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To: Wyätt Gwyön who wrote (49039)	2/17/2001 11:48:45 PM
From: Steve	Respond to of 77400

Of course debt can expand infinitely as long as incomes rise to service it and the quality of the debt remains high. But of course our financial system is almost infinitely capable of absorbing excesses and unwinding poor quality debt. I thought that the majority of the telcom investment was in expansion of network capacity as demand for bandwidth by consumers and businesses increased here and around the world. I believe the marginal ISPs, CLECs and DLECs along with the dotcoms represented a fairly small percentage of the total investment in telcom infrastructure. I don't have the exact numbers handy but George Gilder has said that the global telcom infrastructure build out is a trillion dollar opportunity over the next 5 years.