Despite Fed, Silicon Valley Bullish on Economy

Many tech workers not seeing US slump
By Nick McMaster,  Newser Staff
Posted Feb 27, 2008 5:31 PM CST
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. (AP Photo/Paul Sakuma)   (Associated Press)

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. (Read more Federal Reserve stories.)

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