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New York Times: Optimism a faded memory

John Markoff reports from this year’s subdued Agenda conference.

The new pessimism, which has become increasingly common in Silicon Valley, contrasts sharply to the prevailing view among high-tech executives last year. The consensus then was that the technology recession would be characterized by a “v-shaped curve” with a sharp decline and quick recovery.

At this year’s conference, however, it was apparent this idea had passed. “We’re talking in terms of years, not months,” said Eric Schmidt, the chief executive of Google, the Internet search engine company, which, although privately held, is one of Silicon Valley’s remaining bright spots.

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