Last year, Standard & Poor's downgraded 27 banks. Nine banks, which represents 20 percent of its rated banks, are now considered junk--that is, they have ratings of BB-plus or lower. The issue is whether more banks will soon join their ranks or at least be downgraded significantly.

The biggest threat, as suggested by Reuters, would appear to be a bleak earnings prognosis. The surge in investment banking, trading and mortgage fees may not be sustainable in 2010. At the same time, the prospect of new fees levied by the government is complicating matters. On top of that, you still have a lot of worries related to consumer and commercial debts. There is not much of a safety net any longer; it's fair to say that that if the turbulence really picks up, the public will not stand for another massive bailout. That said, the economy does appear to be picking up. Hopefully, all this worry will be for naught. 

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