To repeat, were it otherwise, some banks would be dropping their charters if there were not a net subsidy. In fact it is apparently the lower funding costs at banks that benefit directly from the subsidy of the safety net that has created the tendency for banking organizations to return to the bank and its subsidiaries many activities that are authorized to banks.
One could argue that, because little ground was lost during the recessions, little ground was available to be regained in the recovery phase. However, the recession of 1969-70 was not any deeper, yet investment spending and payroll employment growth shot up immediately after the trough. Accordingly, a shallow recession does not appear to guarantee a shallow recovery.