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Cramer: We need leadership now

As the market rout continued Friday, CNBC's Jim Cramer said this is the time for American leadership to step up.

"I don't hear anything from [Fed chair Janet] Yellen about how it's not the time to raise rates," he said. "If she came out today and said everything is on hold until we get this China situation [sorted out], you would see a rally."

All three major indexes were having their worst weeks since 2011, as global growth concerns weighed on investors.

"I don't want to be so negative but we have no leadership now," Cramer said. "None—the president, the Treasury secretary, Fed chair— nobody says anything and we need it."

On such an important day, he said, investors are trying to revalue equities. "It's one of those days where a lot of people are giving up and the moving averages are breaking down."