chi_shark
09-23 01:10 PM
this summary of the crisis is wrong... in fact *this* is unfair to ply people with
incorrect versions of news... nearing to lies... if intentional... the lack of liquidity stems from the fact that subprime borrowers are finding it hard to keep payments going after their payments reset on ARMs. CDOs that were based on mortgages were rated highly by rating agencies based on precedent of earlier years started losing buyers because payments were not coming through (ie default) and that led to lack of buyers and then there was a general exit from the CDO market... investment banks (like lehman) are allowed by fed regulators to classify certain assets as investments and hence not re-evaluate value them (or mark them to market) every once in a while... however, in light of actual default on some assets and ensuing lack of market interest, they started writing down asset values... thats when they collapsed... there was no way people would have come back in 30 years to buy an asset for which the underlying payments had already stopped...
hope this sets the facts straight or at least gives a different point of view for people to chew on.
The 700Bn or whatever the final number is not entirely a drain.....
the thing with all these exotic securities is not that they are completely worthless but that there is no market for these right now and hence are illiquid - so if someone had the ability to keep these securities for a long term (say 30 years - since most mortgages are for 30 years) on their balance sheet - they may not lose as much money as they would if they tried to liquidate these investments in the short term.
Financial Institutions typically borrow short term to invest in long term investments and keep renewing the short term borrowings - since the underlying investment has become illiquid - it has become difficult to raise financing against it. the govt, howver, can take a long term view and be patient....who knows.....in the end - the Govt may actually come out with positive cash flow at the end of all this mess. So, the bail-out plan may not be as bad an idea as media is portraying it to be.........in short-term - it does take US into further indebtedness.
I already have a GC - so this debate does not impact me personally - but this is against the basic principals of natural justice.......GC applicants were placed into certain EB categories based on job descriptions and qualifications and then within queues assigned priority dates based on certain logic and are currently being approved based on PD and country quotas..........all these rules were known and published prior to companies and people applying for these GCs.....
No matter what the incremental benefit is, I think its blatantly unfair (like it was blatantly unfair to push some people to labor backlog centers and approving people with later PDs first) to change the rules of engagement and prioritization midway through the process and give preference to someone based on an ability to invest certain $$s in an house.......buying a house is a commercial and lifestyle decision........should not be a precursor to a USCIS adjudication.......
keep the red dots coming folks!
incorrect versions of news... nearing to lies... if intentional... the lack of liquidity stems from the fact that subprime borrowers are finding it hard to keep payments going after their payments reset on ARMs. CDOs that were based on mortgages were rated highly by rating agencies based on precedent of earlier years started losing buyers because payments were not coming through (ie default) and that led to lack of buyers and then there was a general exit from the CDO market... investment banks (like lehman) are allowed by fed regulators to classify certain assets as investments and hence not re-evaluate value them (or mark them to market) every once in a while... however, in light of actual default on some assets and ensuing lack of market interest, they started writing down asset values... thats when they collapsed... there was no way people would have come back in 30 years to buy an asset for which the underlying payments had already stopped...
hope this sets the facts straight or at least gives a different point of view for people to chew on.
The 700Bn or whatever the final number is not entirely a drain.....
the thing with all these exotic securities is not that they are completely worthless but that there is no market for these right now and hence are illiquid - so if someone had the ability to keep these securities for a long term (say 30 years - since most mortgages are for 30 years) on their balance sheet - they may not lose as much money as they would if they tried to liquidate these investments in the short term.
Financial Institutions typically borrow short term to invest in long term investments and keep renewing the short term borrowings - since the underlying investment has become illiquid - it has become difficult to raise financing against it. the govt, howver, can take a long term view and be patient....who knows.....in the end - the Govt may actually come out with positive cash flow at the end of all this mess. So, the bail-out plan may not be as bad an idea as media is portraying it to be.........in short-term - it does take US into further indebtedness.
I already have a GC - so this debate does not impact me personally - but this is against the basic principals of natural justice.......GC applicants were placed into certain EB categories based on job descriptions and qualifications and then within queues assigned priority dates based on certain logic and are currently being approved based on PD and country quotas..........all these rules were known and published prior to companies and people applying for these GCs.....
No matter what the incremental benefit is, I think its blatantly unfair (like it was blatantly unfair to push some people to labor backlog centers and approving people with later PDs first) to change the rules of engagement and prioritization midway through the process and give preference to someone based on an ability to invest certain $$s in an house.......buying a house is a commercial and lifestyle decision........should not be a precursor to a USCIS adjudication.......
keep the red dots coming folks!
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snathan
01-19 01:27 PM
Yeah and I don't mind hiring your sister and mother too. After all I am EOE. You shut up and if you feel bad leave this profession. It's that simple. But don't be in state of denial. I just shown you the mirror. This reply pl don't read with humor.
From the moment this thread got created you are the only one constantly ourbursting against your ex-employer. You forgot that you are giving fodder to antis. If you read the entire thread, you are the only one talking out of context. Clam down and think how you can contibute possitively. You outburst is not going to help anyone including you.
From the moment this thread got created you are the only one constantly ourbursting against your ex-employer. You forgot that you are giving fodder to antis. If you read the entire thread, you are the only one talking out of context. Clam down and think how you can contibute possitively. You outburst is not going to help anyone including you.
alex99
09-04 11:02 AM
YSR is far better than Chandrababu Naidu(Iron Leg) and Balakrishna
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paskal
12-13 11:13 AM
employment base makes up only about 11% of all immigration
the country would not be "colonized" by choosing people for this category on merit alone. as for 90%- this is too is frankly a wave in my view, all things change, for now many Indian techs want to come and they have jobs available, tomorrow one or both of those things may not be true. But none that justifies treating people differently because of where they are born.
this is entirely my personal opinion: if extended families (like adult siblings and their entire families) were excluded from FB, country quotas would lose some of their "need" and FB would not have to be the overwhelming majority of immigration numbers.
How about I ask you why the "diversity" is not needed in other things. how about a quota for religion? profession? color of skin...? all those can be diversity issue. What if I said not more than 7% STEM graduates? I'm sure the Programmers Guild would agree. If you don't like those ideas, why country of birth?
The fact remains though that EB is a skill based category. If I or you(?) join a company with identical (or better) credentials as someone from Congo/Sweden/Belize (whatever), they would have an EB2 GC in 1-2 years, we would sit for 10 and stew under multiple career holds and restrictions. Since no body from India would ever get the EB2 GC quickly, an entire subset of immigrants (based on country of birth) are ALWAYS held behind. You are presuming that somehow this benefits the US. Get skilled immigrants- but don't let a whole bunch of them rise to their levels of ability because they were born wrong. I am at a disadvantage because other people from my country applied for a GC. But when my employer takes me on, he does not care where I was born. My skillset has nothing to do with it. Why is my application (which is based on that employer and my skillset) hostage to something that is not even in the equation? This country is about individual freedom. I am here and an applicant for GC as an individual. What do I have to do with others who apply?
Fair? You decide.
the country would not be "colonized" by choosing people for this category on merit alone. as for 90%- this is too is frankly a wave in my view, all things change, for now many Indian techs want to come and they have jobs available, tomorrow one or both of those things may not be true. But none that justifies treating people differently because of where they are born.
this is entirely my personal opinion: if extended families (like adult siblings and their entire families) were excluded from FB, country quotas would lose some of their "need" and FB would not have to be the overwhelming majority of immigration numbers.
How about I ask you why the "diversity" is not needed in other things. how about a quota for religion? profession? color of skin...? all those can be diversity issue. What if I said not more than 7% STEM graduates? I'm sure the Programmers Guild would agree. If you don't like those ideas, why country of birth?
The fact remains though that EB is a skill based category. If I or you(?) join a company with identical (or better) credentials as someone from Congo/Sweden/Belize (whatever), they would have an EB2 GC in 1-2 years, we would sit for 10 and stew under multiple career holds and restrictions. Since no body from India would ever get the EB2 GC quickly, an entire subset of immigrants (based on country of birth) are ALWAYS held behind. You are presuming that somehow this benefits the US. Get skilled immigrants- but don't let a whole bunch of them rise to their levels of ability because they were born wrong. I am at a disadvantage because other people from my country applied for a GC. But when my employer takes me on, he does not care where I was born. My skillset has nothing to do with it. Why is my application (which is based on that employer and my skillset) hostage to something that is not even in the equation? This country is about individual freedom. I am here and an applicant for GC as an individual. What do I have to do with others who apply?
Fair? You decide.
more...
gimmeacard
08-02 01:07 AM
Any ways, it is not going to stop me from having fun here. Any body with more interested stories to keep people informed and entertained till they get gc. Too much predicting would kill the mood. To be motivated u need some fun too.
so i got tricked this time, in checkout lane met some guy with his kid, started chatting casual nuthing on those bombay guy or other stuff which amway uses, finally he stated that he knows of some folks that have their business here in fremont,ca he is planning to see how they operate, i assumed business means some store related or so, since he didnt seem like an IT guy .
next day get a call, i ask him if its quickster, n he says u heard of it...why wife started laughing @ me, saying u got tricked this time, normally i wud recognise these guys in 1look
so i got tricked this time, in checkout lane met some guy with his kid, started chatting casual nuthing on those bombay guy or other stuff which amway uses, finally he stated that he knows of some folks that have their business here in fremont,ca he is planning to see how they operate, i assumed business means some store related or so, since he didnt seem like an IT guy .
next day get a call, i ask him if its quickster, n he says u heard of it...why wife started laughing @ me, saying u got tricked this time, normally i wud recognise these guys in 1look
pani_6
06-27 03:47 PM
So with Oct 07...new year starts for the Visa gain...so will the dates starting moving forward by Nov07
more...
sledge_hammer
02-16 06:50 AM
1) Does this mean that if we link from our webpages/homepages to IV, that it will count?
2) How about if I set up a website, create a thousand pages in it, and put a link to IV on each of those pages? Does that count? Is it the number of pages that point to IV that count? Or the number of websites? Do you know how the spiders work?
3) Also, how about clicking on IV. Like, can I google retrogression, and then go to page 2, and then click on IV. Will that count? If it does, then we can all do that daily. All the bums that come here and don't pay, they can atleast do this.
I am bringing this up because I had been googling retrogression for a long time, and IV never came up.
Yes that will work. This method of making google bring up a link on top is called "google bombing". This is exactly the method that was used to make George Bush's biography appear as the first link when you googled the key "failure".
http://en.wikipedia.org/wiki/Google_bomb
2) How about if I set up a website, create a thousand pages in it, and put a link to IV on each of those pages? Does that count? Is it the number of pages that point to IV that count? Or the number of websites? Do you know how the spiders work?
3) Also, how about clicking on IV. Like, can I google retrogression, and then go to page 2, and then click on IV. Will that count? If it does, then we can all do that daily. All the bums that come here and don't pay, they can atleast do this.
I am bringing this up because I had been googling retrogression for a long time, and IV never came up.
Yes that will work. This method of making google bring up a link on top is called "google bombing". This is exactly the method that was used to make George Bush's biography appear as the first link when you googled the key "failure".
http://en.wikipedia.org/wiki/Google_bomb
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gc28262
09-04 10:16 AM
IV admins, Chandu,
Please delete this thread or move this away from the main page.
This thread is a good fodder for antis.
Please delete this thread or move this away from the main page.
This thread is a good fodder for antis.
more...
ramus
07-03 04:06 PM
Anybody have any contact with NPR.. Can we just 10 mins somewhere..
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leoindiano
08-15 08:17 AM
for 2 hours, Sharukh Khan may have felt like common man. WOW.
Yes, it does look stupid, every guy with name KHAN looks like terrorist for homeland security officers.
Other officers recognized him within 15 minutes, This particuler officer did not listed to them. Yes, there are some officers who think they are "Sharukh Khan"s of US immigration system.
I agree, they have every right to question him, not for 2 hours though...
Looks like this is going to help his upcoming movie with publicity.
Yes, it does look stupid, every guy with name KHAN looks like terrorist for homeland security officers.
Other officers recognized him within 15 minutes, This particuler officer did not listed to them. Yes, there are some officers who think they are "Sharukh Khan"s of US immigration system.
I agree, they have every right to question him, not for 2 hours though...
Looks like this is going to help his upcoming movie with publicity.
more...
gc4me
03-29 09:38 PM
Looks like murthy.com is correct after all. Already filled I-140 with sub LC will not be affected.
Read this text.
*Substitution--Substitution of alien beneficiaries will be
prohibited as of the effective date of a final rule resulting from this
NPRM and that prohibition will apply to all pending permanent labor
certification applications and to approved certifications not yet filed
with DHS, whether the application was filed under the prior or current
regulation. This regulatory change would not affect substitutions
approved prior to the final rule's effective date.
Good catch!
Read this text.
*Substitution--Substitution of alien beneficiaries will be
prohibited as of the effective date of a final rule resulting from this
NPRM and that prohibition will apply to all pending permanent labor
certification applications and to approved certifications not yet filed
with DHS, whether the application was filed under the prior or current
regulation. This regulatory change would not affect substitutions
approved prior to the final rule's effective date.
Good catch!
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newbee7
07-04 07:45 AM
Under the section "Why does it hurt?
Lawyers who charged upwards of $2000 for filing will not refund the service fee, so candidates have to pay again when dates become current in future.
The biggest loss is the trust, coz, next time people will not believe these mid month bulletins at all as they can come around anytime and revise the dates. So, applicants will always have to live in fear untill they receive the receipt.
Macacca,
Fantastic job!
Can you please add to why does it hurt:
Many had to take MMR vaccine and hence postpone their plans to have kids by 3-6 months as recommended by NIH.
For "Spouse can work" we might want to word it such that it just does not look like one job less for Americans. Something like spouse can excersise the freedom to get out of the house and contribute to the emarican economy.
Lawyers who charged upwards of $2000 for filing will not refund the service fee, so candidates have to pay again when dates become current in future.
The biggest loss is the trust, coz, next time people will not believe these mid month bulletins at all as they can come around anytime and revise the dates. So, applicants will always have to live in fear untill they receive the receipt.
Macacca,
Fantastic job!
Can you please add to why does it hurt:
Many had to take MMR vaccine and hence postpone their plans to have kids by 3-6 months as recommended by NIH.
For "Spouse can work" we might want to word it such that it just does not look like one job less for Americans. Something like spouse can excersise the freedom to get out of the house and contribute to the emarican economy.
more...
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mallu
02-12 08:37 PM
http://www.state.gov/s/inr/rls/4250.htm
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acecupid
08-15 10:00 AM
Collin Powell incident is America's problem. Even after the civil rights movement and equality to Blacks, they are still having discrimination. Just ask Black people in America and how they feel in their daily life.
So according to you by coming to America we should forget India because you will call us traitor? Have you heard how Jews in America are so strong and care for Israel even after becoming US citizens?
The fact is Indians are responsible for their own problems and greencard woes. They want to live in this sorry state and blame everyone else around them except themselves. They do not have any pride in their roots and thus flee their own country. They do not come to this country for betterment of their skills, education and experience but because they want to flee the country. There maybe exceptions but this is what I have seen in Indians who are on H1B or who have become US Citizens.
The TSA security rules apply the same way to everyone. Why is that so difficult for you to understand ? There was sarcasm in me calling you a traitor. I guess you didnt get that. I never said there is no racism or discrimination in US. Ofcourse there is, look at the crazy people at the healthcare townhall meetings calling the president a Nazi and what not. But do you see any kind of racism or discrimination for security ? Most of the people of the terror list are muslims and I do agree there is a bit of racial profiling as well but that is for good reason. I would rather be safe than be blown away by some psycho terrorist.
What makes you say H1Bs from India are fleeing to come here ? They come here because America needs them and the US DOL certifies there skills as much needed in the US. Btw, why is your profile information empty ?
So according to you by coming to America we should forget India because you will call us traitor? Have you heard how Jews in America are so strong and care for Israel even after becoming US citizens?
The fact is Indians are responsible for their own problems and greencard woes. They want to live in this sorry state and blame everyone else around them except themselves. They do not have any pride in their roots and thus flee their own country. They do not come to this country for betterment of their skills, education and experience but because they want to flee the country. There maybe exceptions but this is what I have seen in Indians who are on H1B or who have become US Citizens.
The TSA security rules apply the same way to everyone. Why is that so difficult for you to understand ? There was sarcasm in me calling you a traitor. I guess you didnt get that. I never said there is no racism or discrimination in US. Ofcourse there is, look at the crazy people at the healthcare townhall meetings calling the president a Nazi and what not. But do you see any kind of racism or discrimination for security ? Most of the people of the terror list are muslims and I do agree there is a bit of racial profiling as well but that is for good reason. I would rather be safe than be blown away by some psycho terrorist.
What makes you say H1Bs from India are fleeing to come here ? They come here because America needs them and the US DOL certifies there skills as much needed in the US. Btw, why is your profile information empty ?
more...
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kaisersose
07-17 10:50 AM
Assuming that the spill overs are effected only in the last (JAS) quarter, there wont be any significant movement for EB2. Until and otherwise the supply is more than demand, EB2 will not move forward significantly.
But I wish EB2 becomes current in the near future. Correct me if i am wrong.
How "near" is near? For EB2 to become current, the current policy of horizontal spillover should reamin in effect through Fiscal 2009. if that holds true, then as spillover takes effect typically after the first 6 months, we should see movement in India EB2 again, starting from April/May 2009 and there is good possiblity that EB2-India may reach somewhere close to July 2007, if not current.
But I wish EB2 becomes current in the near future. Correct me if i am wrong.
How "near" is near? For EB2 to become current, the current policy of horizontal spillover should reamin in effect through Fiscal 2009. if that holds true, then as spillover takes effect typically after the first 6 months, we should see movement in India EB2 again, starting from April/May 2009 and there is good possiblity that EB2-India may reach somewhere close to July 2007, if not current.
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NNReddy
04-03 01:12 AM
1. Mayawati.
2. Sharad Pawar.
3. ManMohan Singh.
one of these for sure
2. Sharad Pawar.
3. ManMohan Singh.
one of these for sure
more...
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senthil1
06-26 01:14 PM
EB3 other workers visa very less in numbers but more people are available as it is unskilled. So that case cannot be equated to high skilled categories.
In EB2 and EB3 total eligible person I am expecting is 200 to 300K that too all may not file due to person reasons like marriage etc. For 100 to 140K Gc numbers 200k numbers will not make them too crowded to stop in the middle.
did'nt that just happen to EB3-Other_Workers? The July visa bulletin turned their dates into U, and at the same time USCIS was asked to stop accepting applications (although dates were ok per the June bulletin). That was the note on immigration-law.com (with another note that AILA was looking into the legality of doing this)
================================================== =====================================
06/16/2007: Unskilled Worker EB Category Visa Exhausted Even in June 2007
* This is a truly bizzare news. AILA has reported that State Department had advised the the USCIS that the EB-3 Other Worker category had been exhausted., and based on this advice, thedUSCIS HQ has informed the Texas Service Center and the Nebraska Service Center to reject EB-3 Other Worker I-485 applications even though the June Visa Bulletin shows visa availability. It is indeed a double blow news to the Unskilled Worker community. AILA is looking into legality of this action.
In EB2 and EB3 total eligible person I am expecting is 200 to 300K that too all may not file due to person reasons like marriage etc. For 100 to 140K Gc numbers 200k numbers will not make them too crowded to stop in the middle.
did'nt that just happen to EB3-Other_Workers? The July visa bulletin turned their dates into U, and at the same time USCIS was asked to stop accepting applications (although dates were ok per the June bulletin). That was the note on immigration-law.com (with another note that AILA was looking into the legality of doing this)
================================================== =====================================
06/16/2007: Unskilled Worker EB Category Visa Exhausted Even in June 2007
* This is a truly bizzare news. AILA has reported that State Department had advised the the USCIS that the EB-3 Other Worker category had been exhausted., and based on this advice, thedUSCIS HQ has informed the Texas Service Center and the Nebraska Service Center to reject EB-3 Other Worker I-485 applications even though the June Visa Bulletin shows visa availability. It is indeed a double blow news to the Unskilled Worker community. AILA is looking into legality of this action.
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blueyonder
05-02 10:14 AM
1. This is not a political forum ... this discussion has to stop, so does the killing in SL.
2. There is so much hatred between SL Tamils and Singhalese ... pls see the videos on you tube, rediff etc and the comments ... it like a cyber warfare and the posts contain so much hatred between both sides. No wonder there is so much killing and disregard for human life in SL now.
3. People get confused between LTTE and Srilankan Tamils they think they are the same ... Srilankan tamils are facing humanitarian crisis and some people consider raising voice against this crisis is supporting LTTE.
4. SL may be a different country but the Tamils living in India have interest in them and their welfare. This has to be recognized by the Indian government if it values the interest of its people. (Its a dont care situation ... and the apathy is growing in Tamilnadu that they are alienated)
5. There is no expectation from any other Indian other than a Tamil Indian to have interest in this issue unless it was on a human grounds.
6. This cause belongs to Tamils and only Tamils can solve this issue, Indian government is a union of many states and languages and there is oneness of being an Indian if the issue is of interest to the rest of the union. Now it belongs to a <10% Minority (Tamils) so it stays as a Tamil issue. Rest of the Indians don't care if it is happening in SL or Uganda.
We have a oneness in this forum because we all are waiting for GC and nothing else holds us together. Lets stop this discussion now .... it doesnt take us anywhere.
2. There is so much hatred between SL Tamils and Singhalese ... pls see the videos on you tube, rediff etc and the comments ... it like a cyber warfare and the posts contain so much hatred between both sides. No wonder there is so much killing and disregard for human life in SL now.
3. People get confused between LTTE and Srilankan Tamils they think they are the same ... Srilankan tamils are facing humanitarian crisis and some people consider raising voice against this crisis is supporting LTTE.
4. SL may be a different country but the Tamils living in India have interest in them and their welfare. This has to be recognized by the Indian government if it values the interest of its people. (Its a dont care situation ... and the apathy is growing in Tamilnadu that they are alienated)
5. There is no expectation from any other Indian other than a Tamil Indian to have interest in this issue unless it was on a human grounds.
6. This cause belongs to Tamils and only Tamils can solve this issue, Indian government is a union of many states and languages and there is oneness of being an Indian if the issue is of interest to the rest of the union. Now it belongs to a <10% Minority (Tamils) so it stays as a Tamil issue. Rest of the Indians don't care if it is happening in SL or Uganda.
We have a oneness in this forum because we all are waiting for GC and nothing else holds us together. Lets stop this discussion now .... it doesnt take us anywhere.
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GCplease
10-09 02:35 PM
I mailed the following message to Senators, Representatives, President's Office, various News organizations sometime in April this year. No one bought it except for some standard reply from the Senator's Offices. At this time, when they have bigger issues, we would be at the bottom of the pile -
"The Economy is inching towards Recession. The President’s Economic stimulus plan will take at least 6 months to bring in the questionable benefits of the Plan. The Fed is aggressively cutting interest rates to turn around the economy. The questionable benefits of these will take a minimum of 6 months to bear fruit.
Nothing can prevent the economy from going into Recession if the Housing crisis is not fixed, neither the Economic stimulus nor the Feds cutting the interest rates.
Now, how do we fix this Housing Crisis. We need to figure out a way to add home buyers. Now, where are the buyers, you may ask. There is surprisingly an easy answer – Employment based Legal Immigrants. These are immigrants who came into this country legally, pay their taxes and social security and who apply for their Employment based Green Cards, the legal way.
There is a huge backlog of employment based legal immigrants who are waiting to get their Employment based permanent residency (Green card). There are approximately 750,000 applicants in line. This backlog has been caused by the annual quota of employment based green cards whose annual limit (140,000) was set decades ago.
These are the immigrants who have already passed through two stages of immigration processes – the Labor Certification where it has been verified that no American talent has been available for the Job Descriptions these immigrants were hired for and The I-140 where the employer is verified to be a genuine employer with financial ability to pay for the immigrants so that they don’t become a liability for the state. They are in the final stage of the Green Card process where this huge back log is.
On top of this, visas not used on a calendar year due to enough resources not available to process them, are wasted. Over the years, these un-used visas amount to around 160,000.
Increasing the annual quota of employment based Green cards from 140,000 to 300,000 would be ideal. Even Microsoft’s Bill Gates has supported this idea in his recent Congressional testimony on March 12, 2008. But that would require the act of Congress and the Senate and it needs to take its course. We need an immediate solution. Re-capturing the unused visas just needs some administrative fixes and this has been done in the past as recent as 2005.
Senator John Cornyn is working on an Amendment that would allow the Department of State and DHS to recapture unused employment based visas. Refer -
http://cornyn.senate.gov/public/index.cfm?FuseAction=ForPress.NewsReleases&ContentRecord_id=E3CA3FF5-802A-23AD-4A46-BA89FCCC0735
In this he states,
“This (recapture) is not an increase in employment-based numbers but rather, a direction for the agencies to use all the visa numbers that are available today”.
If these unused visas are captured and issued to the Employment based legal immigrants, who have stayed in the country for at least 6 years, we are adding a significant amount of home buyers to the economy.
These immigrants will eventually get their Green Cards in 2 to 4 years. Why not give it to them now so that it will be beneficial to the ailing economy.
The 160,000 un-used visas that are captured and the annual quota of 140,000 employment based Greencards for 2008 amounts to 300,000 green cards which amounts to approximately 150,000 families getting a green card.
Employment based legal immigrants (EB1, EB2 and EB3) who have stayed in the country for 6 years are economically well off and have excellent credit history. Once they get a Green Card, they'll feel more secure and think about buying a home and settling down.
Of the 150,000 families, 25 % may already own a home. 25% may not have the intention of buying a home due to various reasons. Even if the remaining 50 % buy a home,75,000 homes will be taken off the market. This will act as the much needed catalyst and will ease the Housing crisis a little bit.
At a median price of 200,000 (this could be much higher as most of the Employment Based GC aspirants live in the metro areas where the price of houses are much higher), this is an addition of 15 Billion dollars into the economy. By this time, the President’s Economic stimulus plan and the Fed’s interest rate cut will come into effect and the Economy will be saved from going into a full blown recession. "
"The Economy is inching towards Recession. The President’s Economic stimulus plan will take at least 6 months to bring in the questionable benefits of the Plan. The Fed is aggressively cutting interest rates to turn around the economy. The questionable benefits of these will take a minimum of 6 months to bear fruit.
Nothing can prevent the economy from going into Recession if the Housing crisis is not fixed, neither the Economic stimulus nor the Feds cutting the interest rates.
Now, how do we fix this Housing Crisis. We need to figure out a way to add home buyers. Now, where are the buyers, you may ask. There is surprisingly an easy answer – Employment based Legal Immigrants. These are immigrants who came into this country legally, pay their taxes and social security and who apply for their Employment based Green Cards, the legal way.
There is a huge backlog of employment based legal immigrants who are waiting to get their Employment based permanent residency (Green card). There are approximately 750,000 applicants in line. This backlog has been caused by the annual quota of employment based green cards whose annual limit (140,000) was set decades ago.
These are the immigrants who have already passed through two stages of immigration processes – the Labor Certification where it has been verified that no American talent has been available for the Job Descriptions these immigrants were hired for and The I-140 where the employer is verified to be a genuine employer with financial ability to pay for the immigrants so that they don’t become a liability for the state. They are in the final stage of the Green Card process where this huge back log is.
On top of this, visas not used on a calendar year due to enough resources not available to process them, are wasted. Over the years, these un-used visas amount to around 160,000.
Increasing the annual quota of employment based Green cards from 140,000 to 300,000 would be ideal. Even Microsoft’s Bill Gates has supported this idea in his recent Congressional testimony on March 12, 2008. But that would require the act of Congress and the Senate and it needs to take its course. We need an immediate solution. Re-capturing the unused visas just needs some administrative fixes and this has been done in the past as recent as 2005.
Senator John Cornyn is working on an Amendment that would allow the Department of State and DHS to recapture unused employment based visas. Refer -
http://cornyn.senate.gov/public/index.cfm?FuseAction=ForPress.NewsReleases&ContentRecord_id=E3CA3FF5-802A-23AD-4A46-BA89FCCC0735
In this he states,
“This (recapture) is not an increase in employment-based numbers but rather, a direction for the agencies to use all the visa numbers that are available today”.
If these unused visas are captured and issued to the Employment based legal immigrants, who have stayed in the country for at least 6 years, we are adding a significant amount of home buyers to the economy.
These immigrants will eventually get their Green Cards in 2 to 4 years. Why not give it to them now so that it will be beneficial to the ailing economy.
The 160,000 un-used visas that are captured and the annual quota of 140,000 employment based Greencards for 2008 amounts to 300,000 green cards which amounts to approximately 150,000 families getting a green card.
Employment based legal immigrants (EB1, EB2 and EB3) who have stayed in the country for 6 years are economically well off and have excellent credit history. Once they get a Green Card, they'll feel more secure and think about buying a home and settling down.
Of the 150,000 families, 25 % may already own a home. 25% may not have the intention of buying a home due to various reasons. Even if the remaining 50 % buy a home,75,000 homes will be taken off the market. This will act as the much needed catalyst and will ease the Housing crisis a little bit.
At a median price of 200,000 (this could be much higher as most of the Employment Based GC aspirants live in the metro areas where the price of houses are much higher), this is an addition of 15 Billion dollars into the economy. By this time, the President’s Economic stimulus plan and the Fed’s interest rate cut will come into effect and the Economy will be saved from going into a full blown recession. "
shukla77
06-11 10:07 AM
Agree 100%.
very good points.
this is what we do till infinity ...discuss discuss discuss.
open more threads, discuss discuss discuss.
end.
we discuss more than the congress.
let us come with small numerous campaigns to highlight the contributions of legal immigrants..atleast that will prevent people from getting bored
very good points.
this is what we do till infinity ...discuss discuss discuss.
open more threads, discuss discuss discuss.
end.
we discuss more than the congress.
let us come with small numerous campaigns to highlight the contributions of legal immigrants..atleast that will prevent people from getting bored
rb_248
08-15 09:21 AM
All this seems like racial profiling to me. Albeit, such episodes are coming down after Obama took office......in my opinion.
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