In the middle of another discussion some commentators at Brad Setser's blog started discussing BofA's decision not to recruit foreigners on H1B any more. Specifically the discussion was from some people with European MBAs. I made a comment highlighting the problems associated with the H1 B visa. Namely, the inordinate amount of time it takes to get basic employment freedom in the United States - the defender of the free world. Also, the near bonded labor status of people working on H1B visas.
Also, I highlighted the highly expensive nature of any kind of technical training in the US, and the lack of programs in US corporations to improve skills of workers. Thirdly, I highlighted the bloated bureaucracy in most American Fortune corporations, and compared them unfavorably with State run bureaucracies in countries like India.
Brad Setser had no problem with wide eyed foreigners breathlessly discussing Bank of America's decision not to recruit bonded laborers on H1Bs. But as soon as some real information about the evil H1B visa modern slave-trading scheme was made available to his reading public, he deleted the comment.
H1B visas are just a form of modern slave trade. You get a H1B visa, then every time you think of changing your job, the new employer has to pay $10,000 to transfer it.Secondly, you can’t change your job without losing status if you have a parallel employment based immigration petition.It takes something like 7-10 years before you can get a permanent residence on this track. Then, another 5 years of maintaining residence before they finally give you American citizenship.Meanwhile anything from 10 hours to 15 hours of every weekday of your life is mortgaged to the folks who filled in your H1B forms. And in a recession if you lose your H1B job and stay back in the US to look for another one; you could end up arrested, jailed and tortured by the Homeland Security Police.Immigrating to the US is a good way to lose your job flexibility; also most people working in the US don’t have access to train for new skills; you become a typical overspecialized American worker. What you knew technically when you landed in the US is what you’ll know 15 years later, when you get an American passport.There are some chances that you can become a typical American corporate bureaucrat meanwhile. American Fortune Company bureaucrats are technically behind even bureaucrats in Indian State Governments manning Animal Husbandry departments. Using a blackberry is a skill you can pick up in any country in less than a month; and that’s just about what you can learn professionally by working in the US.
Bank recapitalisation: The myth around growth capital - by Rajeswari Sengupta and Anjali Sharma. Bank credit to the economy has slowed down. In 2016-17 (year-on-year as at September), overall bank credit grew at...
1 hour ago