It reminds me of the wholesale trading days in the mid-90's. There were a lot of trading firms with lots of capital chasing order flow. There was major consolidation in the industry stemming from banks buying brokerage firms and wire houses buying wholesale trading platforms to grab customers. Competition was fierce! Then along came new regulations, technology and the customers got smarter. Pricing was compressed due to regulation, customer knowledge,technology and too many dollar chasing a few customers. In the end, the larger firms with cheap capital were able to compete in a low margin business forcing many out of the business. Others tied up masses about of capital chasing customers and eventually blew themselves up because they moved too quickly deploying capital without doing their homework. I see the same thing happening across the lending industry and private equity/venture capital industry.