'Fast Money Recap': A Currency Crisis Brewing

Ratigan asked Alice Rivlin, former Federal Reserve vice chairman, to comment on the Fed's historic rate cut. Rivlin applauded the Fed's aggressive efforts to get banks lending again and help bring down long-term interest rates.

She didn't think there were any near-term risks, adding the long-term risks would be "over-heating," but "we're not anywhere near that."

Hopefully, she said the Fed is steering the economy in the direction where people will be saving more out of their income and there will be less overseas borrowing. "The first thing that has to be done is to stop the free fall," she said.

Ratigan asked Jeff Terranova for his thoughts about the plunge in oil prices to nearly $40 a barrel, despite the efforts of OPEC to cut production.

Terranova was pessimistic about the ability of the cartel to control the price of oil. "They don't have the power in this environment," he said.

He said it's the not the moment to be short or long oil futures because the first quarter of the year is historically the weakest quarter of the year. He said he would get into oil six to eight weeks into 2009.

As for his best energy picks, he said he liked Exxon Mobil(XOM) and EOG Resources(EOG). He said he didn't think much of the refiners because they are too credit dependent.

Terranova also said he expects to see some consolidation in the industry in the second and third quarters of 2009.

Ratigan noted the pop in solar stocks. Two stocks that stand to benefit from the Obama infrastructure play are First Solar(FSLR) and Evergreen Solar(ESLR).