Before and after the breakup of AT&T -- Stability as the world changed -- The Telecommunications Act of 1996 -- The second race to cover the United States in optical fiber -- The big get bigger : the entry of the RBOCs into the long-distance market -- The last stand of the long-distance companies -- The rise and fall of the competitive local exchange carriers -- Lost opportunities by the cable companies -- The crash -- Who won? -- Likely future winners and losers -- A look back and a look forward.