Meltdown, Part Deux

Three charts that have caught my eye in the last 24 hours:

History rhymes: world stocks are sliding...again.

[theme song: "The Tracks of My Tears" by Smokey Robinson]

And this:

Banks in trouble: Morgan Stanley default swaps are blowing out.
Again.

[theme song: "Pressure" by Billy Joel]

And it's not just Morgan Stanley [blue line, below]. Check out the 5-year CDS spreads for Citigroup, Goldman Sachs, and, my favorite, Bank of America [green], which is now kissing 400 bps:

Look out above!

[theme song: "Up, Up and Away" by Fifth Dimension]