'Fast Money' Recap: Emergency Huddle

Dylan Ratigan hosted CNBC's "Fast Money" Friday night. He began the show with a discussion of the emergency gathering at the U.S. Treasury with the members of the G7. He explained that the members are meeting to discuss the lack of willingness by banks to lend to consumers. He pointed out the Dow traded in a 1,000-point range today. He explained it was the single worst week in the Dow's 112-year history.

Joe Terranova said one of the key indicators today was the $100 intraday reversal in gold. "Clearly something happened in the gold market today to make it turn lower," he added. Jeff Macke says the G7 will do whatever it must do to grease the wheels here. Karen Finerman told viewers she didn't trade a lot today. However, she said Excel Maritime(EXM Quote) is very interesting because it trades at just one times earnings.

Ratigan mentioned that Lehman Brothers was forced to sell its bond portfolio down 90 cents. Guy Adami says that at least we know it did price, and it went through. He says the credit markets appear to be easing.

Adami mentioned that Jim Rogers said this morning that we could see an "inflation holocaust." He said Rogers might be right. Terranova says that proactive policy action right now has a cost -- and that cost will be inflation. Macke says he fears both inflation and deflation in an equal measure. "It's a global recession at least, but that doesn't mean we will be bribing the border guards with gold," he added.