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Where It All Begins...

The housing market remains at the root of Wall Street’s current woes. How do we solve the crisis and trade that solution?

Zachary Karabell, Executive Vice President and Chief Economist at Fred Alger Management joins the panel for this conversation. Following is a synopsis of his main points.

-- This is not a housing crisis anymore, it's a credit crisis as well as a Wall Street crisis and a securitization/derivatives crisis, Karabell says. Although it started with mortgages it's taken on a life of its own

-- What's going on now seems like Armageddon but real-world investors should not overreact, because the real-world economy is in good shape (In other words, rates are low, job market is robust etc.)

-- There is more than enough room in the federal budget relative to 'GDP to debt' to pay for a bailout. We are not fiscally constrained.

How do you trade?

Keep an eye on Freddieand Fanniecounsels Pete Najarian.

The bottom line, says Dylan Ratigan, is that as quickly as things get bad on Wall Street they also get good in a hurry. Markets can come back in shocking fashion.

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Trader disclosure: On Mar.17, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Macke Owns (YHOO), (INTC), (EMC); Pete Najarian Owns (AAPL), (C), (CSCO), (ETFC), (MS), (MSFT), (XLF), (YHOO); Pete Najarian Owns (COP) Calls, (GS) Calls; Pete Najarian Owns (LEH) Puts, (XLB) Puts; Pete Najarian Owns (MF) And (MF) Puts; Gartman Owns (COIN), (PBR), (GWR), (NFLX), (CQB), (CAT), (JPM);