The great telecom implosion: it's not just individual companies that are going bankrupt. The industry as a whole has gone from market reform to market ruin.

THE DIMENSIONS OF THE COLLAPSE IN THE TELE-communications industry during the past two years have been staggering. Half a million people have lost their jobs. In that time, the Dow Jones communication technology index has dropped 86 percent; the wireless communications index, 89 percent. These are declines in value worthy of comparison to the great crash of 1929.

Out of the $7 trillion decline in the stock market since its peak, about $2 trillion have disappeared in the capitalization of telecom companies. Twenty-three telecom companies have gone bankrupt in a wave capped off by ...

Read the rest of this article with a Free Trial at HighBeam Research.