This article is a load of crap. The LA Times claims that there’s another 90’s style Tech boom under way. That must be news to millions of Americans who are unemployed.
The rest of the country may be struggling to recover from a crippling recession, but it’s boom time in Silicon Valley, and the hot housing market is just one sign of that.
Traffic chokes the 47-mile stretch of Highway 101 from San Francisco to San Jose. Dueling billboards on the side of the highway compete for engineers who, with bidding wars for their skills, have seen their pay and stock options soar.
New Prius hybrids purr into employee parking lots, and a Tesla roadster and even a Lamborghini have already been spotted at LinkedIn Corp., which went public in May, turning nearly every pre-IPO employee into a paper millionaire.
Office rents have shot up as much as 35% in some prime locations. Hotel occupancy rates have topped 80%, sending room rates higher. Business is brisk at the Menlo Park branch of upscale grocery chain Draeger’s, which takes pride in stocking its shelves with the kind of duck foie gras and other delicacies found at Harrods in London or Fauchon in Paris. Hot start-ups such as Dropbox in San Francisco, which helps its 25 million users store and share photos, videos and documents, are negotiating funding rounds that would make them worth billions. Even the rooftop parties popular during the last major tech boom are making a comeback.
Despite reality, the media still keeps pushing the Obama Boom fairy tale. Now they are trying to claim there’s a great Tech Boom and that the economy is good. The good thing is, most people know it’s all a lie!
