Christopher Thornberg, founding partner of Beacon Economics, speaks at the summit (photo by Robert Bain).
By Pat Lopes Harris, Media Relations Director
Despite stock market turmoil, optimism reigned at the SJSU Center for Banking and Financial Services Economic Summit 2011.
Over 300 financial, legal and community leaders gathered at Morris Dailey auditorium Aug. 18 for breakfast and a panel discussion. The event was presented by Bridge Bank in association with Hopkins & Carley, a law corporation. Associate sponsors included Filice Insurance, Sensiba San Filippo, the Silicon Valley/San Jose Business Journal and AlwaysOn.
SJSU President Mohammad Qayoumi opened the discussion, which featured economist Christopher Thornberg, venture capitalist Mike Dorsey, and San Jose Mayor Chuck Reed.
Thornberg, one of the state’s leading economic forecasters, urged audience members to ignore their iPhones buzzing with the latest Wall Street news. Accentuating the positive, from job generation to commercial real estate vacancy rates, he described recent fluctuations as a “correction,” not a second dip into “worldwide recession,” as the economy regains its “normal footing.”
Echoing Thornberg’s optimism, Dorsey lauded the Bay Area’s success at combining domestic and foreign talent and investment like nowhere else in the world. Among the examples he cited were Berkeley-based PowerLight’s explosive growth abroad and Daimler’s $50 million investment in Palo Alto-based Tesla.
Mayor Reed closed the show with a wish list for government, with his last wish being especially pertinent to SJSU. Reed wished we could staple a Green Card to the diploma of each graduate from abroad, emphasizing that “great cities need great universities.”