On a side note, P/E of financial stocks is so incredibly low now that they're the best buy of the 21st century
It depends what you think that "E" really is... if you think there's no double dip then you're correct. However if there is a W shaped recovery then reduced earnings will likely show the current pricing more reasonable.
banks are far, FAR more capitalized than they were in the fall of 2008
US banks are certainly in better shape (except for BoA which is still questionable), but a lot of the current concern is with European banks. The impact of EU Government bond "defaults" is still being determined, and creates a lot of uncertainty.