Opinion: Is Silicon Valley Bank’s failure an omen for California?
It would be difficult to overstate Silicon Valley’s financial importance to California.
It became the state’s single most powerful economic engine, creating products and services that transformed California and had immense global impact. A few days ago, Gov. Gavin Newsom described it the “tent pole for our economy” and for once he wasn’t exaggerating. Silicon Valley’s mega-corporations, such as Apple, Google and Twitter, sucked in immense amounts of money from every corner of the globe – not only making investors very rich, but creating countless jobs and pumping hundreds of billions of dollars into the state treasury as high income tax rates tapped into the new wealth.In recent months, Silicon Valley’s corporations have been laying off workers and venture capital activity has slowed.
That was happening before Silicon Valley Bank, which was founded in 1983 as the region began to boom and rode the wave into becoming one of the nation’s largest financial houses, suddenly collapsed last week.
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