Also there were concerns about how to accommodate people who lose their homes because they owe more than they're worth.
It’s not good, says a clearly outraged Jeff Macke.
Something needs to happen before Monday, adds Pete Najarian. The idea that the government would intervene is what stopped the bleeding in the first place.
If this were a risk arb deal, I would say the deal is in trouble, Karen Finerman adds.
All Hope Is Not Lost
According to CNBC's John Harwood, Richard Shelby is in the minority in his opposition to the plan. Harwood hears that 40 out of 49 Republican senators are prepared to support the package. It’s the House where there could be trouble.
Rep. Peter King thinks that we're rushing to conclusions. On Fast Money he reminded the traders that Dick Shelby has been opposed to the whole concept of a bailout from the start. King still believes a deal is at hand.
Trading Through The Turmoil
And if you’re trading this market Thursday provided an excellent opportunity to get smaller, Karen Finerman counsels. If you had some longs it was time to get out. I sold my position in retail. And I took back my protection on the iShares Dow Jones US Real Estate . Basically I’m shrinking and taking less risk on either side.
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Trader disclosure: On Sept 25, 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 (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (MSFT), (NUE), (INTC); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOK), (WM), (DELL), (PM); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF); Najarian Owns (NOK); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (BBBY) Put Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (WB) Put Spread; Najarian Owns (XLF) Call Spread
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