After the breaking up of Ma-Bell, painting monopolies as benign began to gain traction. Afterwards, the argument often made is absent of regulation, how many natural monopolies have actually existed? So, it follows the best course of action would be a laisse faire approach, since private enterprises however large & dominant may still be in the best interest of consumers.

I don’t think any us bought it, but WS was paid to advocate it. We all knew consolidation while likely great for consumers in the short term would never last—businesses with monopolistic power will always prey on the consumer. To put simply, you cannot have a free market in any industry with monopolistic characteristics (it’s currently an oligopoly with what appears to be…er…some collusion), which is why we regulate them, e.g., utilities.

The regulators had gone along because they either didn’t know any better or were complicit. Doesn’t matter, we’re here. At the very least, don’t allow any more consolidation, at least not in this industry.