The Telecosm conference made clear just how dead-on Schumpeter was, when he talked about gales of creative destruction. The level of innovation in computers, telecom, nanotech, name it, is extraordinary. And so is the level of risk -- but the risk is to individual companies the bet wrong, not to the overall economy or to the tech sector as a whole.

In particular, there are a passel of idea about pushing real broadband -- gigabits -- out into the world, over fiber, copper, and wireless. There are new ideas about network computing, and nanotech applications in medicine.

It is perfectly clear that regulatory thinking, particularly in the areas of telecom and medicine, is becoming more and more disconnected from the realities and possibilities. One almost expects Congress or the FCC to require fiberoptic providers to install oat bins every 10 miles so that the Pony Express riders can feed their horses.

The only sensible regulatory policy is to set some fundamental rules at a general level, and then let 'er rip.