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Above all of this is a changing American economy that is weighted more heavily to lower emission industries like banking and financial services, computing, healthcare, retail and services, and telecommunications than on traditional manufacturing (it's worth noting that automotive and oil and gas are still the largest industries in America).
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During the bull market, no one was more euphoric about the promise of upstart telecommunications companies than Mr. Grubman.
One of his best-known quotes is that a Masai warrior with a cellphone has better telecommunications capabilities than the president of the United States did 25 years ago.
Fluctuations in the Topix, which is less heavily concentrated in technology, media and telecommunications stocks than the Nikkei, probably have a bigger impact on Japan's struggling banks.
During the bull market in technology shares, no one was more euphoric about the promise of upstart telecommunications companies than Mr. Grubman.
Mr. Grubman, who attracted more investors to shares of start-up telecommunications companies than any other Wall Street analyst, has been under investigation for months by Eliot L. Spitzer, the New York attorney general.
And if the industry had invested relative to its revenues at a level consistent with the early and mid-1990's, we would have seen something like $50 billion less spent on telecommunications equipment than we saw.
Inside, I was greeted by Gerry Wong, the C.E.O. of Cambridge Industries Group, which manufactures telecommunications equipment more than three million items a month for companies such as Huawei, Nokia, and Alcatel-Lucent.
"The demographic, deflation and debt trends require very serious re-thinking on the part of the information technology and telecom industries on the very nature of the business," wrote Mr. Tumolillo, whose report outlines the possibility of an even bigger telecommunications crisis than the industry has suffered in the last couple of years.
It is hard to imagine a school that would benefit from the wonders of telecommunications more than Willow Creek, a one-room, cinder-block school that sits 22 miles off the nearest interstate along a winding gravel road that cars share with cows and sheep.
The success of the 1988 ITR Treaty lay in the fact that it was primarily a set of high level principles which facilitated international telecommunications rather than detailed regulations.
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