'Fast Money' Recap: Emerging Changes

Dylan Ratigan hosted CNBC's "Fast Money" show Wednesday night. He kicked off the show off with a discussion of General Electric(GE Quote). He explained that CEO Jeffrey Immelt made some comments at a dinner in Spain that had nothing to do with the company's future expectations but caused GE shares and the stock market to drop. Jeff Macke said the market is easy to take down because it's built on a house of straw.

Ratigan moved the conversation to the Federal Reserve's decision to cut rates by 50 basis points to 1% for the federal funds rate. Tim Seymour said it's enormous news that the Fed also announced that it plans to give emerging-market governments access to its balance sheet.

He told viewers to look at playing these developments with the iShares MSCI South Korea ETF(EWY Quote), iShares MSCI Brazil(EWZ Quote) and iShares MSCI Emerging Markets ETF(EEM Quote).

Pete Najarian told viewers that there are some great opportunities in this market and that traders should look to use volatility to their advantage. He says "look at the coal, steel and agriculture names which are beginning to base." He said he bought Petroleo Brasileiro(PBR Quote) for a play on the energy space and Brazil.

Ratigan asked the traders how they would play alongside the U.S. government. Guy Adami said to buy the good banks like JPMorgan Chase(JPM Quote), Wells Fargo(WFC Quote) and U.S. Bancorp(USB Quote). He says "banks are set up to have the most profitable period of all time."

Seymour pointed out that the yield curve is steepening, and that will make banks more profitable. Macke joked, "I would want to run General Motors(GM Quote) if I was going to trade with the government."