Silicon Valley Won't Recover Until 2011?
from the sound-a-bit-pessimistic dept
grier writes “Just as Silicon Valley got swept away in the euphoria of the internet bubble, now comes media prophesizing of doom, gloom and almost eternal jobless damnation for the region. A front page headline in the Sunday San Jose Mercury News screams out, “Valley Forecast: Recovery in 2011”. Okay, so maybe 2003 may not turn out to be as rosy as some predicted, but no job growth until 2011? Aren’t some forecasters starting to again take things too far? The story notes that even though the economy is improving, some projections call for four more years of 7%+ joblessness in the region. The latter half of the story then basically refutes the first half, quoting another batch of “experts” who say it won’t be that bad that long. Maybe the editors are not smart enough to figure out that the economy really is cyclical and an economic recovery can’t occur without job creation. More likely, it’s just a shameless ploy to sell more news.” I think part of it is people’s natural tendency to take a current trend and extrapolate it out. It’s the same thing (and oddly, often the same people) as the people who predicted the the “new economy” growth would go on forever.