UPDATED: Who said it....and when?

"No private enterprise should be allowed to think of itself as ”too big to fail.” Federal deposit insurance, protecting a bank’s depositors, should not become a subsidy protecting the risks taken by non-banking affiliates. If a huge ”group” runs into trouble, it should take the bank down with it; no taxpayer bailouts should allow executives or stockholders to relax."

UPDATE: As noted by my amazing Google-literate commenters, it was indeed the Nattering Nabob of Negativcism-man himself, William Safire, writing in the New York Times all the way back in 1998, when a Democratic president and a GOP-controlled Congress conspired to tear down this wall between banks and others types of massive financial institutions. Just goes to show, people knew. And nothing was done.

It all goes to show that America does have a two-party system, Corporate Right and Corporate Left, and they both left you holding the proverbial bag.