NEW YORK (TheStreet) -- "You have to be skeptical when it comes to the  press," Jim Cramer cautioned the viewers of his "Mad Money" TV show Wednesday.  
He said the media has been wrong about the markets for  months, and continues to be wrong everyday.  
Case in point: the notion that the markets are headed lower  because of weakness in China. Cramer said the media has been hammering this  issue daily, despite the fact that China accounts for only 15% of the S&P 500, and almost two-thirds of that lies in the oil  sector.  
Cramer told viewers that China is important, but only to oil  and natural gas, mining and minerals, and a handful of other names. China has  nothing to do with health care, banking, retail or a good part of the rest  of the economy, he said.  
 
 Where else has the media been wrong? (More ...)
 NEW YORK (TheStreet) -- Fifteen percent of stocks should pull  back with Chinese markets but the rest of stocks should be in the clear.
 Wed 08/19/09 12:48 PM EST -- Jim Cramer &  Alix Steel