Jim Cramer: Fed Putting Rate Hike on Hold Would Alleviate Market Turmoil

TheStreet's Jim Cramer says it would be reassuring right now if the Federal Reserve were to come out and say that they plan to keep rate hikes on hold. Cramer says he's not sure we're going to get that because 'there are so many Fed pop-offs who feel that they have to say 'ignore the man behind the curtain.' Cramer continues, 'the man behind the curtain is China and China is in trouble and I think China still has another 1, 000 points to go on the downside, a 30 percent correction.' He says he points this out because 'we're taking out cue from China, I wish we were taking our cue from the United States because I would tell you to buy right now. Instead what I'm telling you is I would put a quarter of my money to work.' He says, 'Overall I am still constructive, down a couple percent, if only because we are living with a 1997 and 1998 scenario of collateral damage...and that means we've got 4 or 5 percent more decline perhaps and I can't be so nimble as to tell you sell here and buy it back 4 to 5, no one is that nimble.' Stocks plummeted Monday morning with the Dow Jones Industrial Average losing more than 1,000 points at the open. The S&P 500 fell more than 5 percent and the Nasdaq fell more than 8 percent.