Kansas City Fed President says "Too Big to Fail" approach is failing

There was a very interesting speech just delivered by Kansas City Fed President Thomas Hoenig. Essentially, he attacks the "Too Big To Fail" doctrine we're pursuing, where large institutions are kept on life support rather than seized/nationalized and resolved. This is the first time I can recall such a prominent member of the Fed saying anything like this. If you're interested in reading the speech, go here.