'Fast Money' Recap: Jobless Angst

Zachary Karabell tried to downplayed the news. "I don't believe this is a piece of bad news that will be a market mover," he said.

Karabell said the situation may not be as dire as it appears because the government indicated six months ago that it will backstop the financial institutions and no one knows what effect Obama's stimulus will have.

Karen Finerman said the "negative" for the banks may come when they have to mark their books at the end of the year with their auditors.

As for the jobless report, Karabell acknowledged how "terrible" it was but he said what's more important is that the fundamentals are deteriorating more quickly than imagined. He said the "one positive" out of this was the equity markets, which he said are stabilizing.

Najarian agreed, saying the volatility index held in all day, at 42. "That tells you people are not as nervous" about the markets, he said.

Seymour did not believe the unemployment situation is as dire as it seems because the current labor pool is much larger than the one in the 1940s.

Ratigan shifted the discussion to a report that Roche was preparing to raise its offer for Genentech (DNA Quote) to $95 a share.

Najarian said that the move has been rumored for some time. He said the question has always been about the financing of the deal, which is expected to run about $35 billion, and whether the $95-a-share offer is high enough.