vestors Subsidized Prices Dotcoms Create a Demand Bubble Carrier Hotels Created Too Much Room at the Inn The Bubble Bursts in Equipment Manufacturers' Faces Surplus Gear Met Demand Endnotes The Deuteronomy Networks The Short-Term Bandwidth Crunch Invited More Suppliers ISPs Wanted Dark Fiber Qwest Follows Sprint's Lead Along the Rails Kiewit Sells MFS, Creates Level 3 Williams Sold Wiltel, Created Another One Metromedia Sold Cellular and Long-Haul, Created XO Communications Recycles Cellular Profits Undersea, Undersea, Under Beautiful Sea The Great Telecom Meltdown How Much Bandwidth Was Available? A Falling Price Lowers All Carriers' Ships Endnotes Losing by Winning: Wireless License Auctions Original License Lotteries Led to Farcical Resale The Top Cellular Networks Grew to Profitability Networks Go Digital Auctions as a Fair Way to Allocate Scarce Spectrum The PCS Auction Was a Success "3G" Combined the Allure of Both Internet and Wireless European PTTs Had Recently Been Privatized Bubble-Era Timing Led to Spectacular Bids "2.5 G" Technologies Suffice for Most Users Many Large Incumbents Were Left with Huge Debt Endnotes Competitive Access Providers, the Costly Way to Local Competition RBOC Prices to Large Customers Were Out of Line States Supported RBOC Monopolies More Than the FCC Did The FCC Preferred a Market-Based Approach Satellite Bypass Did Not Quite Fly Teleport Cracks the NYNEX Monopoly Competitors Outrace RBOCs to Provide Local Fiber-Optic Connections Overbuilding Each Other in Top Markets The Telecom Act Opens Local Service Competition The Long Distance Business Declined CAPs Had Head Start on Both Service and Debt Fixed Wireless as an Alternative to Fiber? Overexpansion Led to More Bankruptcies The Great Telecom Meltdown "Virtual NXX" Made Dial-In Available in More Areas Reciprocal Compensation Led to Large Initial Profits ILECs on the Attack The Grandfather Clause Locked Out New Entrants and Squeezed the Old New Generation Switching Equipment Lowered Capital Costs Enter the Softswitch The CLEC Bo