@spencertbarber And are you really saying it was easier to start a new venture before 1913 than over the past decade with 0% interest rates, all time high dry powder from investment firms, and technology bringing down barriers to entry?
@spencertbarber As a group the banking system’s credit creation share loss (to shadow banks) pales in comparison to any shift from small to large banks.
@spencertbarber Looking at the H8 data released by the Fed for the past decade, there have been some areas where the largest banks have grown loans faster (Fed groups them as the top 25), but there are areas where small banks have grown faster as well (notably CRE).