No that's not correct, we've spent far more time in the top tier than the second. Leeds are a Premiership club brought to hard times by near financial ruin. Until 2007 we had never been in the third tier.
Historically we've been in the top division for longer than any other division. For example 1964 to 1982 and 1990 to 2004. And more often than not in these periods we have been in the upper echelon (21 times in 32 years finishing 5th place or higher). As I said in a different thread Leeds made a profit in 2000 when we finished 3rd - so that couldn't be put down to Ridsdale's extravagence, that came later.
My point is that if it can happen to us, it can happen to anyone. Nobody is too big to fail through massive debts. While both Man Utd and Liverpool are bigger clubs than Leeds were, their debts are far far bigger. Man Utd are struggling to sustain their debt at the moment while successful on the pitch, so what chance when they are less successful but the debts still have to be serviced.