actually, what is happening is that TCP (eventually) gets the acks for the packets that it sends, so it speeds up to try and send more traffic.
eventually the delay gets so large that it times out before the acks arrive and the speed collapses.
If you look at the graphs in Getty's paper, you will see exactly this sort of picket-fence for what he is calling 'goodput', which is the amount of traffic that is actually getting to the destination (with the rest of the available bandwidth being taken up by 'badput', which is packets that are going to be dropped by the time they get to the destination because they are either too old, or they are retransmissions of packets that are still in flight, and so will be duplicates by the time they get there)