'Fast Money' Recap: A Post-Mortem

Dylan Ratigan hosted CNBC's "Fast Money" Monday night. He started off the show with a discussion of the stock market crash and what caused it. He pointed out that the Dow saw its largest point loss ever and the S&P 500 had its biggest one-day loss since the crash of 1987.

Ratigan explained how the market fell as the "no" votes came in for the $700 billion bailout plan in Congress. Jeff Macke said that as a society, we lost over $1 trillion in market cap today. Pete Najarian said this market is as tough as he has ever seen.

Ratigan asked the traders for their opinions on safe havens during this rough trading environment. Guy Adami says gold might not be the safe haven that everyone thinks it is. He says playing gold as trade against fear just isn't working. However, he says that if you're playing gold as an investment, that is fine. Macke said people are going into cash, and we are getting old-fashioned runs on the bank. He says the bank stocks are going down because people are removing their money.

Ratigan pointed out big declines in bank stocks today in names like State Street(STT Quote), Regions Financial(RF Quote), Fifth Third Bancorp(FITB Quote) and Sovereign Bancorp(SOV Quote).

Ratigan asked the traders what their level of confidence is that something will get done in Washington with the bailout plan. Karen Finerman said she is mildly optimistic and she says the reaction to the vote should send a message to Congress that the deal must get done. Macke said the selling accelerated because we don't know the rules. "I have no confidence in buying stocks in this environment, because they are actively making up the rules," he added.