Cramer: Credit pain overwhelms consumer gain

Jim Cramer is witnessing a battle between the joy of consumers and the pain of the producers. On a day when the Dow Jones industrial average dropped 268 points, the agonizing screams of the producers won the battle. Squeaky wheel gets the grease, right?

There is still some good news, though it seemed overshadowed Wednesday. Consumers are benefiting at the gas pump to the point where it is unbelievable how cheap gas is. That's like a free tax credit, right in your wallet.

"Since the great recession, however, we're saving more, borrowing less, and making more products for export than at any time in ages. That's a good thing, not a bad thing, so let's not lose sight of it," the "Mad Money" host said.

A customer refuels his vehicle at a U-gas station in Miami.
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A customer refuels his vehicle at a U-gas station in Miami.

The price wars between Sprint, T-Mobile and Verizon will likely bring down phone bill prices. Additionally, weaker currencies overseas signal that it is cheaper for the U.S. to import goods. These are all good things.

So, what happened?

"Simple: We're just not importing cheaper goods from overseas for the moment, we're also witnessing the stress in their countries at the same time that some of our institutions are bearing the strain of our own domestic oil producers," Cramer said.

These days that stress has come a little too close to home. For the longest time the oil producers were overseas in countries far away. Now, the gasoline going into your car could be produced and refined in the U.S. Thus, investors cannot close a blind eye to the stress of low oil prices.

To make matters worse, the oil producers in the U.S. may have borrowed a ton of money to keep drilling, and may not be able to pay it back when oil prices are $61 a barrel. Additionally, there are countries that have borrowed a lot money and now run a risk of default. Countries like Nigeria, Iran or Iraq may not be able to pay their bills.

The technology companies are getting hit, too. Cramer sees that the surge of companies like Cisco, which was part of the networking boom, made money on the backs of companies like Verizon, AT&T and Sprint. If the price wars slow the spending of these networking companies, Cramer warned that telco-related companies will get hit as well, just as Cisco has been.

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So, while there was positive news for the consumer on Wednesday, it was put down by the lurking dark shadows of the oil producers and countries under stress. Cramer warned that if oil does not stabilize soon and goes below $60, there will be more days where the producer's credit pain overwhelms the consumer's spending gains ahead. Buckle up, folks.

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