Posted on 02/10/2010 5:47:24 PM PST by NormsRevenge
SAN JOSE, Calif. – Silicon Valley's economy took a big hit during the global meltdown and could have trouble climbing out, according to a report released Wednesday.
The 2010 Index of Silicon Valley said the region is entering a "new phase of uncertainty" where job losses, a shrinking foreign talent pool, a drop in investments and state legislative gridlock could put its standing as the center of technology at risk.
...
"It's a report with a lot of bad news in it. Most years, Silicon Valley has all this good news. But this year, it's not entirely clear when the recession ends if we're going to be able to very easily get back. That's not a given," said Russell Hancock, president and chief executive of Joint Venture, an alliance of business and community institutions.
The report noted that the region lost 90,000 jobs from November 2008 to November 2009, and unemployment is higher than national levels. It's also the worst in the region since 2005.
(Excerpt) Read more at news.yahoo.com ...
How’s all the ‘Green Jobs’ working for ya, California?
Obamanomics: a “new phase of uncertainty”.
Good one!
.
Too much regulation.
Too much taxation.
HELLO??!!??
How apropos, the elasticity of the President’s economic ‘stimulation’ has failed to provide a lift to the charmed Silicon Valley. Alas, even with an abundance of silicon they find themselves subject to the financial reality that has the entire economy sagging.....and sagging.....
Just read the WARN report and see how many companies are laying off employees. The WARN report gives numbers, positions held and the date that the layoff will occur.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.