It's been in vogue, since the financial crisis started, to lambaste the "too big to fail" idea that lies at the heart of the "moral hazard" problem, which has long plagued the industry. But the bailout has effectively ensured that "too big to fail" will not be ending soon.

The Washington Post notes that the biggest banks are even bigger now. JPMorgan now controls more than $1 of every $10 on deposit. Bank of America controls a comparable percentage, as does Wells Fargo. The top four--add Citigroup to the list--now issue one of every two mortgages and about two of every three credit cards, the Post notes.

This is a lamentable state of affairs, but what to do? This is one of those unintended consequences. Consumers could end up with more choice, and the "moral hazard" endures. But at least the biggest banks survived. Lots of smaller banks haven't been as lucky. 

For more:
- here's the article

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