Could this be the day (or week) that Bank of America goes under? Its CDS is being hammered thus far today. Perhaps the market is determined to force the banking system to deal with reality instead of the alternate "reality" of "cooked books" that has been the recent stock-in-trade of the Bernankes and Geithners of the world.
An admission that Bank of America (which has the most deposits of any US bank) is indeed insolvent would be a very big and severe event.
Live well . . .