Question: The financial crisis of 2007-2008 is considered by many economists to be the worst financial crises since the Great Depression of the 1930s. While both economists and non-economists have debated what the actual cause of the financial crisis was, many people called for more regulation of the U.S. financial sector (one extreme example was the "Occupy Wall Street" protests).
Given that, according to data on market shares, the financial sector of the U.S. economy is not classified as competitive, do you believe that government regulation promoting competition within this sector is needed or justified? Explain why or why not in each case, and provide a brief description of what such government interference should include.