Cramer: It's a Worldwide Crash

This, plus the disintegration of Lehman, which then left Morgan Stanley (MS Quote) and Goldman Sachs (GS Quote) in the hands of the shorts, was too much for everyone, and now no one lends to banks and it makes no sense to them, and no one wants commercial paper because it makes no sense to them.

Which is where we are this morning, in a worldwide crash that will leave us with gigantic institutions that we have never heard of, with balance sheets that are ridiculously large that must fall, and a hedge fund community that has lost control of its asset base.

And in this moment we are supposed to be buyers?

I say let it fall without me. I say keep selling industrials unless they yield more than 4%.

I say it is no longer in the hands of the central banks. It is in the hands of rational people making rational decisions to get out before more institutions fail, more hedge funds liquidate, and still lower prices are upon us.

At the time of publication, Cramer was long JPMorgan Chase, Morgan Stanley and Goldman Sachs.