We take this moment from your busy schedules to update you that the CDS of Bank of America has reached escape velocity and has now entered suborbital traffic. At 370 bps, which is where the CDS is trading as of this moment, it is only 30 away from the 400 it hit in March of 2009 when the world had to be bailed out by the Fed: a ploy which this time will not work since every central bank has already doubled down to the hilt. In other news, expect bashing of evil bloggers who indicate BofA default risk spikes to commence momentarily as obviously it is only they who are to blame for BAC's upcoming bailout.

(red dot is where we are now)