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Update (0835ET):  After another massive bank failure - and taxpayer-funded bailout - JPMorgan CEO Jamie Dimon told listeners on an investor call this morning that "The system is very, very sound."

Doesn't seem like it Jamie, old chap?

But hey, whatever you say now as the CEO of a bank that holds over 10% of America's deposits.

"We need large, successful banks in the largest economy," Dimon continued, proclaiming that "this is nothing like '08 or '09." 

Well he is right, in so much as this is far larger... and we really don't know where the CRE holes on bank balance sheets are (even as Charlie Munger warns they are everywhere)...

To read more visit Zero Hedge.

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