Investors around the world are heartened. There are more bank failures to come, and the financial crisis is far from over. But I think the economists at UBS are right:

With global financial markets in “free fall”, we believe that we are moving rapidly
towards the end-game: full-scale state recapitalisation of the banking system to
ensure sector solvency and restore market confidence. In our view, the
nationalisation of parts of the banking system in the US and Europe could be
viewed as the defining moment that marked the start of the end of the financial
crisis.