Sometimes I wonder if the US sub-prime mortgage industry was the only part of America's economy that was unregulated. I was talking to a friend today and suddenly it struck me that the US is ruled by cartels. Look at telecom - AT & T, Verizon, Sprint, T-Mobile...you are stuck with either one of these. Locked phones, bound contracts, shoddy customer service(some of which is maybe outsourced to our country) etc etc.
Now look at Hollywood. Who rules? Fox, Warner Brothers, Sony, Universal, Paramount, Disney, DreamWorks(Maybe). The big six or seven. They are supreme. So much so that someone like Woody Allen,who now makes his movies only for European audiences, said - "In the United States things have changed a lot, and it's hard to make good small films now. They only want these $100 million pictures that make $500 million."
Some people would say the same about American automakers. They(Ford, GM, Chrysler) created and stopped innovating. And then the Japanese swooped in with their Toyota Production Systems and Kaizens and what not. But that is a story for another day!