'Fast Money' Recap: Bouncing Banks

Dylan Ratigan hosted CNBC's "Fast Money" Wednesday night. He started the show with a discussion on the opportunities and decisions to be made in the stock market right now.

Pete Najarian said he likes the Financial Select Sector SPDR(XLF Quote) because the financials will react positively to the bailout plan. Joe Terranova said he bought MasterCard(MA Quote) today because the company has a small debt profile, global exposure and long-term double digit profit growth.

Jeff Macke says he has no fundamental justification for owing the U.S. dollar. "The rest of the world is more screwed up than we are, but at least we know were screwed up," he added. Macke says the financials are a buy here because what the senators and Congress are really just voting on a suspension of reality.

Guy Adami mentioned that JPMorgan Chase(JPM Quote) hit a 52-week high today and U.S. Bancorp(USB Quote) traded higher. "The banking industry will survive, and the good banks like will do better, and the bad banks will be taken out back to the woodshed," he added.

Macke said the good banks like Goldman Sachs Group(GS Quote) , Wells Fargo(WFC Quote) and Citigroup(C Quote) are buys. Adami said JPMorgan could potentially become the biggest bank in the world.

Najarain says that if you are looking for another processor, take a look at Nasdaq OMX Group(NDAQ Quote). He says the stock continues to go higher and says its numbers are "unbelievable."

Texas Senator Kay Bailey Hutchison joined the traders to discuss the Senate vote on the bailout plan. She said she plans on voting for the plan to help stabilize the markets. "We need transparency and accountability. This business where we made loans and packaged them up to be sold to somebody else, is just not the way mortgages have worked throughout this country's history," she said. Adami pointed out that people should be mad at themselves for taking on loans they knew they weren't going to be able to pay back. "There is blame everywhere, and we must try to do what we must do now," Bailey responded.