We finally have something to make the Fed nervous to cut rates, says Jim Cramer

Group 1 - The Federal Reserve may be prompted to cut interest rates sooner due to increasing bank loan defaults, indicating a declining economy [1][2] - Recent credit losses in the banking system provide enough justification for the Fed to act quickly without significant concerns about inflation [2] - The stock market reacted negatively to the news of credit losses, with the Dow dropping 301 points and the S&P declining by 63 points [3] Group 2 - The NASDAQ experienced a 47% drop despite an initial increase earlier in the day, reflecting market volatility [4] - The Federal Reserve faces a dilemma between cutting rates to stimulate economic growth and maintaining rates to control inflation, especially with regional banks struggling due to bad loans [4]