While the state of U.S. manufacturing has been in the spotlight under the Trump administration, CNBC's Jim Cramer thinks that this attention is misplaced. "Two thirds of our economy is based on consumer spending," the "Mad Money" host said. "In other words, we spend far too much time worrying about our trading partners and far too little time talking about what our economy is really about: shopping for goods and services." Cramer pointed to several retail names that have beat earnings expectations in recent weeks, including , and . He believes that Wall Street analysts have been "dead wrong" in their evaluation of the retail sector, which has led to such large discrepancies between earnings estimates and reality. Read about Cramer's three main areas where analysts have missed the mark on retail here.

Washington's effect on the markets

Michael Cohen, former personal lawyer to President Donald Trump, exits from federal court in New York, on Tuesday, Aug. 21, 2018. Mark Kauzlarich | Bloomberg | Getty Images

The Trump administration was dealt two blows Monday evening. First, Michael Cohen, President Trump's former lawyer, . Minutes later, former Trump campaign manager Paul Manafort was on eight counts that included tax and bank fraud. What effect will these verdicts have on the markets? CNBC's Jim Cramer thinks that this new set of political turmoil could affect the markets in either direction. He uses as an example to demonstrate his idea. "A weakened president means a weakened dollar, which is terrific" for Johnson & Johnson, the "Mad Money" host said. On the other hand, Cramer said that "investors who believe Trump is great for the stock market might worry" about potential information sharing between Cohen and Special Counsel Robert Mueller, which could have far reaching consequences for the president and the markets. Cramer believes that the president could pardon Cohen in order to avoid this scenario. Read Cramer's full take on the latest political news here.

Cramer creates his own pets ETF

SG Hirst | Getty Images

One of the biggest trends Cramer has followed on "Mad Money" is the humanization of pets – that is, the growing number of pet owners and growing amounts of money they're spending on their furry companions. He decided to design his own Mad Money Humanization of Pets Index in order to gather all of his favorite pet stocks in one place. Cramer first included Central Garden & Pet Company, which he described as "an amazing long-term performer," and also Freshpet, the best performing pet stock of 2018. He also added IDEXX Laboratories and PetIQ, among other names. To add some diversity into his ETF, Cramer added General Mills, which recently acquired Blue Buffalo Pet Products. Although J.M. Smucker reported dismal earnings numbers, Cramer thinks it's worth including because the company's pet food brands "may just be able to save the company." Cramer's favorite pet industry stocks in his fantasy ETF are up 30 percent so far this year, giving a better return than the S&P 500. For all of Cramer's pet picks, watch here.

Exact Sciences CEO on ending colon cancer with Pfizer

Exact Sciences has partnered with Pfizer to help the molecular diagnostics company reach its long-term goal of screening 10 million people, Exact Sciences CEO Kevin Conroy told CNBC's Jim Cramer. "We think that Pfizer could be a real game-changer over the duration of the agreement," Conroy said. Exact Sciences and Pfizer announced on Wednesday that the two companies have partnered to commercialize Cologuard, Exact Sciences' only commercial product. Cologuard is a non-invasive stool DNA screening test colorectal cancer. Under the terms of the agreement that runs through 2021, Exact Sciences will be responsible for manufacturing and the laboratory operations for Cologuard. Exact Sciences currently has a 3 percent market share when it comes to colon cancer screenings, according to Conroy. Its goal for this year is to screen 900,000 to 920,000 people. Watch the full interview with Conroy here.

'Bad Blood' author on Theranos CEO

Founder & CEO of Theranos Elizabeth Holmes Gilbert Carrasquillo | Getty Images

To justify her bad actions along the way, former Theranos CEO Elizabeth Holmes really believed that she was doing something positive for the world, author John Carreyrou told CNBC's Jim Cramer. "She really did believe that creating this machine that would be able to run every test known to man off of just a pinprick of blood, that that would really be good for society and that it would do good," Carreyrou told the Mad Money host. "So I think she has this condition called noble cause corruption, which is that she ultimately believed that what she was going to achieve once she got there was gonna be a good thing for humanity. Therefore, every lie and every corner she cut along the way was justified." Carreyrou's book "Bad Blood" tackles the rise and fall of Theranos and Holmes, its founder. The Silicon Valley darling, at one time valued at $9 billion, claimed that it only needed a microscopic amount of blood for its automated blood tests. Through his reporting in the Wall Street Journal, Carreyrou found that the technology did not work as promised, and that the biotech company misled customers about the methodology and accuracy of its tests. Read the full interview with Carreyrou here.

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