wall Street were upsetting not because these finance folks were getting paid well, but because they were getting paid with our money.