CNBC “Wake-Up Call” anchor Carl Quintanilla spent some time Monday morning (July 8th) talking with Scott Draughon about Worldcom events, the prospects for the New Economy and the ripple effects of the related Telecom sector demise. Focusing on short-term prospects, and noting seven bankruptcy filings in the Telecom sector this year, Scott emphasized pending consolidation in the industry. In response to questions from Michael Santoli of Barrons, Scott remarked that the long-term fortunes of the Telecommunications Industry “may well lie in the hands of Hollywood with the deployment of Music and Movies on Demand” as the “Killer App.”

Scott also observed that Congressional Hearings should focus on government policy in the Telecom sector. Noting the importance of introducing free market principles to the Telecom Industry, Scott applauded the leadership of Michael Powell and acknowledged that more time will be required to transition the sector to full free market dynamics.