You’re missing the biggest reason - the contagion effect not guaranteeing deposits would have likely had on ALL other small and midsized banks. That’s not an apologist take, but an economic reality that neither you nor I would want to witness in real time.

Supporting depositors - who come in all stripes, including many nonprofits - is a far cry from bailing out big banks for inherently risky securities and derivatives trading activities.

This article would be far different in tone and rhetoric had depositors not been supported and the bank run and crisis of confidence was allowed to run wild.