A Noxious Session

When we look back at this selloff I think we will be angry that the brokerages, who knew from their junk desks that something was brewing, chose to say nothing. All the analysts could do was talk today about how everything is really fine. But it isn't. It isn't because the companies that are supplying the high-speed tech stuff don't know the full extent of the funding problems and don't know how quickly supply came into balance with demand.

In the end, that is what happened. The suppliers were working flat out to meet demand. The telco customers were spending flat out to put out as much bandwidth as possible. And just when the suppliers finally pumped out enough product, the customers ran out of money!