China can hurt the markets, and oil prices have become so low that there is a severe amount of stress in the credit market. But Jim Cramer thinks there is something bigger that triggered the sell-off on Friday.
"Don't kid yourself about what this sell-off is really about. It is about a recession, the potential for a recession and what it will mean for corporate profits," the "Mad Money" host said.
The backdrop of the market has become much more negative since December. Ever since the Fed began tightening, there has been a spike in the dollar, a slowdown in consumer spending, a breakdown in the Chinese market and horrendous action for high-yield bonds.
While not all of these issues are directly related to the Fed, what the Fed does or doesn't do creates the backdrop from which stocks react.