So, asked CBS’s John Dickerson, what’s the answer to oversized, privileged Wall Street banks? “Regulate them,” Perry said. Especially in a way that will ensure they can’t receive future bailouts: “If they make bad decisions, let them live with them,” Perry said. 

Conservatives have at times overstated the degree to which Dodd-Frank entrenches “too big to fail” status — the largest financial firms certainly don’t like being designated “systemically important” under the law — but Perry’s quite right that the law is imposing big costs on small banks while not doing too much to rein in the biggest firms.