It's the word that cannot be spoken - at least at Treasury or the Fed. But it's the word and realization that gripped Wall Street today. Geithner's lack of a viable bailout plan, after months of preparation, makes it clear to me that some big banks are insolvent and the Government does not want to admit it. CNBC and too many blogs to link to, are saying the same thing. Some banks need to go under and an RTC-type operation needs to be formed to manage the remaining assets, and the banking industry needs to move forward. The list of insolvent banks is likely short, regional banks that focused on mortgages and Citi and BofA, but at this point, who knows. In the immortal words of Nike - Just Do It.