Here (h/t RTC):

There was already a sense that the plan would not be enough to break the log jam in the credit markets, where banks are even refusing to lend to each other. Earlier Monday the Federal Reserve raised the amount of swap lines it has with foreign central banks to $650 billion from $290 billion. It also announced bigger and longer-term auctions totalling more than $400 billion, but the credit markets remained stuck.
Fixed-income strategists noted with alarm the string of bank failures and near-failures in the last three weeks, including Wachovia’s (nyse: WB – news – people ) regulator-assisted takeover by Citigroup (nyse: C – news – people ) on Monday. Previous credit crises would be punctuated by one or two failures, tops; now, “it’s one a day–it’s shocking,” said William O’Donnell, the head of U.S. interest-rate strategy at UBS (nyse: UBS – news – people ). “Armaggeddon it is.”