The chief executive of Cisco, John Chambers, has emerged as one of Silicon Valley’s few optimists, proclaiming that the U.S. economy will recover this year. Oh my!
An article in today’s New York Times reveals Chambers’ assertion that while most of Cisco’s customers expect the economic downturn to linger well into 2010, a smaller number expect the downturn to ease late this year. Who is this small band of positive thinkers?
Don’t get too giddy. Chambers, after announcing the company’s positive second-quarter results, said that things will get worse before they get better, but reasoned that he’s more optimistic than others “because you have $1.6 trillion coming in from governments around the world, with the U.S. accounting for about half of that.”
Thanks, Obama! As the Times reports: “Mr. Chambers’s optimism stems from the large amounts of government spending both here and abroad on infrastructure projects, including things like better broadband technology, health care and education, that should drive equipment sales. Mr. Chambers credited governments in the United States and abroad with relatively efficient action in enacting new infrastructure programs.” Now that’s an Obama Republican!