"Big banks are bad for free markets. Far from being engines of free enterprise, they are conducive to what might be called 'crony capitalism,' 'corporatism,' or, in Jonah Goldberg's provocative phrase, 'liberal fascism.' There is a free-market case for breaking up large financial institutions: that our big banks are the product, not of economics, but of politics. There's a long debate to be had about the maximum size to which a bank should be allowed to grow, and about how to go about breaking up banks that become too large. But I want to focus instead on the general objections to large banks." Read more.
Via the Cato Institute.