Dylan Ratigan hosted CNBC's "Fast Money" Thursday night. He started the show with a discussion of the stock market crash today. He mentioned that over the last 10 days the Dow has gone from 11,000 to below 9000. Ratigan says there's a total crisis of confidence in the U.S. financial system. He says the debate now is when U.S. banks will be able to start lending in a rational way. Joe Terranova says the U.S. government needs to step in and be a buyer of futures. Tim Seymour says the plunge protection team is already buying futures.

Jon Najarian says he would love to trade against the government and he hopes they do it. "I don't think it's a good idea because they can't manage anything," he said. Frequent guest Zachary Karabell, a chief economist with Fred Alger Management, said this is a run on the equity markets. "This is the only liquid place to go globally for money on a daily basis," he said.

Ratigan asked the traders what a rational investor in the U.S. stock market should do now. Karabell says rational investors in this environment shouldn't liquidate all of their holdings. "If you don't need the money tomorrow, you don't need to run to your bank or computer and sell," he said. Terranova says we need the market to find stability and we need a convicted buyer in the market. Seymour said unless you have to sell, you shouldn't be selling here. He explained the big sellers are hedge funds with redemptions and big mutual funds. Najarian said investors don't trust the market right now.

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