Equities are up today, but

[Gone4Good]

this ain't right . . .

The cost to protect debt issued by Bank of America Corp. (BAC) surged to the highest level on record as investor confidence in U.S. bank bonds deteriorated to the worst since May 2009.

Prior to the big equity losses in 2008, the credit markets were already falling off a cliff - banks especially.

Hold on to your hats.