Starting in the late 1970s business woke up to the fact that if they bought government via PACs and lobbyists then wouldn't have to bother with pesky things like competition, providing a better product or service or making their company the kind of place where good people would want to work.

Instead they got government to pave the way for relaxing anti trust and in the financial services sector a guarantee through bailouta and never ending money printing compliments of the Fed. Companies just merged and acquired their competitors rather than be competitive. Its been all down hill since then.