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Oil broke down again to levels not seen since the Great Recession on Thursday, but Jim Cramer wasn't worried.
The last time oil traded in the low $30s was in December of 2008. However, that swoon was caused by a decline in demand, thus Cramer did not consider this to be a fair comparison. Current issues stem from a massive supply glut, which remind Cramer more of the early 2000s when crude was plentiful and traded at $20 a barrel.
Many traders view oil's decline as a sign that the world's economies are falling apart. They are worried that the declines in the energy sector will overwhelm the rest of economy, despite the fact that higher oil and gas prices are actually bad for most businesses.
The bottom line is that most businesses are getting a gigantic boost from the decline in oil.
"That's good, not bad. Go ask the Fed, which would love to see raw costs go lower so it doesn't have to tighten aggressively, " Cramer said.
So things are not great right now with the issues in China and the Fed raising rates. But maybe it won't be the end of the oil industry if the price of crude plunges to the $20s.
"If oil's weakness is a sign of anything, it's going to be of economic strength for 317 million Americans who use some form of energy in their day-to-day lives, even as those who toil in the oil patch won't be able to make up their own economic losses," Cramer said.
Ultimately, most people are energy consumers — not producers. And sooner or later the companies that benefit from lower oil will see their stocks benefit, too.
"You need to know, though, that I do not like this market. I have said from the moment that the Fed started tightening that from now on we will be fighting the Fed. They are not our friend. They are not our mortal enemy, either, " the "Mad Money " host said.
One of the main drivers to the stock market going up or down is whether the Fed is planning to help or hinder the economy. When it wants to hinder, there is a negative bias in the stock market that sends stocks down.
It was the combination of the uncertainty in the Chinese market and Fed anxiety that triggered the sell-off Thursday.
But those weren't the only things. Cramer thinks that it could all come down to supply and demand. And right now money managers just want to own less stock than they have in the past.
"This is the most high anxiety market I can recall since the great European crisis of 2011, although not as horrendous as 2008," the "Mad Money " host said.
Often when investors are scared they sell. And that is exactly what happened to stocks on Thursday.
The average stock in the is now 20 percent from its highs. Technically stocks have been declining for a long time now, with only a select few overvalued names making the averages look better than they actually are. Things are very fragile right now.
"You can wonder if we are beginning to be in a bear market, but that is the definition of a bear market," Cramer said. (Tweet This)
With this in mind, Cramer created a fear gauge survival guide to help investors frame the anxiety they are feeling and make non-emotional decisions. He began by taking a look at what worked the last time the market was in disarray.
Cramer recommended stocks that he calls accidentally high yielders; that's a company that can afford to pay a good dividend. The yield suddenly balloons because the share price has fallen so much. But the key, Cramer said, is that the company must be able to cover the dividend from its cash flow.
Read More Cramer's market anxiety survival guide
"Right now we know the proximate cause behind the decline in our markets is China, more specifically the Chinese yuan devaluation and the breakdown of the Chinese stock market, " the "Mad Money " host said.
Cramer thinks it is very likely that the Chinese market will open down 7 percent on Friday, which means that investors can expect theShanghai composite to open at 2,900 Thursday night. That will take out its Aug. 26, 2015 low of 2,927.
So what does that mean for U.S. investors?
The worst case, assuming the Chinese government does not prop up its stock market like it did in August, could lead to two scenarios:
The first is an October of 1987 situation, when the Dow plunged to 1,400 from 2,700 in a couple of weeks — but nothing happened to the U.S. economy.
The next scenario is that China could be facing a Nasdaq 2000 scenario, which seemed more likely to Cramer. If the Shanghai composite falls 7 percent Thursday night, that will take it to 2,900. Based on what happened to Nasdaq in 2000, Cramer estimates that there is another 850 points of downside left.
"If that is the case, what happens to China's economy? I think very little. The Chinese market just isn't big enough, not even at $6 trillion, to do much damage," Cramer said.
For those who are willing to stay calm and accumulate a position gradually into weakness, Cramer recommended considering RPM International. RPM is the maker of paints, coatings, roofing systems, sealants and adhesives for both consumer and industrial end markets.
On Wednesday the company reported its second good quarter in a row. However, RPM gets approximately 30 percent of its sales from the U.S. housing market, and if the Fed continues to raise interest rates that could negatively impact all things housing related.
To learn more, Cramer spoke with RPM's chairman and CEO, Frank Sullivan.
"It's all about innovation and organic growth, and the fact that probably two thirds of our products are maintenance and repair and redecorating as opposed to new construction or cyclical products," Sullivan said.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Halliburton: "There we've got a government regulation issue, we also have oil going down. The numbers are probably too high. I'm going to say stay away from Halliburton."
United States Steel: "We can't buy that. The Chinese are too busy getting rid of their subsidized dumping steel. And that is what's killing that company, as well as its pipe business in the oil patch."