Karl Denninger, as always, has a great post, pointing out that the entire Banking system in the U.S. has passed the ominous 5% bad loan level, and is currently at 6.49% (and still rising, of course).
You should read it, it's good:
http://market-ticker.denninger.net/archives/1344-Will-It-All-Come-Tumbling-Down.html
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