I agree that this was a death spiral, says Pete Najarian. I don’t know what the answer is, but they needed to do something and they did. At least now, the market will take a pause. I believe it will stop the spiral.
Jeff Macke isn’t buying. He thinks the government is just throwing money at the problem. And then they’ll build an escalator to the moon, he exclaims.
What they should have done is suspend the ability of the ratings agencies to downgrade financials. For my money, that’s the better move.
I weep for the future, for my children and the free market as a whole, Macke concludes.
It could be better for the nation than the Louisiana purchase, counters Guy Adami. They could make a lot of money here.
If you’re looking for a play look at Greenhill, Lazard , and Jefferies. he says. Don’t chase them, but they could be the winners when all is said and done.
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Trader disclosure: On Sept 18, 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 (SDS), (WMT), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (MSFT), (NUE); Pete Najarian Owns (AAPL) And (AAPL) Collar; Pete Najarian Owns (ETFC); Pete Najarian Owns (MS) And (MS) Puts; Pete Najarian Owns (NOK) And Is Short (NOK) Calls; Pete Najarian Owns (RIMM) Call Spreads; Pete Najarian Owns (TSO) Call Spread; Pete Najarian Owns (WB) Put Spread; Pete Najarian Owns (WM) And (WM) Puts; Pete Najarian Owns (XLF) And (XLF) Puts; Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (NOK), (SUN), (TSO), (VLO); Finerman's Firm Owns (WFC) Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF)