KEY POINTS
  • Turmoil in bank stocks may feel like a looming "train wreck" for Wall Street, but as long as the debt ceiling crisis is resolved it won't destroy the market, Jim Cramer said.
  • "If we do rally short-term, I recommend taking some profits and then steeling yourself for the debt ceiling fiasco," Cramer said.

Turmoil in bank stocks may feel like a looming "train wreck" for Wall Street, but as long as the debt ceiling crisis is resolved it won't destroy the market, Jim Cramer said Thursday.

"I believe we'll have more mayhem like we saw the last time this happened in 2011, where the real issue is whether the ratings agencies downgrade the U.S. debt, not what's happening in Congress," Cramer said.