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I disagreed with the H1-B program because it was a specious argument based on a non-existant "new economy." It perpetuated the myth of profit and growth in the technology field that did not exist, could not have sustained itself and year after year proved false (i.e. P/E's were exponentially rising with stock prices reflecting unrealistic returns).

There was no shortage of qualified "technical" folks. But now we have a huge glut of them as everyone ran out to get "certified" or back to school for advanced degrees and we imported by the 10,000s - 100,000.

It was a bad program, but it was not responsible for ruining the economy. The economy did what it has done for the last 50 years, adhered to a 10 year cycle. The "irrational exhuberance" in the stock market wasn't new either.

What was irresponsible was the greed of the CEO/CFO, Rubin's Treasury Department and the individual investor. By declaring an end to the business cycle in the "new" economy, by promoting appearance over substance, by placing personal and stockholder's interest over long term corporate health, the bubble (not boom as in the Eisenhower and Reagan) economy was inflated and fools easily parted from their money were given bad advise by sham snake oil sales(persons for the PC among you.)

The ecomony is not ruined, it was never as "good" as Clinton/Gore/Rubin claimed it was and corrected itself after nearly a decade of growth as the "old school" economists predicted.

The H1-B program should go because it was bad law based on false information. Not because it can be blamed for the whiners losing their 401(k) value from the height of the bubble economy in poorly diversified accounts. Like I said, a fool and his money ....

Economy and Job Market in Silicon Valley (CNN transcript)

IEEE-USA issues rare 'alert' on visa legislation

I disagreed with the H1-B program because it was a specious argument based on a non-existant "new economy." This program was instituted before we even started to talk about the new economy.

It perpetuated the myth of profit and growth in the technology field that did not exist, Not true.

As you know, one needs a sponsor for H1B, which means that the employers wanted to hire and had a shortage.

Further, you somehow equate H1B with IT. This is false: many in the medical field and the academe are hired wih H1B as well.

could not have sustained itself and year after year proved false (i.e. P/E's were exponentially rising with stock prices reflecting unrealistic returns).

You are confusing the stock prices with profitability of the underlying company.

the greed of the CEO/CFO, Rubin's Treasury Department

How has the greed of "CEO/CFO" (COO, CIO... any other Cs?) manifested itself? How did you remove all other explanations for the decisions made by the executives to arrive at this conclusion? How many CEOs do you personally know? At how many meetings have you been present to observe the alleged greed in action?

How has "Rubin's Tresury" benefited from its "greed." What specific wealth has Rubin pocketed as a result?