The big worry with BAC is that if we fall into another recession, the bank is going to have big problems again. They have so much exposure to personal loans like mortgages and auto loans and small business loans that they are going to feel the pain badly from another recession.
I'd say a recession is looking more likely in 2012 or sooner if the U.S. govt actually defaults. A default could send us quickly into a recession as interest rates surge. Even if they agree to a budget and avoid a default by raising the debt ceiling, the budget cuts are going to eat into economic growth. I know it's time to deal with the budget mess, but it's going to have consequences since the federal government is such a big spender in the economy.
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