TheStreet's Action Alerts PLUS Co-Portfolio Manager Jim Cramer says investors should take a longer-term view on emerging markets beyond the current scare. The S&P 500 was hit after the East Asia emerging market scare in 1997 but recovered a year later. That was followed by another scare in Russia that also recovered after a year. But, Cramer does not want to be calm about Turkey because in 1992 hyper-inflation in Turkey trounced investors looking for yield. Cramer says do not underestimate the power of emerging markets to both create panic as well as opportunity.