Newsweek Jonathan Alter was on the Colbert Report last night promoting his new book. Some funny exchanges ensued.

ALTER: Remember the 1920s… On the economy, we had this idea that if was good for Wall Street, it was good for America.

COLBERT: It is good for Wall Street, it’s good for America. You know how I can prove it? Because now, what’s bad for Wall Street, is also clearly bad for America.

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Katia Bachko is on staff at The New Yorker.