The Globe and Mail reports in its Tuesday edition that shares of BCE, Telus and Rogers are cheaper today than they were five years ago. Globe columnist Gordon Pape writes that BCE and Telus have raised their dividends several times over those years, pushing yields to unusually high levels. Consumers and politicians have bemoaned our sky-high wireless rates for years, but reducing costs remains elusive. It is not that the telcos are in danger of going out of business. All continue to post decent profits, but growth is extremely slow and bottom lines are tight, despite significant layoffs. Concerns are being raised about whether the current dividend levels are sustainable for BCE and Telus. Mr. Pape figures these stocks are bargains, not value traps. Interest rates are likely to decline this year, and a reduction in borrowing costs should have a positive impact on bottom lines. Second, the dividends work to limit the downside on these stocks. As interest rates drop, the high yields should put upward pressure on the share prices. The concern in the case of BCE and Telus is that unless profitability improves, either could implement a dividend freeze or even a cut. Mr. Pape says Rogers is in the best financial position.