AT1 bonds getting vaporized is just an appetizer, at $250 Billion. Commercial real estate is a $2.5 Trillion market. And then there is that pesky hold to maturity basket that banks stuff heavily depreciated bonds with much lower interest rates than current rates, and there are trillions in losses spread out amongst all the banks. Oh, and then there are losses at non-bank entities like hedge funds and private equity that took out loans or used margin that is now underwater, and these problems have not even made their way to the surface, and these issues are likely to be in the trillions of dollars. So you tell me where we're at in this "crisis". The blind are leading the blind at this stage!