This year, they made an astonishing bid to buy USWest-one of the oldest most venerable old line institutions in our economy. US West was ultimately purchased by Qwest, a company not much older than Global Crossing. This is mind-boggling. A few short years ago it would have been thought to take generations to enter a market and subsume a company of US West's size and venerability. We must take account that previously unimaginable things have entered the realm of the possible.
Uncertainty also presents a challenge.
The technology markets create enormous competitive opportunity, but great anxiety as well. Arguments to intervene often are couched as necessary to prevent anti-competitive behavior, even if such behavior has yet to occur. I strongly believe the Government has a role to play in stopping anti-competitive conduct, but it is a dicey business to do so based upon speculation about the future consequences in such a rapidly changing marketplace. Indeed, quite often, proponents of intervention are attempting to get the government to embrace a particular vision about the future and take actions in furtherance of that vision. I think such action is dangerous, because such a dynamic marketplace, driven by change and innovation, should not be tipped by government but should be allowed to play out.