Greenspan thinks more H-1Bs can solve housing crisis

Date: Thursday, August 14, 2008 1:32 AM

<<<<< JOB DESTRUCTION NEWSLETTER No. 1901 -- 8/13/2008 >>>>>

Alan Greenspan has the solution to the building, housing, and mortgage crisis
-- let more H-1Bs into the U.S. The way he figures it, the H-1Bs will buy all
the vacant houses that are sitting on the market. Greenspan didn't come right
and say it, but what he really meant is that we have a shortage of Americans
that want to own homes.

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http://online.wsj.com/article/SB121865515167837815.html

[only last two paragraphs shown]

Greenspan Sees Bottom In Housing, Criticizes Bailout

August 14, 2008

He did offer one suggestion: "The most effective initiative, though
politically difficult, would be a major expansion in quotas for skilled
immigrants," he said. The only sustainable way to increase demand for vacant
houses is to spur the formation of new households. Admitting more skilled
immigrants, who tend to earn enough to buy homes, would accomplish that while
paying other dividends to the U.S. economy.

He estimates the number of new households in the U.S. currently is increasing
at an annual rate of about 800,000, of whom about one third are immigrants.
"Perhaps 150,000 of those are loosely classified as skilled,"
he said. "A double or tripling of this number would markedly accelerate the
absorption of unsold housing inventory for sale -- and hence help stabilize
prices."

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