'Fast Money' Recap: No Place to Hide

Karen Finerman said the Federal Reserve alluded to the credit problem last week when they announced plans to bail out the auto and credit card loan markets.

Macke expressed his doubts about the federal government's largesse. "Even if they gave the money away to consumers, they would sock it away."

From an investor's standpoint, Finerman said she would short Capital One (COF Quote) but wouldn't short JP Morgan because it could possibly "trade up on a lot of other things."

Macke recommended Proshare UltraShort(SRS Quote) if investors could stomach the volatility.

Adami found the downward action on oil and gold troubling. Oil went down even after China announced plans to buy 1 million tons of industrial metals to replenish its stock. Seymour said OPEC has shown little leadership in addressing the drop in oil prices, which fell below $50 today.

Adami said he liked Johnson & Johnson's(JNJ Quote) purchase of Mentor(MNT Quote), which does breast augmentation work.

Ratigan asked Steve Liesman, CNBC's senior economics reporter, for his assessment of the market plunge. Liesman said the market is banking on a much-longer-than-average recession of 16 to 24 months. He said the doesn't see the market turning up for six months or so.

Macke was skeptical about speculating on when the market might turn up. Finerman said she thinks it will begin to happen when the rate of decline starts to slow.

Liesman said the market will improve when the "market sees a way for business to right itself and set up for profit growth."