'Fast Money' Recap: Beware of Falling Banks

Dylan Ratigan began CNBC's "Fast Money" by mentioning how the financials are down during market hours, bringing down the major indices. Some notable financials trading to the downside are Freddie Mac(AZO Quote), down 18% to $4.82, Fannie Mae (FNM Quote), down about 18% to $6.52, and Goldman Sachs (GS Quote) trading down 2% to $160.25.

Joe Terranova said, "I'm still long on Goldman," and he said he feels that investors who are willing to buy a great financial firm for the long term should consider getting in below $160.

Jeff Macke said that if you held on to Freddie or Fannie, you would be down about 18% today. He said there is no fundamental reason to own financials, and regarding Freddie Mac and Fannie Mae specifically, he said "these are stocks you cannot own."

Zachary Karabell stated, "I agree with Macke: Avoid these financials." ...