Greenspan wants more H-1Bs or else US workers become "privileged elite" [View All]

http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9132438">Greenspan: H-1B cap would make U.S. workers 'privileged elite'

WASHINGTON - Former Federal Reserve chairman Alan Greenspan today offered a spirited defense of the controversial H-1B program, telling a U.S. Senate subcommittee that the visa quota is "far too small to meet the need," and that it protects U.S. workers from global competition, creating a "privileged elite."

Greenspan, testifying on immigration reform before the Subcommittee on Immigration, Border Security and Citizenship, said more skilled immigration was needed "as the economy copes with the forthcoming retirement wave of skilled Baby Boomers."
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Greenspan provided a list of reasons for increasing skilled competition. One in particular, would help fix a problem -- the housing bubble -- that grew on his watch as Fed chair, a position he held from 1987 to 2006.

Skilled workers from overseas "will, out of necessity, move into vacant housing units; the current glut of which is depressing prices of American homes," said Greenspan. In 2005 Greenspan characterized rising housing prices as "froth."

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