2. Roughly, anyone who tells you to "whistle while you work".
3. One who plays the skin flute for his corporate daddies in exchange for Ass Tokens.
The word 'highfallutin' is based on a midwestern slang pronunciation of high + fluting or flutin'. The adjective is meant to humorously contrast the fancy and ghey sounds of a flautist (flute player) with the seriousness of everything else in the real world.
My boss has been listening to that high-fluting economist on Fox News and now he's got the Ayn Rand Effect so I could get fired just for showing up today.