'Fast Money' Recap: Deal or No Deal?

Dylan Ratigan hosted CNBC's "Fast Money" Thursday night. He started the show with a discussion on comments from U.S. Senator Richard Shelby, who said that Congress doesn't have an agreement on the proposed bailout plan. Jeff Macke says he feels "not good" about the market, and he advised viewers to "back-up" and let the lunatics running the asylum do what they are going to do.

Karen Finerman said the bailout plan is very important, and the futures are trading lower off of Shelby's remarks. Pete Najarian says the bailout plan has to happen either tomorrow or before Monday to save the markets. Guy Adami mentioned that the other problem in the markets right now is the slowing economy in the U.S. and abroad. "That problem will not be solved by the bailout plan. I wonder if Sen. Shelby is setting up John McCain to come in as the white knight," he added.

Ratigan asked the traders how they plan to manage their risk as they set up for either outcome from the proposed bailout. Finerman said she is almost entirely sold out of her retail sector positions. She told viewers she covered some of her short position in the iShares Dow Jones US Real Estate(IYR Quote).

Next, Ratigan asked the traders what the market will do if the bailout plan doesn't come to a conclusion before the weekend. Najarian says something will get done over the weekend, because we have a holiday approaching. He said the market will trade lower tomorrow if we don't hear anything positive tonight from the White House.