“And as banks get bigger, of course, we also have another doctrine. The doctrine in banking at the Federal Reserve Board is called, “too big to fail.” Remember that term, “too big to fail.” It means at a certain level, banks get too big to fail. They cannot be allowed to fail because the consequence on the economy is catastrophic and therefore these banks are too big to fail. Virtually every single merger you read about in the newspapers these days means we simply have more banks that are too big to fail. That is no-fault capitalism; too big to fail. Does anybody care about that? Does the Fed? Apparently not."
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