There was a good quote on Pando about who lost the most in the bubble - it wasn&#x27;t tech, it was telecom by a long shot. All their income looked real - it was providing a real service - but a few levels of indirection down the line it was all broken.<p>I&#x27;m not doomsaying, but if there&#x27;s a big movement in anything it tends to have weird action at a distance.