I heard a discussion over CNBC. A guest commentator remarked that 25% of the US economy is in the financial sector that does not produce anything. This explains why the economic situation is so bad in the USA.
My view
Actually, the situation is bad in many countries, including Singapore. The finance sector is too big, and is distorting the rest of the economy. Who wants to do the real work, when it is easy to make money by inflating the price of shares and properties? This is similar to operating a bad casino - easy to make money by pandering to the greed and gambling habits of the people. The biggest winners are the operators of the casino - i.e. the big tycoons in the financial sector.
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