There are 6,000 American banks, but “half of the entire banking industry’s assets” are concentrated in five institutions whose combined assets amount to almost 60 percent of the gross domestic product. And “the top 10 banks now account for 61 percent of commercial banking assets, substantially more than the 26 percent of only 20 years ago.” The problems posed by “supersized and hypercomplex banks” may, Fisher says, require anti-obesity policies equivalent to “irreversible lap-band or gastric bypass surgery.” The land of TBTFs is “a perverse financial Lake Wobegon” where all crises are “exceptional,” justifying “unique” solutions that are the same — meaning bailouts. This incurs “the wrath of ordinary citizens and smaller entities that resent this favorable treatment, and we plant the seeds of social unrest.” …

It is inexplicable politics and regrettable policy that Romney has, so far, flinched from a forthright endorsement of breaking up the biggest banks. This stance would be credible because of his background and would be intelligible to voters because of its clarity. As the campaign reaches what should be a satisfying culmination, they would be astonished by, and grateful for, the infusion of a fresh thought into the deluge of painfully familiar boilerplate. Having tiptoed close to where Fisher stands, Romney still has time to remember Gen. Douglas MacArthur’s axiom that, in war, all disasters can be explained by two words: “Too late.”