Just 3 months after we threw $350 billion at the banking system, which was more like $9 trillion when you count what the Fed is doing, we have exploding bank losses threatening bank solvency, with one of the main contributors being, “the unexpectedly high costs of shotgun mergers arranged by federal officials last year.”

Thank you Henry Paulson, now we have Bank of America getting in line for a Citi style bailout, because the black hole that is Merrill Lynch is deeper than anticipated, among other clusterf%$#s.

As Atrios says, “Just nationalize the lot of them and end this.”