The first implication was that the dollar spiked, which caused an erosion of U.S. companies competitive advantage, along with terrible currency translations around the world.
And after that rate hike in December, the wealth effect for the stock market disappeared.
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The third impact was that the oil and gas market collapsed. Some of that was due to fear; some of it was due to short-sellers betting on a decrease in oil prices.
"Whatever, when the Fed raised rates, we began to hear about the horrendous losses the banks were going to experience, which, to me, was a tightening in its own right," Cramer said.
The fourth impact was on foreign debt, specifically in Brazil, which could have caused a tremendous implosion. European banks were in the hot seat, too.
Fifth, the companies with the most overseas business basically threw up the red flag, as they understood that there was nothing they could do to compete with the strong dollar.
"Yellen's speech, regardless of what happens with Friday's employment number, allows us to breathe easier going into earnings season," Cramer said.
The last impact was on retail sales, which were actually good back in December. However, it turned out that the number back then was too high and a revision took away the one piece of good news.
"The simple truth is that things need to measured, there is no hurry, especially because with the exception of hiring, everything is softer than it was the last time the Fed tightened," Cramer said.
Cramer was thankful that unlike some members, Yellen has a brain and was willing to use it.