Intel CEO: Silicon Valley is California's Life Support

"I was born and raised here. I’m fifth or sixth generation. It’s one of the nicest pieces of real estate on the planet, and we’re so close to screwing it up, it’s pathetic," Otellini was quoted saying by the Wall Street Journal. "I’d like to be bullish, but I worry that we have to hit the abyss before we can fix things, and I worry that the abyss will be more like Greece." He mainly complained about the enormous housing cost, and high tax rates as well as traffic that is testing the patience of Californians every day.

In a conversation with Republican Congressman Tom Campbell at the Intel Capital Global Summit, the executive clearly showed how unhappy he was with California's government and mentioned that if it wasn't for Silicon Valley, the state would probably be deserted.

Silicon Valley would still create the magic to keep people in California, even if he said that Intel has not created one job in more than a decade in California. On California's financial system he noted that "every now and then we get an IPO that fills the state’s coffers and they feel they can push the ball down the road. I feel we have to go through a dark time to fix this." A dark time would be about as bad as a crisis as we see today in Greece, he said.

Campbell, obviously enjoyed the discussion, especially since Otellini said that he would support him if he ran for governor.


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  • heinz81
    Not just CA. The USA lives on borrowed money. Even the bail-outs were paid with borrowed money. Our goverment is like a kid with a titanium card and only an allowance (see massive trade deficit and service sector jobs). No real income. What does the USA export to China? Raw materials like scrap metal or machine like Catipillar. The Chinese import for capital. We import to consume.
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  • kinggraves
    A movie star (and not a very good one) was elected, for MANY years, as Governor. California has no business whining about the crisis they're in. Let's start by cutting all the unnecessary ultraliberal programs that people like Pelosi pass, those policies are idealist and can't be afforded in the real world. Legalize and tax marijuana since half the state is smoking it anyway. Legalize and tax the high hispanic population of illegals because they aren't going anywhere and form the backbone of the low income bracket. Stop living in a fantasy bubble that California is a civilization much wiser than the rest of America because your state's on fire.

    Oh, right, this story is about Otellini. Pardon my language, but Otellini is full of shit. Silicon Valley outsources it's jobs overseas or at the very least out of state. They won't run any business out of Cali because it's far cheaper to run business out of nearby Nevada. All they do is live there. Don't even start on the traffic Paul, you've probably never ridden a BART in your life.
    11
  • Other Comments
  • heinz81
    Not just CA. The USA lives on borrowed money. Even the bail-outs were paid with borrowed money. Our goverment is like a kid with a titanium card and only an allowance (see massive trade deficit and service sector jobs). No real income. What does the USA export to China? Raw materials like scrap metal or machine like Catipillar. The Chinese import for capital. We import to consume.
    19
  • kinggraves
    A movie star (and not a very good one) was elected, for MANY years, as Governor. California has no business whining about the crisis they're in. Let's start by cutting all the unnecessary ultraliberal programs that people like Pelosi pass, those policies are idealist and can't be afforded in the real world. Legalize and tax marijuana since half the state is smoking it anyway. Legalize and tax the high hispanic population of illegals because they aren't going anywhere and form the backbone of the low income bracket. Stop living in a fantasy bubble that California is a civilization much wiser than the rest of America because your state's on fire.

    Oh, right, this story is about Otellini. Pardon my language, but Otellini is full of shit. Silicon Valley outsources it's jobs overseas or at the very least out of state. They won't run any business out of Cali because it's far cheaper to run business out of nearby Nevada. All they do is live there. Don't even start on the traffic Paul, you've probably never ridden a BART in your life.
    11
  • echondo
    Well it doesn't help with Obama increasing the national debt and giving bail outs left and right and continuing to promise more and more and actually giving less and less.

    What we need is to stop with the whole Middle East fiasco and start drilling our own oil that we own in our own country. California's gas prices have suddenly rose from ~$4.50 to ~$5.50 in just one night and there is already people stealing ATM cards and gas.

    This needs to end now and no one in the government is helping it one bit.
    0