Ever since he took over The Fed at the start of last year, Wall Street has been in love with Ben Bernanke. But we’ve got news for you - the honeymoon is over! We’re facing the toughest credit market ever, according to Bear Stearns and likely the biggest housing bubble ever, according to many. What are you going to do about it Ben?
The Fed Chief has his chance next Tuesday when The Federal Reserve makes its decision on interest rates.
Jon Najarian feels Bernanke will have to address credit risk head on.
Jeff Macke says there’s nothing the financials can say right now to save themselves as stocks. Jeff hopes The Fed makes a surprise rate cut – which he thinks will calm the market. Jeff adds “Don’t short the financials.”
Guy Adami isn’t sure a rate cut is on the radar.
Karen Finerman also doesn’t think The Fed will cut rates – but thinks Bernanke will try to calm the market.
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Trader disclosure: On Aug 3 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Jon Najarian Owns (JNPR), (AXP), (AAPL), (BZH), (JSDA), (LEND), (NKE), (OATS), (UA), (WFMI), Is Short (HD), (WM); Macke Owns (ATVI); Finerman's Firm and Finerman Own (BAC), (C), (HD), (KALU), Finerman's Firm Owns (COP), (DVA), S&P Puts, Russell Puts; Macke Owned (ATVI) CNBC is a service of NBC Universal and Dow Jones