The collapse of European banks and then equities will of course be felt here in America. Wall Street insiders know what's about to hit. So does Warren Buffett, which is why he invested in Bank of America's preferred stock (senior to common shareholders in claims on a firm's residual assets) and not its common stock. The warrants he obtained can be exercised in the future, presumably after a recapitalization wipes out that bank's common equity. Not that BAC would ever need a recap, of course, as long as the Fed and Treasury stand by ready to funnel it with some TARP 2.0.
Full disclosure: No positions in any banks at this time, certainly not BAC.