I'm glad you brought up the banking industry because it's a perfect example of how such high fixed costs favor large incumbents, stifle competition, and prevent

I'm glad you brought up the banking industry because it's a perfect example of how such high fixed costs favor large incumbents, stifle competition, and prevent new entrants. In the US since 2010, 10 (ten) new banks have started up. Meanwhile the stock prices of large established banks have soared. Imagine a world with ten new internet startups in 7 years; this is a step in that direction. This is not a fantasy but something that the government actually did to another industry.