Financial Crisis, simplified

I just heard a fantastic episode of This American Life on NPR that was absolutely the best explanation that I've heard of our current financial crisis. As someone who knows next to nothing about economics or finance, I felt like I really understood what was going on after listening to this show. Unfortunately, it was also extremely alarming, as the "Wizard of Wharton," a business school professor, explains that the last time our cumulative debt equaled GNP, as it did in 2007, was in 1929. "Bad Bank" episode of This American Life. 30 second promo here