"Stocks: Here’s What’s Really Freaking Out the Markets"

But you already knew this* didn't you?
From Barron's Stocks to Watch:

Gluiskin Sheff’s David Rosenberg thinks he knows what’s freaking out the markets:

[It] is not just the Fed, nor China, nor oil that is undermining the stock market right now.
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It is the European banks and contagion concerns.
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This year alone, European bank stock prices have tumbled 18% versus 11% for the STOXX 600 index — there are major concerns over capitalization and loan quality at play (indeed, it likely was Italy’s Monte dei Paschi that got the ball rolling in mid-January when its stock hit record lows following the news of surging non-performing loans).
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Some of these banks are trading back to 2008 crisis levels and this bears watching.
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Indeed, news of major withdrawals out of Credit Suisse caused its share price to nose-dive 11% alone late last week — hitting a 24-year low in the process. Even the likes of Deutsche Bank have slumped to 2009 levels and Santander, BBVA, and UniCredit are down to lows seen during the last Eurozone financial crisis....

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*Earlier:
The Banks The Market Worries About