Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 17, 2008 1:17:47 AM CDT

Learn about Newser Points »

Back to the grid

Despite Fed, Silicon Valley Bullish on Economy  

Posted Feb 27, 08 5:31 PM CST in Business,  Technology    Most Covered

(newser) – Ben Bernanke’s report to Congress on monetary policy offered a grim outlook on the economy, but ABC News sees some signs that good news may be around the corner: workers in Silicon Valley, a national economic bellwether, feel good about their prospects. Rising exports, the recently-passed stimulus package and the future rate cuts Bernanke will probably make at the Fed’s March 18 meeting are additional reasons for optimism.

"The robust global economy is a factor helping the U.S. and it may even keep the U.S. out of recession," says Deutsch Bank’s chief economist. And while there's certainly no lack of gloomy financial indicators,  positive vibes still emanate from places like Northern California. "A person like me, if I quit my job today, I could be at a whole other place tomorrow and it wouldn't be that difficult," says one high-tech worker based there.

Sources ABC News, Forbes

open commentscomments (0)

Editor Recommended

Stock market might just be seeing bottom
CNN | Feb 27, 08

Valley's middle income workers not as optimistic
Newser | Feb 19, 08

Related News

  • Stocks Rally; Dow Up Almost 200

    May 1, 08 3:24 PM CDT
    Stocks Rally; Dow Up Almost 200 Stocks rallied today on strong performances by several big tech firms, MarketWatch reports. Investors also poured money into financials in anticipation of the dollar boost the Fed will cause by holding interest rates steady after yesterday’s cut. The Dow climbed 189.87 to at 13,010.00, the Nasdaq rose 67.91 to 2,480.71, and the S&P 500 jumped 23.72 to 2,480.71. More »

  • Fed Ponders Pause in Rate Cuts—After 1 More

    Apr 24, 08 10:05 AM CDT
    Fed Ponders Pause in Rate Cuts—After 1 More The Federal Reserve may be ready to cool its torrid rate-cutting after a likely .25% percentage point cut at its meeting next week, the Wall Street Journal reports. Futures markets are betting Chairman Ben Bernanke is unlikely to rest just yet, with little change in the month-to-month economic picture, but will pause after that to assess the cuts' effect and avoid stoking inflation. More »

  • Bernanke: Adjustment Is Mostly Over

    Apr 2, 08 10:24 AM CDT
    Bernanke: Adjustment Is Mostly Over Ben Bernanke for the first time acknowledged the possibility of a US recession, but he also voiced optimism that “much” of the adjustment period was over, the Wall Street Journal reports. His testimony before Congress seemed to suggest an end to aggressive stimulus measures—noting that rates had already been cut “substantially” and inflation was still a “source of concern.” More »

  • Bush Readies Mortgage Bailout

    Mar 29, 08 6:48 AM CDT
    Homeowners facing foreclosure could soon be getting a helping hand from the Bush administration, the Washington Post reports. Details are being finalized on a plan that would see portions of loans forgiven for people who now owe the bank more money than their house is worth. The remainder would be refinanced into smaller mortgages backed by public funds. More »

  • Fed Cut Raises Inflation Fears

    Mar 19, 08 10:27 AM CDT
    Fed Cut Raises Inflation Fears The Federal Reserve's latest rate cut might boost the economy with cheaper credit, but economists worry a freed inflation genie could be behind any magic, the Washington Post reports. Commodity prices rose to record levels in expectation that the rate cut would keep demand high, and the price hikes are liable to soon filter down to the checkout line. More »

Despite Fed, Silicon Valley Bullish on Economy
A Navy P-3 plane is on display in front of a hanger at Moffett Field in Mountain View, Calif., Thursday, Sept. 13, 2007. The economic downturn has not significantly damaged the welfare of the tech sector....   (Associated Press)
Despite Fed, Silicon Valley Bullish on Economy
Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, Wednesday, Feb. 27, 2008, before the House Financial Services Committee hearing on the latest measures to heal the U.S. economy....   (Associated Press)
Despite Fed, Silicon Valley Bullish on Economy
Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, Wednesday, Feb. 27, 2008, before the House Financial Services Committee hearing on the latest measures to heal the U.S. economy....   (Associated Press)
prev   next
play

Threads (1 of 2)

Tags

subprime mortgages  • Federal Reserve  • recession  • Ben Bernanke  • housing crisis  • Silicon Valley  • interest rate cut


Loading...

Loading...

Related Threads: Is It Recession?, Ben Bernanke

Next story from this section »

Today's Most Popular

Loading...

Other Technology Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »