JPMorgan: systemic crisis is underway.

So, the zero hour is here. They finally come out and say it how it is, systemic crisis is underway:

A systemic credit crunch is underway, driven primarily by bank writedowns for subprime mortgages," according to the report co-authored by analyst Christopher Flanagan. "We would characterize this situation as a systemic margin call.

It is no longer some blogger or professor, but none other than official JPMorgan Chase report... TAF seems not to be working. Next milestone would be a major bank failure. Let's just hope we will not see any heart failures.