If this government finally wants to send a signal to Main Street that it is no longer in the embrace in the tentacles of Wall Street, there is one person who won her spurs in spirited confrontation with Wall Street's power brokers and can wear their enmity as a badge of honor.
Having government forbid everyday commercial banks to take gambles on high-risk schemes, why, that just didn't make sense to the enlightened minds of 1999. We had learned by then to trust the market. Besides, what could go wrong?
To date, much of the criticism of the size of banks has focused on "greed". The stronger case is the one the bankers themselves made today: if a bank is large enough, just mistakes are sufficient to screw up the entire country.