In the global economy, when Europe sneezes, the United States catches a cold. Ewww. No one knows why Europe can't just cover its mouth -- and its sovereign debt.
The rest of the world should consider dragging its sorry assets to Silicon Valley, which remained an oasis of calm last week. As fears of an impending debt crisis engulfed global markets, and a Standard & Poor's downgrade put the stink on America's credit rating, stock indexes turned into fever charts, with the Dow Jones industrial average reversing field by 1,063, 949 and 943 points on consecutive days.
The sky was falling everywhere, including much of the South Bay, where foreclosure rates in Santa Clara County remained depressingly high, and 10.3 percent of the people kept at the grim job of looking for a job. But the sky didn't fall on the heart of Silicon Valley.
To read the full, original article click on this link: Silicon Valley remains an oasis of optimism amid the global storm - San Jose Mercury News
Author: Bruce Newman
