Here's what Jim Cramer is thinking about the market and the flash crashes. 

In his Real Money column Wednesday, Jan. 23, Cramer wrote about the lack of market referees.

"When a ref bungles a call of the magnitude we saw last weekend against the New Orleans Saints, the world goes up in arms," Cramer wrote. "It's such a glaring imperfection that people question the very moorings of the game and there's an immediate outcry for better officiating, for instant replay, for new rules, for anything, anything to make it so a team is no longer denied a chance to go to the Super Bowl."

 "If only we had a similar outcry, a similar revulsion, a similar uproar about the rules of our stock market -- because, unlike the NFL, which cares about its popularity and its status, the exchanges and the people who run them clearly don't or they would do something about the erratic way stocks can trade, and how there are blown calls all over the place and no one does a thing about them."