'Fast Money' Recap: Rally to the Rescue

Dylan Ratigan hosted CNBC's "Fast Money" Thursday night. He kicked off the show with a discussion of the news that the Treasury is planning to put to use the Resolution Trust Corporation (RTC) to allow banks to take bad debt off their balance sheets and save the housing market.

Karen Finerman said that in concept and theory, the plan isn't a bad idea. "I am really unclear to the specifics of this plan, but something needed to be done," she said. Pete Najarian says the reaction today was "unbelievable." He pointed out that the Dow moved 1,200 points today in total. "I love the way Wall Street reacted, but we still don't know the details," he added.

CNBC on-air contributor Steve Liesman joined the traders to discuss late-breaking news that Fed Chairman Ben Bernanke and Treasury Secretary Hank Paulson will meet with the full congressional leadership tonight to discuss possible solutions to the financial crisis.

Jeff Macke said the market reacted today because what the government is doing is bailing everyone out. He says it makes the stock market a rigged game. "The government can make the market jump, but you can't make it fly -- welcome to crazy town," he added. Finerman says that something has to stop the death spiral in the markets, and even though the RTC plan isn't the most "free-market" solution, it could end it. Guy Adami says it could end up being the best trade in history of trading. "The Treasury or Fed could completely score with this whole thing," he said.