Hm, how many businesses has RS run? I'm talking real businesses, with 100+ employees, not just incorporated DBAs for the collection of patent money or consultant paychecks.
In that case, he should STFU.
The root cause of the TBTF issue was...the rating agencies. How, you say? The rating agencies were given the imprimatur of a government agency in legislation in the early 20th century - they were credited IN LAW as being 'the official' agencies worth using. This naturally meant that people treated them like government agencies, when in fact they were commercial businesses with all the tendencies toward greed and (when handed a government monopoly) indolence.
Eliminate them, and suddenly the market HAS to revert to actual capitalist economics: there IS no 'golden', unsullied source of ratings, and investors have to evaluate their investments or use someone they actually trust. Ultimately, the amounts risked are much more carefully invested (or, if not, lost WITHOUT recourse to government - ie taxpayer - assets).