Intel CEO: Silicon Valley is California's Life Support
Paul Otellini had some harsh words to describe the economic situation of his home state.
"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.