Almost all business regulation harms the poor and small businesses and helps the biggest industry leaders.
And in the big picture, even the good ol’ boys are harmed. Look at the above graph (courtesy of CNBC, see here). It shows that the overall value of the banking industry is about the same as it was in 1996–two decades ago.
Not only has overregulation kept small banks from starting and thriving. But even the big banks who ‘benefit’ from the regulation have not truly benefited. The industry hasn’t grown in 20 years.
