Let me say I have no vested interest in CSCO at this time. I am merely an interested observer. I am neither short nor long. I am very intrigued by the operations of succesful American businesses, however. You have to give Mr Chambers his due. He has taken CSCO to a meteoric stature in less than 10 years.
The backbone of the net is not going away. CSCO is feeling the pain all the other tech companies are also feeling right now. The bubble clearly got too big. Expectations were irrational. However, with the looking rate cut (look for another 1/2% cut soon), the economy will once again be ready to rock. And tech should be at the forefront of the coming rally.
If you had guts (and brains), you would be BUYING (not shorting)the likes of CSCO and Nortel right now.