The Nobel prize-winning economist talks about how the US economy, if not already broken, is on its way to becoming so because of the rapidly rising inequality that is becoming entrenched and hereditary as the rich put in place laws that preserve their privileges. He dates the beginning of decline to 1980 when the divergence between the very rich and the rest of us began.
The full interview takes about 16 minutes and is split into three parts and is well worth watching.
(These clips appeared on July 25, 2012. To get suggestions on how to view clips of The Daily Show and The Colbert Report outside the US, please see this earlier post.)