Dr. Gene Nelson

Dr. Gene Nelson
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  • Shorting Student Loans: The Next Major Credit Bubble  [View article]
    Current estimates are that the total outstanding student loan indebtedness exceeds $1 trillion. ($1,000,000,000,000.00) This is an unsustainable level.
    Nov 19, 2012. 09:20 AM | 1 Like Like |Link to Comment
  • Shorting Student Loans: The Next Major Credit Bubble  [View article]
    There are more updates to my post from 06 March in this recently published report which cites both Nicholas Pardini's work and the relevant updates from the New York Fed's "Liberty Street Economics" blog in an article titled "Grading Student Loans." See: "How Record Immigration Levels Robbed American High-Tech Workers of $10 Trillion" http://tinyurl.com/74c...

    In a follow-on article that quotes from the New York Fed website, they note the following: “Student loan debt is the only form of consumer debt that has grown since the peak of consumer debt in 2008. Balances of student loans have eclipsed both auto loans and credit cards, making student loan debt the largest form of consumer debt outside of mortgages.” And, “As explained in a recent blog post, delinquency rates for student loans are likely to understate actual delinquency rates because almost half of these loans are currently in deferment or in grace periods and therefore temporarily not in the repayment cycle. Among loans in the repayment cycle, delinquency rates are roughly twice as high.” (The default rates shown are approximately 10%, making the actual default rate about 20%) As of Q1, 2012, total outstanding student loan indebtedness was $902 BILLION.
    Aug 20, 2012. 11:45 PM | Likes Like |Link to Comment
  • Shorting Student Loans: The Next Major Credit Bubble  [View article]
    One reason why U.S. college degrees have become an investment with a negative value is that a significant number of colleges and universities have changed their business model. Behind the scenes, they now market U.S. degrees to foreigners as a means to jump to the head of the immigration line. While the topic is arcane, there are no current annual caps on F-1 (student) visas. J-1 (exchange visitor) visas are also used for this purpose. The student, particularly in science and engineering fields, may obtain a OPT, giving them a 29 month period of employment where the employer sets the wages and working conditions. Again, no annual numerical caps. This leads to the H-1B Visa (and several other visa programs) which have high annual numerical caps and no protections for U.S. workers, who may be required to train their imported replacement, with no recourse. These changes amount to a behind-the-scenes foreign hiriing preference system. To learn about the political corruption that served as a foundation for this dangerous situation, please review my 2005 investigative article "Career Destruction Sites - What American colleges have become" http://tinyurl.com/nn28sp and my 2007 investigative article "The Greedy Gates Immigration Gambit" http://tinyurl.com/37l8ry. Use the powerful no-cost citizen activism tools at NumbersUSA dot com to demand meaningful reductions in immigration to protect the career interests of American citizens.
    Mar 6, 2012. 02:39 PM | 3 Likes Like |Link to Comment
  • Eye on Unemployment: Should the U.S. Stop Immigration?  [View article]
    I note that the respondents that I infer are deriving benefits from the current high levels of immigration tend to resort to name-calling to make their point. They seem to like the r word or the x word. They may invoke an emotional appeal to the Statue of Liberty poem. In debating, this approach is usually called an "ad hominem" attack.....
    Aug 4, 2009. 02:58 AM | 2 Likes Like |Link to Comment
  • Eye on Unemployment: Should the U.S. Stop Immigration?  [View article]
    Again, the effects of these corrupt visa programs are cumulative. They have caused millions of experienced American citizen technical professionals to lose their careers in technology fields. The Americans are forced into jobs that make scant use of their training or experience, since they must still pay for the necessaries of life... All so that people like William Gates, III can become the "world's wealthiest man" - a title that he held for over a decade. The H-1B and similar work visa programs have exacerbated U.S. income inequality as the rich get richer and the middle class is forced into poverty.
    Aug 3, 2009. 07:38 AM | 3 Likes Like |Link to Comment
  • Eye on Unemployment: Should the U.S. Stop Immigration?  [View article]
    The entire H-1B visa program is built on a fraudulent legal foundation. It started with the colleges using a corrupt U.S. representative to sneak through "special handling" for college professors and researchers via the 1976 "Eilberg Amendment." This allowed these employers to import unlimited numbers of high-skilled workers and pay substantially less.... around $50,000 / year LESS than for citizens because the imported employees work effectively as indentured servants. This dwarfs any amount paid to immigration attorneys. Their visa is conditioned on them being continuously employed. As an added "bonus," the workers could be sponsored for permanent residency by the employer. There were phony P.R. claims of a "looming shortage" of these professionals while millions of American citizens were graduating from college in these fields.

    You might dismiss these claims because you do not work in a science or engineering field. Since the effect of this "fresh young (imported, indentured, and inexpensive) blood" is cumulative, I can assure you as a harmed U.S. citizen that the wage depression effect is substantial. By 1995, the talent glut was so bad that I was grateful to have a job teaching a very demanding course at a community college in Texas. My wages, sans fringe benefits, were very close to the minimum wage when all of the out of class preparation and driving time was factored in. Another part of the cumulative effect might be apparent to you if you have a son or daughter at a college (and pay high tuition) where the young students are required to take science or engineering (S&E) courses. About half of all S&E department faculty, researchers, and graduate students are now foreign origin. Many have poor spoken English proficiency. So, you as a parent pay more and get less!

    The private sector (think Bill Gates, III and Microsoft as an example) recognized (just like Nobel economist Milton Friedman) that colleges and universities were more profitable with this substitution of foreign labor. In fact, Dr. Milton Friedman called it a "government subsidy" in a 2002 article. (Please google on the title, "H-1B Is Just Another Gov't. Subsidy" to locate the article.) Employers put more money into P.R. efforts and paid off some corrupt U.S. legislators in order to procure the controversial H1-B Visa in 1990. "Special Handling" was then extended to the private sector! Again, the wage depression effect is cumulative. So, by 1996, I was working as a contractor for Microsoft. I had a natural science Ph.D., an in-depth information technology background with over a decade of relevant employment and I was one fo the better-paid Microsoft contractors at a large facility in Dallas, Texas. While the owner of the facility made millions, I was earning $11.06 per hour providing contract work to Microsoft. Such low wages are d*(&n close to slave wages!

    I suggest reading the PDF version of the 2007 investigative article "The Greedy Gates Immigration Gambit" to learn about some of the political corruption and the cumulative numbers of actual visa admissions into the U.S. via the H-1 and H-1B Visa programs. Between FY 1975 and FY 2005, over 4 million entered the U.S.! 4 similar work visa programs resulted in another 21 million visa admissions. These numbers dwarf the number of U.S. S&E jobs. Microsoft hired one of the "best and brightest" lobbyists in December, 2004. His name was Jack A. Abramoff. Abramoff and his team helped Microsoft to direct about $100 million in political expenditures between 1995 and 2000. In exchange for these "things of value," Microsoft and their ilk were able to procure at least 3 "official acts" - employer friendly changes to H-1B Visa law - that has increased the profitability of Microsoft by billions of dollars. Currently, about 1/3 of Microsoft's 46,000 employees are in the U.S. on a work visa. Microsoft is the leading employer of H-1Bs in the period between 2000-2009. I think that the perpetrators of this massive corrupt set of actions should be prosecuted under RICO and all the crooks should be wearing orange prison jumpsuits. Employers have stolen trillions from the American citizens who used to have those careers. H-1B has become a powerful tool for illegal employment age discrimination.

    On Aug 03 12:47 AM Prospector4 wrote:

    > Good debate here. With the economy going the way it is, business immigration demand may not even be there if things get worse ..... In a past life, I was employed in business immigration....
    Aug 3, 2009. 07:31 AM | 3 Likes Like |Link to Comment
  • Eye on Unemployment: Should the U.S. Stop Immigration?  [View article]
    See my Facebook page.
    Aug 2, 2009. 06:09 PM | Likes Like |Link to Comment
  • Eye on Unemployment: Should the U.S. Stop Immigration?  [View article]
    The most recent time when U.S. immigration was ratcheted down to very low levels was during the Great Depression. There were bloody riots because a significant number of mortgages were being foreclosed. People were killed. These actions finally got the attention of the economic elite that was running the U.S. government, who had aided and abetted the "Great Wave" of immigration in the years leading up to World War 1. The government started enforcing the Alien Exclusion Act of 1924. There was a unique public - private sector partnership that resulted in the forced repatriation of about 1 million people, creating work opportunities for the same number of U.S. ciitzens. To learn more, please google on BOTH phrases, "Great Depression" and "forced repatriation." There were 5,690 links on 02 August 2009.

    The economic elite has procured the historically unprecedented flow of about 1 million immigrants into the U.S. since 1990. Illegal immigration has added about the same number each year. That means around 40 million mostly younger workers being added since 1990. This huge inflow over such a short period has resulted in real wage depression, which has tended to benefit the economic elite. Simultaneously, the increase in demand for the necessaries of life has bid the prices up for things like shelter, transportation, medical care, education, and food. This has also benefitted the economic elite. In summary, if you happen to be in this elite group, "overpopulation is profitable." Another way to describe it is that most of the economic benefits of this high level of immigration have been privatized, while the costs have been socialized.

    I believe that these selfish policies of the economic elite are setting us on a collision course for a repeat of the Great Depression. However, with a world population about six times the size that it was during the 1930s, the worldwide effects are likely to be more painful.

    For U.S. citizens that want to do something about this, please join the million or so concerned citizens that are using the powerful no-cost tools at NumbersUSA.com to demand reforms in immigration policy today.
    Aug 2, 2009. 05:57 PM | 6 Likes Like |Link to Comment