Although the plan is similar to measures being implemented in Europe some opponent worry that it’s a move away from capitalism.
Jeff Macke is one of them. "I think we’re clearly becoming socialist," says an irate Lone Wolf. "I think the only bank stocks to own are the 9 above."
"I’m concerned myself," adds Karen Finerman. "A lot of companies have gotten themselves in trouble with debt and now the world is saying to us that we have to get our house in order before they will buy more U.S. debt. And it's not great for the dollar."
Guy Adami thinks the move might be too short-sighted. "In the short term oil and gasoline went lower but there’s talk about an “inflation holocaust” and that could be the next big problem in a year or two," says Adami.
Tim Seymour has reservations about other bailouts which may be imminent. "I don’t feel any more confident about the auto sector or the airline sector," he adds . "Maybe those are two more sector that we should socialize."
"I expect to see more volatility," adds Pete Najarian. "Don't be surprised by more 800 point moves."
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Trader disclosure: On Oct. 14, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (MSFT), (BNI), (WMT); Seymour Owns (AAPL), (F), (MER); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (GS) And Is Short (GS) Calls; Najarian Owns (INTC) Call Spread; Najarian Owns (MS), Owns (MS) Puts, Is Short (MS) Calls; Najarian Owns (NCC) Calls; Najarian Owns (RF) And Is Short (RF) Calls; Najarian Owns (UNG) And Is Short (UNG) Calls; Finerman Owns (GS); Finerman's Firm Owns (DNA) Call Spreads; Finerman's Firm Owns (MSFT); Finerman's Firm Is Short (SPG), (IJR), (MDY), (SPY), (IWM), (USO), (BBT), (COF) ; Finerman's Firm Owns (JNJ); Finerman's Firm Owns (MRK)
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