I think that's exactly what the author meant > consolidation > cost reduction > synergies > passed back to the consumer => second order fucking up your compet

I think that's exactly what the author meant > consolidation > cost reduction > synergies > passed back to the consumer => second order fucking up your competitors => first order That's generally why you have to guess at the long term effect of any merger. "Will the consumer benefit only in the short term and the diminution of competition will end up hurting them in the long term?" is the question regulators should answer.