The U.S. banking mess is a trickle-down scandal. The fat cats will siphon off billions in TARP funds while their “solution” trickles down onto your head — like water torture. While you’re bailing out the bankers, they lay you off and use our tax dollars to hire your replacement from overseas. Great way to put people back to work.
In Banks look overseas for workers, an Associated Press investigation reveals that while their balance sheets were tanking last year, the biggest banks (which are getting the biggest bailouts) started pursuing one-third more H-1B work visas than in 2007 to fill top-level positions with foreign workers. The average positions pay $90,721. We’re talking about senior vice presidents, analysts, corporate lawyers, and, er… ah… human resources specialists. That’s over 4,000 jobs.
Now, I’m not a troglodyte or a socialist. I believe the U.S. must compete with foreign producers (including workers) or suffer the consequences. But I’m not a putz, either. U.S. taxpayer dollars are being used to help stupid bankers recover their footholds in the financial world, and part of the deal is to resurrect dead American jobs.
Use those tax bucks to hire foreign workers right after the crash resulted in Americans losing their jobs? ’Fraid not.
In a normal economy (if there is one), competition from foreign workers is a reality. We may not like it, but we have to deal with it. But in a crisis where nothing is normal and the government is propping up the economy, natural competitive issues are put aside in the interest of saving the country. That means American jobs.
When the fat cats are banking on H-1B to bail themselves out, it’s time to, er, ah, skin the cats.
(Hey, I have a cat that no one’s gonna skin… it’s a metaphor so don’t send me hate mail.)