TheStreet.com TV Recap: Bowling for Pin Action

Changing topics, Greenberg noted Daniel Harrison's article on the TheStreet.com, "Asia's Fall a Distant Memory," and how the iShares MSCI Emerging Markets (EEM Quote) has moved back above $120.

"To some degree, we could be complacent in the sense that you know that the Chinese government doesn't like this," Cramer said. "They're against speculation."

Something Cramer said "really annoyed" him recently was when he was on Erin Burnett's "Street Signs" show on CNBC, and her guests (managers who invest in China) "felt that the decline was not a buying opportunity."

"They were horribly wrong," Cramer said. People need to realize that "when a decline happens, maybe it's prudent to buy, not run from it."