Jim Cramer had a hunch that there must be other reasons why the market keeps going down, besides the recent drama of the Fed.
"I see three real worries that have people buzzing, and I want to point them out, not to scare you, but to help explain how foreign markets are connected with ours," the "Mad Money" host said.
The first worry concerns Volkswagen, one of the largest makers of automobiles in the world. The campaign of fraud that this gigantic company has committed is far worse than anything Cramer can recall from any global company. The U.S. Justice Department could regard the rigging of emissions tests as criminal conspiracy, and it's now bent on going after the individuals involved.
And while there are now policies in the U.S. that were put in place after the wipeout of Arthur Anderson, the accounting firm destroyed after Enron, to not crush entire companies because of the behavior of a few individuals, the Justice Department could do some real damage to Volkswagen.
Cramer thinks that every other regulator in various countries around the world will also pounce all over Volkswagen. So, the possibility of the company going downhill is one that cannot be ruled out.
"A gigantic company that is going to be slaughtered worldwide certainly pops as a sticking point in your stock craw," Cramer said. (Tweet this)
The second worry pertains to Glencore, a natural resource company based in Switzerland that has immense commodity exposure. The company raised money in the equity markets recently, but its stock has fallen to an all-time low as investors worry about its exposure to declining commodity prices.
Cramer doesn't know if investors are right to be concerned, but he certainly can't rule it out.
"In this market you have to shoot first and ask questions later about an enormous company that for all we know has colossal debt exposure, which could cause real problems for investors holding its bonds," Cramer said.
The third worry out there involves Petrobras, the huge Brazilian oil company that has issued an immense amount of bonds, most of which are in a pullback. It was once among the largest companies in the world, and now has fallen 44 percent this year, down to $4.
But what really worries Cramer the most is Petrobras' $170 billion in debt. Given the steep decline in oil, how the heck will it make interest payments, given the way its debt is configured?
"This company has some amazing properties, but its balance sheet is way overlevered," Cramer said.
Read more from Mad Money with Jim Cramer
Investors can argue that these three sticking points cannot bring down the entire stock market and shouldn't impact shareholders. However. given that Cramer has seen currencies from Southeast Asia and bonds from Russia bring down the market, he will not dismiss the worries.
While these issues are no reasons to run for the hills, they are making smart people worried and retreat from bullish actions on the market.
"I figure knowledge is power, and you now have the knowledge these bright money managers are discussing around the water cooler and on the trading desks on a daily basis," Cramer said.