He did:
> Universities, government agencies, big tech monopolies, public sector unions, complacent companies in industries that haven't changed in 50 years
so: Harvard, FDA, Google, American Postal Workers Union, State Farm. Also banks, I would say.
so: Harvard, FDA, Google, American Postal Workers Union, State Farm. Also banks, I would say.
Banks get “torn apart and cannibalized” more frequently than industrials.
Column A / Column B. If hubris is the root, the less hubristic competitor takes it over on failure. If competition causes excessive risk taking, the better-managed bank wins. The system really only loses when competitive pressure causes everyone to lower their guard, which happens, which is why banking has to be tightly regulated. (And this is true with or without fractional reserves.)