As stocks plunged on Wednesday amid global recovery fears, Cramer said he's not going to sugarcoat it — the latest slew of economic data was bad.

After receiving weak industrial numbers and terrible harbingers of big layoffs, for example, he thinks the market deserved to sell-off. But the "Mad Money" host said the sell-off was entirely based on information the market either saw coming or should have seen coming. In other words, the market continually sells off after receiving the same kind of negative news. And it happens over and over again.

So what is an investor to do? Cramer recommends looking at what you own. Wednesday's sell-off brought down many stocks, including strong American brands, like Caterpillar , Deere , Cummins and Apple . Their stocks are worth less today, but Cramer suggested the companies aren't.

To be clear, Cramer pointed out that the U.S.'s economic slowdown is real. But how long it will last remains to be seen. Either way, Cramer's longer-term judgements about the aforementioned companies. After all, what if things start to turn around, he asked.

When this story was published, Cramer's charitable trust owned Apple, Caterpillar, Cummins and Deere.

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