"Banks fail. When they do, those who stand to lose scream for a state rescue. If the threatened costs are big enough, they will succeed. This is how, crisis by crisis, we have created a banking sector that is in theory private, but in practice a ward of the state."

https://www.ft.com/content/09bfbb8d-22f5-4c70-9d85-2df7ed5c516e