Silicon Valley: the place is synonymous with bright ideas, fresh fortunes and sunny forecasts. But right now the mood in this region 40 miles southeast of San Francisco suggests a name like Gloomy Gulch. Gone are the days when development spread like brush fire across the region and upstart businesses leaped from garages to the FORTUNE 500. Absent are the fuzzy-cheeked genius entrepreneurs, the companies hungry for workers and a city so wealthy it once considered giving back $1 million in tax revenues to its citizens. Says Lawrence Stone, a city councilman in Sunnyvale, which no longer has a surplus, as...
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