The fragility of the U.S. banking system puts the country in a more dire position than many people realize according to CNBC “Mad Money” host Jim Cramer.
It's simple. The US backed off making products and made the money the product. We became the service economy with financial services being the flagship "product."
What this means is taking the money we had, moving it around, reshaping it, stacking it up, decorating it, and charging a small percentage at each and every step along the way.
But with too little new money coming in from the sale of real products to sustain the pyramid, the foundation has cracked.