I think this was done mostly for Mexico. Business will continue to benefit from cheap labor, of course. Bush's proposal is the biggest boon to Vicente Fox, however. Here's why: Remittances that go back home. The remittances sent (since 1999) are running into billions (yes) and that is enough money to attract business and also build it. In a way, we are helping to build Mexico, but this won't work without a continual supply of money sent back to Mexico. The more money sent home, the better for Mexico, of course. The key is keeping the labor coming, and that is what this Bush proposal will do. Fox has a reason to be so happy.
Yes, I think everybody wins on this but plain Americans and America.
Even the rich looking for slaves will live to regret this. My hope is that Congress will knock it on its ass and instead come up with something a lot less destructive.