At least that's what Chambers said Wednesday, when he told analysts how frustrated he has gotten with the gloomy economic forecasts that have increasingly prevailed in recent months.
Chambers made his point during a conference call after Cisco
Chambers says the problem was largely isolated to "dramatic decreases" in networking equipment orders from financial institutions. But with its broad product portfolio and its global strength, Cisco was able to shrug off the so-called credit crunch.Outfits such as Morgan Stanley (MS - Get Report) and AIG (AIG - Get Report) were the latest financial shops to take multibillion-dollar charges Wednesday on soured mortgage-related assets. Analysts on the call asked Chambers -- who enjoys the role of a self-made global economist during his business outlook discussions -- if the weakened financial health of big banks was a growing concern beyond the U.S. Chambers said sluggish tech spending here was not spreading to other markets, adding that he wasn't seeing any "issues of concern" among customers outside the U.S. In his run as chief of Cisco, Chambers has always had an optimistic take on the health of world commerce. On his last earnings call in August, he raised his level of optimism above that already high base, saying: "This is the strongest global economy I've been a part of." So it's probably no surprise that he has little tolerance for a less than sunny view of the money world. On the call Wednesday Chambers described how negativism -- presumably on the business channel CNBC -- drove him out of his house. "I have a favorite TV show in the morning that I run with," Chambers said on the conference call. "I exercise on my exercise machine, but they were so pessimistic in terms of their guess in the number of economists that were predicting economic slowdown that I actually had to start running outside in order to stay in shape." Chambers' reaction to the deflating real estate bubble may seem a little too familiar to some tech investors who recall a similarly