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NEW YORK ( TheStreet) -- Today's decline was just a garden variety selloff and not something to panic about, Jim Cramer told "Mad Money" viewers Thursday as he tried to put the day's big drop in the markets into context.
Cramer said it may seem counter-intuitive that cheaper gasoline, falling prices at the supermarket and record low interest rates are a bad thing, but for those who manage money that's exactly what they're thinking. To fund managers, a big decline in commodities means the world's economies are in trouble, so now's the time to sell, sell, sell.But Cramer looks at cheap gas and low commodities from the consumer's point of view, which means all of these "negatives" add up to paying less at the pump, less for food and way less on the mortgage. While, yes, there are companies such as commodity producers that are hurt by falling prices, for the vast majority of companies earnings will be stellar going forward. The markets have had a nice run to the upside, nearly in a straight line, said Cramer, so it's only natural to have a pullback from time to time, especially given that the world's leaders have done nothing to right the world's economies. He said world leaders must focus on growth or eventually earnings will begin to suffer. For the time being, however, Cramer said he's only worried about inflation, not deflation.