Telecom turmoil is back, if you believe Scott Moritz’s latest piece in The Street.com. And I have no reason not to believe him.

bq. The bug that laid low Level 3 on Monday is about to take a bite out of the rest of the telecom industry. After a brief period of stability, wholesale phone capacity prices once again appear to be in free fall. Here’s why: A stampede into what was one of telecom’s few remaining high-margin businesses has reignited a damaging price war.