I don't agree with the premise that the big Bells are on their way 'down.' While the pressure from VoIP newcomers is real and will continue, keep in mind that landline POTS business is only part of their revenue portfolio. Wireless and broadband access are growing businesses for them (Remember that VoIP is only viable over broadband and the cable companies and the Bells are providing that.)
While it's possible the Bell dividends may suffer, they are deep-pocket players in ALL aspects of the telecom revolution and I expect their stock to hold up.
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