I found this article over at BusinessWeek interesting (even if it didn't explicitly discuss telecom). I think this article supports R.B. Horwitz's contention that regulation is often introduced at the behest of the regulated industry to stabilize markets. Pure capitalism results in large uncertainties and almost demands periodic business failures as a form of market discipline. Regulation works to ease those pressures and, if done well, provides a predictable marketplace (which is generally supportive of investment).
So, if this article is correct, the recent market turmoil may usher in an era of increased regulation. Will telecom be included in this trend?