Economy, Regs, & Taxes

A Phony Tale of Globalist Woe

Activists worry immigration reform will kill the H-1B visa program.

Arnold Ahlert · Mar. 2, 2017

If one likes globalist-inspired indifference for American workers, coupled with utter contempt for the Rule of Law, an article and its accompanying sidebar in last Sunday’s New York Post is just what the doctor ordered.

The article, “Will immigration reform stifle recruitment of foreign talent,” is a sob story about America’s “financial powerhouses” worried that sweeping immigration measures will stifle their ability to hire foreign employees. “The overhaul of US immigration policy being considered by the Trump administration includes sharp reductions in H-1B visas from the current 84,000 annually, which is fueling much of the anxiety,” warns columnist John Aidan Byrne.

The so-called “anxiety” associated with the H-1B visa program is nothing new. Companies like IBM, Microsoft, Amazon, Intel, Google, Oracle and their political collaborators in both parties have actively campaigned to increase the number of imported workers to as high as 195,000 per year, based on the assertion there is “shortage” of American STEM workers.

That assertion was thoroughly debunked in 2014 by Harvard Law School senior research associate Michael S. Teitelbaum, yet Byrne insists the same faux hand-wringing applies to Wall Street, because “talented non-Americans are snatched away for coveted jobs in overseas markets by more gung-ho rivals.”

Thus, Byrne is implying that there are no equally talented American workers who could fill those “coveted jobs.” Jobs that are in high demand and as a result command high salaries, but ones that also remain vulnerable to the financial service market’s boom and bust cycles.

A 2016 Wall Street Journal article addressing 457 occupations at greatest risk of labor shortages in the next 10 to 15 years, reveals “Financial Specialists” doesn’t even crack the top 10, coming in at 16th on the list.

Why the focus on possible labor shortages in the future when the nation is currently enduring a historically low labor force participation rate and stagnant wages? Because both the NY Post and the Wall Street Journal are owned by globalist Rupert Murdoch, who has long championed amnesty and “pathway to citizenship” for millions of illegals, and expanding the number of H-1B visas. More H-1B visas are also advocated by the Partnership for a New American Economy (PNAE), an organization Murdoch co-chairs.

Byrne dutifully segues from one Murdoch agenda to the other. “‘This is going to hurt Wall Street,’ Julissa Arce, 33, a former Goldman Sachs staffer in structured finance in New York, told The Post. ‘It also creates uncertainties for some employees themselves, who don’t know if their visas will be renewed.’”

Arce has no such visa concerns. That’s because the former Goldman Sachs executive “kept her real identify as an undocumented worker at Goldman carefully hidden from her bosses,” Byrne reveals.

In the real world, “undocumented worker” is more accurately known as illegal alien. Yet somehow Arce managed to secure a job at the same Goldman Sachs that “as a policy does not hire employees without green cards, legal residence or US citizenship,” Byrne writes. Thus, a lack of due diligence (or calculated indifference) on the part of Goldman Sachs, or outright fraud perpetrated by Arce, are the two most reasonable explanations for her employment at the investment bank.

Regardless, Arce was more than willing to talk about “efforts to undercut the American Dream for other undocumented pros,” Byrne states. “‘My family and I are very proud of what I was able to accomplish, despite the fact I was undocumented,’ Arce said. ‘Lost in my story is that I am not the only person who has had a successful career in a professional setting, despite having been undocumented. I just wish the path was not as filled with so many challenges.’”

Again in the real world, “challenges” is more accurately called the Rule of Law. Yet for Arce, now a “US immigration rights reform activist in Los Angeles,” all that apparently matters is the ends justify the means.

There is no greater divide in this nation than the one between those who believe the Rule of Law is paramount, and those who believe they can ignore anything that doesn’t align itself with their progressive ideology.

It gets worse. “Arce warns that curtailing H-1B visas — which most people believe are used mostly by Silicon Valley tech firms to bring in coders from across the globe — could have a direct impact on the Street’s ability to maintain high-frequency trading platforms as well as conduct more esoteric trading,” Bryne adds in the sidebar.

Anyone still remember the financial Armageddon of 2008 — engendered in large part by high-frequency trading platforms and esoteric trading? And was there a more “ends justify the means” investment bank than Goldman Sachs leading the way?

Goldman’s indifferent relationship with ethical trading caught up with the firm last April. The Justice Department extracted a $5.06 billion settlement from the investment bank that included a $2.385 billion civil penalty, and another $1.8 billion in restitution to “underwater homeowners, distressed borrowers and affected communities.”

Underwater homeowners, distressed borrowers and affected communities Goldman defrauded.

That’s the only time Goldman was forced to admit anything, despite an extensive track record of law-breaking highlighted by a $550 million fine paid to the SEC in 2010 for misleading investors buying financial instruments tied to subprime mortgage bonds, and another $3 billion paid to the Federal Housing Finance Agency in 2014 to settle claims filed by Fannie Mae and Freddie Mac.

And in the ultimate insult to Main Street, Goldman Sachs received a $12.9 billion taxpayer-funded, “too big to fail” bailout, courtesy of the fed’s bailout of insurance behemoth AIG.

It doesn’t get more “esoteric” than that.

Goldman Sachs CEO Lloyd Blankfein, who supported Hillary Clinton for president, has come out against Trump’s temporary moratorium restricting immigration from seven nations with high levels of terrorist activity. In a voicemail to the firm’s 34,000 employees, Blankfein insisted it is “not a policy we support, and I would note that it has already been challenged in federal court.”

He ended the missive with progressive cliché. “Being diverse is not optional, it is what we must be,” he declared. “Now is a fitting time to reflect on those words and the principles that underlie them.”

It might be more fitting to reflect on a status quo that enables Goldman to break the law on multiple occasions absent any criminal charges filed against the company’s executives. Moreover, it would be illuminating to know if Goldman’s commitment to diversity means it is currently employing additional “undocumented pros.”

One of the reasons Donald Trump is president is because millions of Americans are disgusted with an arrogant globalist class that views them nativist bigots, the Rule of Law as an obstacle, and immigrants, both legal and illegal, as a vehicle for undermining the interests of their fellow countrymen — while insisting they stand on “principles.”

Rupert Murdoch’s NY Post has perpetrated a massive insult on the American public promoted as a “tale of woe.” Such self-serving drivel no longer sells in “flyover country,” where millions of “deplorables” have decided America should serve American interests first and foremost. They’re exactly right.

Click here to show comments