Word: techs
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Dates: during 1980-1989
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...likes of both the giant Manufacturers Hanover Trust of New York City (deposits: $41 billion) and the little Farmers & Merchants National Bank in Rensselaer, Ind. (deposits: $50 million). Now two California banks that plan to open later this year are using the strategy: Silicon Valley Bank and High Tech National Bank...
...want to be the banker for the electronics industry," says Roger Smith, Silicon Valley's president. His bank, with headquarters in a San Jose industrial building, will offer services like equipment financing for new companies. High Tech National Bank will go after the microchip money brought home by electronics entrepreneurs to the Silicon Valley suburb Los Gatos (pop. 28,000). Local residents include Steven Jobs, 28, chairman of Apple Computer, who is worth an estimated $200 million...
Louisiana's Dixieland music and crayfish gumbo have drawn millions of tourists over the years, but the state has had far less success in attracting new businesses and jobs. To help it compete with high-tech meccas such as California and Massachusetts, the Louisiana legislature has approved a jazzy venture-capital program. The new law, believed to be the first of its kind in the U.S., will provide income tax credits of up to 35% for individuals or companies investing in venture-capital firms in the Bayou State. Louisiana has long lacked investment money for young, speculative businesses. Much...
...incentive is expected to produce up to $100 million in investments over the next five years. Since the program is aimed specifically at high-tech businesses, the tax break excludes such industries as real estate, banking, oil and gas. Otherwise the state has put few restrictions on the money. Says Governor David Treen: "Other states have placed the decision making in the hands of government, which then tangles the programs in red tape." In Louisiana, it will be up to private investors to pick winners...
...Hagstrom have assembled a portrait of a middle-aged U.S., its seas a little less shining, the waves of grain ringed by bald patches of subdivisions, the once purple mountains now mauve with smog. But the country does not age evenly. Alaska is barely in its adolescence; high tech has given sagging Massachusetts a facelift, and much of the South is having a rebirth. North Carolina is now tenth in population with the highest percentage of workers employed by industry. Unfortunately, there are signs of sclerosis in the heartland. "Sadly," say the authors, "the most resistant to change were...