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 I do not like the terms "fair" and "unfair".  They are polarizing words that make copyright debates a zero-sum-game-if someone benefits then it is "fair", if someone does not get the credit that they think is due them it is "unfair".  I do not think that everything in our culture has an owner.  Individuals should be compensated for their time and ideas, but to some point it becomes excessive.  I know some of the best parodies that I have seen have been of political figures, i.e. Tina Fey and Amy Poehler as Sarah Palin and Hilary Clinton respectively.  I felt that these parodies did not infringe copyright laws, and I think that it is interesting that both of the above parties appeared with their parodied cohort.  

Sometimes I wonder what the signers of the U.S. Constitution would think about society using the Constitution as a tool to moderate monetary compensation in pop culture.