I’m at a small conference on the telecommunications industry. The room is lousy with very smart people, almost all Telecom Rebels of one sort or another. The general consensus: A telecommunications industry meltdown is underway. A trillion dollars in debt. No way out. It’s just a matter of time — and not a lot of time — before the giants go Chapter 11. They are trying to artificially maintain the value of an outmoded network infrastructure and are in the way of delivering bandwidth to every home.

And that’s the good news, relatively speaking. The telco collapse will take pension funds with it. And then real estate bubble will pop.

Drink up, my friends.

Note: I helped David Isenberg, a gen-yoo-ine telecom guru, write the Net Paradox to explain what’s happening.

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