Bob Frankston on The Economist, the Internet, Telecom and the Dow. Strong stuff, this.

In 1900's there was a real telecommunications industry just like in the 1800's when there was a thriving business in transporting ice from frozen lakes to warmer climes. Just as refrigeration put an end to the need for buying ice, the Internet has put an end to the need to buy telecommunications services from others. We just need commodity connectivity.