The following was part of an earlier blog.
“When I was a Vice-president at the Bank of California I was flown to Memphis to be interviewed by the 1st National Bank of Memphis for the job of president. I was shown the city, treated lavishly and kindly. I was shown the house that would be bought for me and my family and the several clubs I would be invited to join. It was 1970 and no clubs had black members but one club had a Jewish member, I was told. (No one asked if I were Jewish because few people think of Phillips as a Jewish name.)
I made a good impression and when I got back to San Francisco I was offered the job. I knew that one reason I was desirable was because Memphis is the South and a Westerner was considered financially sophisticated but wasn't considered bad to Southerners the way a Yankee would have been” .
My, hasn’t that changed in the intervening 40 years.
At that time San Francisco still had its first Democratic mayor after a series of Republican mayors and we still had a Republican member of Congress, Bill Mailiard.
San Francisco was still considered a major financial center by most people in business. Many banks had started in San Francisco and new ones were constantly popping up. Charles Schwab was just getting started in the city.
San Francisco was considered a sophisticated financial and business supporting city.
Today San Francisco is considered a soft headed mess in league with Detroit and California as a liberal insanity centers with a surplus hatred of commerce. San Francisco does not have the problems of Detroit emerging yet. In the long run its disastrous union love affair and socialist absurdity will certainly be a problem. In the meantime San Francisco is the Internet capital of the world with an expanding global Internet.
Just a brief note on why San Francisco went from being a sophisticated financial center, like New York, to being the armpit of socialism and liberal nanny nonsense.
A high city tax on businesses payrolls and a general hostility toward business drove out the businesses that had provided political and social stability. Every single company started in San Francisco in the previous 120 years was gone. Some like Bechtel didn't actually leave but turned their interests from local to international.
When these big businesses moved, they left a vacuum in city politics that was promptly filled by incompetent lefty union loving peaceniks and other fools who have run the city ever since.