Who doesn’t love regulation? At one time, the financial services industry and the airlines were regulated. Everyone charged about the same amount for the services they provided. Competitors differentiated themselves through their extras. Brokerage firms talked about the depth of their research. Airlines offered decent food in coach.

Firms stuck with their specialty. Stockbrokers sold stock. Bankers created loans. Insurance agents sold insurance. When these industries deregulated competition, it drove fees down (and many firms out of business). Companies moved beyond their traditional competencies and competed in other categories.

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