Fast money starts right now and it was a brutal day on Wall Street.

The Dow dropping more than 280 points at the lows of the session on fears that the

Turkish economy is on the verge of collapse.

That country's stock market and currency crashing

the sell-off slamming banks here in the United States and in Europe in particular.

This is President Trump slaps new tariffs on Turkish metals.

Tim, what do you make of all this?

Well, first of all, that's a very clever headline on a very difficult day in Turkey.

Their economy's not about to collapse.

Yeah, it's cute.

It's cute.

The economy's not about to collapse.

They're probably going to grow 4% this year.

Their current account actually gets better in this environment.

But let's be clear, this is a very, very difficult time.

It's actually a sad day for a NATO ally.

Erdogan, to me, is not a guy I'm terribly sympathetic too.

In fact, I think Turkey's done this all to themselves.

But when you think about what's going on and you think about the positioning of

parryba, BBVA, unit credito, and the exposure

to that economy, you start to then worry about a European exposure.

And obviously, more importantly, right now for the U.S. markets because I think the US can be

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