By Scott Rutt Jim Cramer says this market is ugly. It’s painful. And it’s likely not done yet. The Federal Reserve is at war with inflation, and Wednesday it lost another battle, as the latest Consumer Price Index reading came in red hot, Jim Cramer told his Mad Money viewers. But in the Fed’s battle against high stock prices, Wall Street continues to get slaughtered. The amount of wealth destruction that’s now being done in the stock market is getting very real for a lot of people. Cramer dove into some of the biggest losers in the Russell 1000 to put some of these moves into perspective. The…