New York Times: California ups and downs

John Broder writes about California’s ups and downs in the current economic slump.

But the San Francisco Bay Area remains mired in a technology slump, with skilled and formerly wealthy workers fleeing to find jobs elsewhere and analysts worried that it could be years before the next new thing revitalizes Silicon Valley.

“It’s like two separate countries,” said Sung Won Sohn, chief economist for Wells Fargo bank. “For the time being,” he said, “California will lag the U.S. economy, primarily because it’s being dragged down by the Bay Area.”

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