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President of SF Federal Reserve Says Tech Bubble Is Different This Time

What else does John Williams predict?


In an interview with the Contra Costa Times, the President and CEO of the Federal Reserve Bank of San Francisco said that "there are arguments that this time" that the current tech boom wouldn't end as poorly as the last one did. Though the local economy would be hurt by a downturn in the sector, "this time, maybe the spillover effects wouldn't be as bad nationwide," said Williams.

Thanks to a well-placed leaker, we've managed to obtain the full transcript of Williams's thoughts on the tech boom, which we are running in full here:

"You wanted to know if the tech boom is a bubble or not. My answer is this: No, it isn't. This is going to be a splendid little war, and the troops will be home by Christmas. We will, in fact, be greeted as liberators. If we just build wings of wax, we'll be able to fly as high as we want—no matter how hot the sunlight is.

"Also, I just want to add for the record a few more things. The cinema is a passing fad. There will never be a market for home computers. Human's can't possibly be capable of space travel. The world is flat. I'm sorry—what was the question?"


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