'Fast Money' Recap: Snapping Back

Dylan Ratigan hosted CNBC's "Fast Money" Tuesday night. He began the show with a discussion of the huge rally in the markets today. He pointed out that the market exploded higher for the following reasons: Politicians reintroduced the possibility for a vote this weekend on the bailout plan aimed to unlock the credit markets, and the reintroduction of a conversation with the SEC around the way we back bonds related to the housing market and how they are accounted for on the books of the banks.

Karen Finerman said the accounting change is helpful in the short term, but she says the new rules are ripe for abuse from corporate management. However, she says some things in the market are trading at irrational prices. Jeff Macke said management can now value these assets at whatever they please with the new rules.

Joe Terranova said it doesn't feel like we were up that much in the market today. He reminded viewers that back in 1987 the government went in and bought S&P futures. "The government might as well just go in and buy the same futures, because at the end of the day they want the market higher," he added.

Guy Adami said strong banks like Wells Fargo(WFC Quote), JPMorgan Chase(JPM Quote) and U.S. Bancorp(USB Quote) are setting up for the biggest rallies they might ever see, and nobody is talking about them. ...