Simon Johnson on Colbert Nation

A year ago, Simon Johnson, an MIT professor and former IMF chief economist was in Barcelona telling ITFD students how a seemingly small problem in US mortgages transformed into a gozilla-style financial crisis. He has now written a book (with James Kwak) called 13 bankers, which is a splendid if rather scary read. Bottom line - if we don't take the big banks apart, the US is in serious danger of becoming a banana republic run by the princes of Wall Street, and the next financial crisis will make this one look like a small hickup. Simon was recently on Colbert Nation explaining it all.