In Jim Cramer's long history of the stock market, he knows that there are two ways to look at what is happening right now. First, is the perspective of the tremendous havoc and fear where stocks are being slaughtered everywhere. Second, is to re-frame the approach in a long-term view, and see the opportunity that Wednesday's market could bring.
First, let's take a look at the short-term view of what is happening and why. Simply put, Cramer thinks the market is giving up gains because of what is happening in Europe, China, Ebola and ISIS.
Ebola is worrisome, as with each case that breaks out the market continues to go down. "I'm not asking the president to don a hazmat suit and go help an Ebola victim. I am asking the head of the CDC to put some of his people in that situation to gain some confidence in our system." Cramer said.
Then there is Europe. Cramer noted that German Chancellor Angela Merkel has made it clear that she is not willing to run up a deficit to help Europe, or grow employment in Germany. The "Mad Money" host added that she would dramatically help the country if she were willing to issue 30 year bonds to build out German infrastructure and put people. "How many times does she have to declare that she will do nothing before we admit she's just plain Hoover turning a recession into a depression."
Hedge funds have also attributed to the short-term panic within the market. Cramer thinks that they are caught because many thought that the rates would go higher this year and the Fed would tighten. However, that did not happen and this could cause some very big hedge funds to have to have their bets busted.
Last but not least, there is oil and the overestimation of Saudi Arabia. The "Mad Money" host noted that most investors thought oil was going to go up because of ISIS and Middle East turmoil. However, he said that Saudi Arabia seems happy to flood the market and continue to produce oil at lower prices in order to stop America from being energy independent.
----------------------------------------------------------
Read more from Mad Money with Jim Cramer
Cramer's Remix: Did the market just hit bottom?
Protecting the pipeline price: Cramer
Cramer on oil: Hedge funds gone wild?
----------------------------------------------------------
As the stock market continues to search for a support level to bounce back, Cramer recommends having a level-headed mindset, and a long-term view. He reminded his viewers that Europe did go down a few years ago, and it actually turned out to be a remarkable time to buy U.S. stocks.
And the panicked hedge funds? He thinks that is actually a gain for consumers. Mortgage rates have come down hard. Gasoline declines are even better than a tax cut, because every person that owns a car is reminded of the money they are saving at the gas pump.
"In the end, the longer-term benefits to the consumer from cheaper oil and ultra-low interest rates far exceed the long-term ruination of a stock market that clearly peaked a month ago when Alibaba came public," said Cramer.
To be clear, Cramer is not saying that the market is safe and to start buying. In fact, he thinks the panic that the market is experiencing can take us down even further. However when the smoke clears, he thinks consumers may see the serious boost they are getting here, even if the market is ignoring it at the moment.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? madmoney@cnbc.com
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com