U.S. to Buy Stakes in Nation's Largest Banks - 2008-10-14 13:14:40
And the banks are now nationalized.
Which means Bank of America will "survive" in some sense.
It also lights a fire under stocks in general, so they'll take off until the next scare and plummet. The reason things need to plummet is because the Fed poured in so much money in the first place, pouring in yet more just makes things worse.
Short term though, buckle up...