Cramer's 'Mad Money' Recap: China's Weakness Overrated

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 ...)

Stocks: Ignore China

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

Stocks in this video: BTU | BBT | FCX | TGT | BMY | MSFT | UNP | CSCO