'Fast Money' Recap: Rough All Around

Dylan Ratigan hosted CNBC's "Fast Money" show Wednesday night. He began the show with a discussion of the 5% drop in the S&P 500. Ratigan said viewers can blame today's selloff on a post-election hangover, huge cutbacks in the steel industry that do not bode well for the economy and anticipated job losses that could be reported this Friday.

Jeff Macke said this was a really bad day on a fundamental and technical basis. He pointed out that the CEO of ArcelorMittal(MT Quote), which makes 10% of the steel in the entire world, said that this is the worst crisis since the Great Depression and that global demand is falling off a cliff.

Ratigan mentioned that banks such as Citigroup(C Quote), Wells Fargo(WFC Quote) and JPMorgan Chase(JPM Quote) were slammed today.

Guy Adami mentioned that Meredith Whitman's comments on bank stocks during CNBC's "Closing Bell" segment also scared people. Whitman said she liked Wells Fargo, but she liked it $10 lower from here.

Pete Najarian explained that stocks such as CONSOL Energy(CNX Quote) and First Solar(FSLR Quote) were up huge coming into the election. He says "these are the stocks that led us down today."

CNBC's Jim Goldman joined the traders to discuss Cisco Systems'(CSCO Quote) earnings report. He said Cisco CEO John Chambers told investors on the company's conference call that Cisco saw a 9% decrease in orders year over year for October. Cisco also said it expects to see a decrease in revenue of 5% to 10% for the second quarter. Goldman told viewers the company plans to pause hiring and cut expenses by as much as $1 billion for 2009.