[mwwaters]

The issue in the late-90s was all the investment created a lot of real revenue for telecoms and other companies. Even though there were a lot of shenanigans with revenue, a lot of real money was spent on fiber and tech generally.

But the real money was investment that didn’t see a return for the investor. The investments needed to have higher final consumption (such as through better productivity or through displacing other costs) to pay back the investment.