This ought to be a glorious moment for the telecommunications industry. Instead, the industry is in the midst of a financial meltdown. The ripples from the telecom implosion extend well beyond the industry. In the boom years, there seemed no limit to telecom's prospects. In desperation, companies began to try to "buy" market share. For a time, companies were able to camouflage their problems. Telecom wouldn't be the first to go through such a boom-and-bust cycle. In the 1880's, the entire railroad industry went bankrupt.