'Fast Money' Recap: The New Reality

Dylan Ratigan hosted CNBC's "Fast Money" Friday night. He started the show with a discussion of the government's decision to put a half trillion dollars at risk to bail out the banking system. Jeff Macke said the market is a lot "weirder" than it was last Friday. "The government took a sledge hammer to everyone who was against the market," he added. Macke says he has no idea where to put his money and said the market is like a carnival game.

Pete Najarian says the volatility index shows that many investors still have major concerns. "Look at how those banks opened on their highs and weren't able to hold those highs," he said. Guy Adami says the government bailout could end up being the greatest trade in the history of trading. "The U.S. government has now become the biggest hedge fund on the planet," he said.

Karen Finerman told viewers that she is shorting index ETFs such as SPDR Trust(SPY Quote) and iShares Russell 2000(IWM Quote) against her long positions. She disclosed that she is still short BB&T(BBT Quote) and said she didn't cover the position, despite the stock being on the banned list of financial shorts.

Najarian says the government did what it had to do under the circumstances. "If they hadn't done it, we would be having a lot different conversation on what would have happened to Goldman Sachs(GS Quote) and Morgan Stanley(MS Quote)," he explained.

Adami pointed out that not all banks were involved in the financial crisis. He highlighted U.S. Bancorp(USB Quote), which hit an all-time high today. Adami says don't jump in now but wait for a dip. "Buy it when it's scary, sell it when their giddy," Macke added.