Returns on capital for the services guys have gone down systemically for five years, and badly down. Wall Street was giving them the money for free so everybody spent. And that s what happened last fall. That s why this year is fundamentally different. Level 3, Williams, Qwest, Nextlink, etc., etc.
Nothing says the demand drivers aren t still there.
The problem is we ve got too many companies trying to give you the stuff. We have this unstable situation where companies have too low of a market share. It could be very destabilizing. Level 3 is the extreme case. They want to buy the latest fiber from Corning and light it up with the best gear from Nortel and Ciena.