From CNBC:
Real estate buying habits linked to people’s Facebook behavior
Call it fear of missing out — on housing investments.
Our decisions about buying property are heavily influenced by our social media networks, according to new research from economists at New York University, Harvard and Facebook. They found that people whose Facebook friends experience increases in house prices are far more likely to invest in property over the following two years.
The researchers set out to study whether a person’s social media network would influence their housing investment decisions, and if those decisions could show an effect on local housing markets in aggregate. On both counts, the research suggests a significant impact. That’s taking into account aspects like income, one of the main factors of house-price dispersion.
A person who is currently renting and whose Facebook friends saw their homes appreciate 5 percent more than the market average in the past two years is 3.1 percentage points more likely to buy a home themselves in the next two years. The researchers also found that people are more likely to buy a larger house, pay more for a given house and make a larger downpayment.
“We were relatively certain that we’d see some effect,” said Johannes Stroebel, professor at NYU’s Stern School of Business. “What we didn’t know was how large that effect would be.”
Good Morning New Jersey
McDullard,
“Send them all home, you say? Deport all of them, or only people of some ethnicities?”
What makes you question his use of the word “all”?
“Isn’t it surprising that the fault always seems to lie with the immigrants, and never with the employers that hire them or the smart lawyers that file their petitions.”
Anyone who is intellectually honest and consistent knows the fault lies with the special interests and politicians, which was brought up in this discussion (along with phrases like send them all home which would be a by-product). Same as illegal immigration the employer and employee are both breaking the law and both should be punished.
A person who is currently renting and whose Facebook friends saw their homes appreciate 5 percent more than the market average in the past two years is 3.1 percentage points more likely to buy a home themselves in the next two years. The researchers also found that people are more likely to buy a larger house, pay more for a given house and make a larger downpayment.
I wonder if “researchers” compared people in similar demographics who do not use facebook to see if this correlation was even the slightest bit true. My guess is no.
I would suspect that the correlation is actually to the conspicuous consumption of their acquaintances, which is fueled by home equity loans.
Same as it ever was…
i need a Polestar.
Mc dullard from yesterday. Why would those in the private sector who have no pensions or lost them support unions? You obviously missed the whole point.
I suspect it’s more the “wife effect” vs facebook effect. Remember in the 90’s everyone wanted Corian counter tops. And the ride home from dinner at your friends house included why can’t we afford Corain, Im so tired of Formica.
Ahh Formica, now that was classic post war advertising.
6
He’s implying that unions would have fought for you to keep or regain a pension.
Thanks Joyce. When I say send them all home I mean all of them, every last one here on a work visa. The program is broken there are appoximately 900,000 gues workers here now on the program.
It does not attract the best and brightest as they claim since the visas are given out via a lottery. The H1-B visas are not being used just to get top talent, but instead to outsource American jobs.
This isn’t anecdotal, it is pervasive and will only increase under Hillary Clinton.
#9….so when I watch all these business execs come on and say that we have a tech worker shortage they are being duplicitous? That is what it seems like but the “mantra” is STEM, need more tech workers, great careers, worker shortage etc.
70,000,000 work visas have been issued in the US since 2007. Pile that on top of 15,000,000 illegals and it’s no wonder that the ranks of the permanently unemployed and phony disabled are jam packed.
I’ve spent more than 20 years in outsourcing. I am considered an expert in the field. I know more than any 2 bit journalist hack who claims to know anything from a few interviews. I’ve seen it all, the good, the bad, the ugly, and know where all the bodies are buried. I would say, I was directly involved in moving nearly 75,000-100,000 American jobs off-shore in my 20 years. I’m not saying I worked for a company that did it, I’m saying that I played an instrumental part in those actions. Walk through your house, look at every brand name, I would say I touched at least 50% of those directly through outsourcing.
H1B is not used to bring in the best and brightest, it is used to bring in cheap labor. Perhaps there are stories about individual outliers who make for outstanding stories, but those stories are few and far between, and likely not any more frequently than any other rags to riches story.
I benefit directly, and financially, from these types of activities. If I’m here saying that H1B screws US workers more than it helps the US economy, you should probably listen to me.
Joyce it makes no sense. There are virtually no unions for private sector white collar.
Wilbur Ross, on CNBC this am sort of debunked this notion, as part of “free” trade agreements that we need to be so open with all the other consumer ,markets in the world, indicating that the US is in fact the largest actual market with actual money to buy things…
3b
He’s saying to create them or lobby for them etc etc
Why would giving an American first preference to a job in America require a union? Let’s start by requiring people be here legally in order to work, and by implementing a visa quota for H1Bs that matches the spirit of the law, which is for hard to fill jobs with advanced degrees.
re # 10 – re: “they are being duplicitous.” YES THEY ARE
For the really special say the scientist who will create the next cancer drug? Those people can be sponsored directly with no middle men on an O-1 visa not an H-1B.
Theoretically, the H-1B program could be abolished overnight and all needed Einsteins (and Trump wives) could obtain a job here through the O-1 visa program. They just need to demonstrate “extraordinary ability.”
But industry lobbyists aka business execs that come on TV and talk of a worker shortage on CNBC they never ever suggest this.
http://www.g-a-i.org/u/2016/07/Report-Skolkvovo-.pdf
[18] In 2014, the FBI sent letters to a number of firms involved with Skolkovo in what was called “an extraordinary warning issued to technology companies.”154 The FBI’s Boston Office warned U.S. tech companies that Skolkovo could draw them unwittingly into industrial espionage. The FBI warning singled out the Skolkovo Foundation, with which Hillary Clinton and the State Department had actively encouraged American companies to work. (Memorandums of Understanding signed by American companies to work with Skolkovo were done under the auspices of the State Department.) “The foundation may be a means for the Russian government to access our nation’s sensitive or classified research development facilities and dual-use technologies with military and commercial application,”
16
I believe the union comment was about a pension or ‘job for life’ … not visas. But anyway, if it’s not apparent, I do not agree with this idea. I just thought the implication was obvious so I spoke up.
Grim #12,
H1B is a rite of passage for most US educated professionals — almost every international student has to go through H1B. The top US-born people usually end up for medicine, law, finance, MBAs, etc. — relatively few going for PhDs (which usually means a paycut one way or the other).
For any big company, hiring an H1B is more expensive (time to hire is longer, paperwork takes a lot of time, and then they need some green card processing). So, people actually end up working for lower-level positions for a long time (e.g. as post-docs in universities till they get their GC/citizenship and then apply to federal positions or Wall Street)!
H1B process exploits the worker, but provides a way out after serving some time (that time is increasing quite a bit — someone with H1B from India needs to wait about ten years these days to get a green card, while someone from Iran waits only few months!). At some point, people give up [and end up leaving their accrued Social Security/Medicare benefits] and start companies like Ali Babas in China instead of staying here and creating new companies. Their kids get US education while they are here, go back to their country to get a degree, and then come back [since they are usually US citizens] and compete directly [with no college debt].
Instead of worrying about 100k jobs/year (across all spectra), it may be better to focus on generating a few hundred k jobs/month. Elon Musk was on H1B — and while we call that an outlier, we can’t really pick a great before he/she becomes great. Even Einstein was a low-level patent officer for a long time! Trump would have called him a stupid non-Aryan!
All said and done, if the CEOs of banks and low-end tech shops are pushing for H1Bs, hold those guys responsible, right?
McDullard – even Pravda agrees….
“Large Companies Game H-1B Visa Program, Costing the U.S. Jobs”
http://www.nytimes.com/2015/11/11/us/large-companies-game-h-1b-visa-program-leaving-smaller-ones-in-the-cold.html?_r=0
21
Why are you defending a program in which you state yourself that it exploits people?
“Instead of worrying about 100k jobs/year (across all spectra), it may be better to focus on generating a few hundred k jobs/month.”
Why not both?
“All said and done, if the CEOs of banks and low-end tech shops are pushing for H1Bs, hold those guys responsible, right?”
We are.
Joyce #23,
“Why not both?”
To get the large number of jobs, some top talent needs to be attracted (among other investments). To attract them, there has to be some provision (H1B with an option to immigrate has been a primary means). It is like investment choices — you can’t really bet the house on one stock — you put it in multiple stocks, and do due diligence (and still end up with lemons here and there, but the winning stocks will more than make up for the lemons).
I don’t think there is a way to massively cut off immigration and still generate millions of jobs (without reducing overall standard of living or just pouring in money).
Does anybody know where the Clintons and Kaine are now? They are on a campaign bus tour through the rust belt. You won’t read/hear about it from the MSM for a very good reason. No one is showing up. Check out this link:
http://www.newstaggr.com/news/hundreds-turn-out-for-clinton-kaine-rally-in-downtown-pittsburgh?uid=174787
That should link to the Pittsburgh Post Gazette article that now has the headline changed to “Thousands turn out…”
In Johnstown, PA she spoke to a “crowd of dozens”
https://theconservativetreehouse.com/2016/07/30/clintonkaine-rally-draws-crowd-of-dozens-in-pennsylvania/
Donald J. Trump @realDonaldTrump Jul 30
Can you imagine if I had the small crowds that Hillary is drawing today in Pennsylvania. It would be a major media event! @CNN @FoxNews
Dullard, that’s quite a few strawmen you’re conjuring, comparing PHDs, CEOs to H1Bs.
I had to look into it because it didn’t pass the smell test, Musk used an H1B for convenience because it was so easy to get without completing an advanced degree. You can find the quotes yourself, not to mention he has US born lineage.
The most obviously exploiters of the loopholes, and the ones who should be shut out completely are the Wipros, Infosys, etc. who are nothing more than modern day indentured servants. They use glorified diploma mills abroad to inflate credentials, employ targeted training to claim proficiency, and then undercut legitmate workers. Shut them down.
To get the large number of jobs, some top talent needs to be attracted
We don’t need to attract talent. There’s more than enough sitting idle in the U.S. already.
I wouldn’t say it’s entirely idle, but I suspect a significant level of potential STEM talent goes into fields with more stable prospects and prestige(law, banking, gov).
Ben #28,
We don’t need to attract talent. There’s more than enough sitting idle in the U.S. already.
Was US always full of talent and never needed immigration, or was a time when the balance tipped form US needing immigrants to no longer needing immigrants anymore?
nwnj3,
The way an overwhelming majority of grad students get long-term jobs is via H1B. O1 is too risky (“extraordinary ability” is a very high bar, way way beyond “exceptional ability” for green card, and “skilled resource” needed for temporary visas like H1B).
Fixing H1B abuses is one thing (sensible); wanting to wipe it out doesn’t make sense (unless you have a way to retain US-educated people, you throw the baby with the bath water); and publicly expressing desire to deport all immigrants from twenty five years ago is a bit disturbing.
McDullard,
I don’t agree with it, but wouldn’t call the idea disturbing. Again, I think it’s seen as a natural consequence of correcting previous abuses. For better or worse, I’ll compare it again to illegal immigration. Putting aside practicality, deporting all illegal immigrants would be fine since they broke the law. Simple as that… And yes yes jail the employers too.
I am all for the insourcing of thousands of H1 politicians.
Was US always full of talent and never needed immigration, or was a time when the balance tipped form US needing immigrants to no longer needing immigrants anymore?
The ingenuity of the 1800s and early 1900s proved the US never need any more immigration. It wasn’t a bad thing though, as there was still room to grow in the 30s, 40s, 50s, and 60s. At that point in time, the US was attracting top tier talent from places like Russia, Eastern Europe, and Asia. Well educated and established people were the ones who moved here.
Joyce #23,
Why would I defend H1B?
1. This is the smooth way for an international student to get a long-term job in the US. The process of many people I know is F1-visa (usually grad school with a TA/GA scholarship — too poor to attend otherwise), work on EAD (OPT) after graduation, get an H1B visa, and file for GC. Wait times are of the order of seven to ten years these days for people from India and China with just MS degrees (EB2), and much less for people with a PhD (as long as they are in research – EB1-OR, or “extra-ordinary ability” EB1-EA, or “multi-national managers” [say, InfoSys “project managers”]). Most other countries have a really small wait time (so, if any European country has enough software engineers that companies here need, they can all get green cards in a year or so!).
2. Things have been consistently improving since the late ’90s with respect to how H1Bs can change jobs. Till 2000 or so, one could not change a job on H1B till the petition is approved. Now, one can change as soon as application is filed. Till last year, spouses of H1B were not allowed to work or even volunteer. Starting this year, spouses of H1B can work as long as the H1B holder has an immigration petition in process [approval of I140 — I lose track of details]. It used to be painful for spouses of H1B (stay at home for years without possibility of work; grad school is usually very expensive at out-of-state rates).
3. In my view, the good that the H1B program does is much more than the loss due to abuse (it allows people to build careers in the US, attracts people from top schools in the world, increases tax base, etc.) The abuse is often due to collusion of middle managers at low-end companies cutting deals with body-shoppers to haul in barely skilled people (how else would one explain the notion of hiring people based on phone interviews where someone else gives the phone interview?)
4. There is a mechanism to file for green card, and at some point down the line, there is enough freedom to take risks. For me personally, a few years after getting GC, I was sick of the university, started demanding changes there, lost the fight, and just resigned without having to worry about having to leave the country right-away. I found a very nice job (easier because they didn’t have to sponsor a visa, and I could start right-away). I feel like being a US citizen or permanent resident offers a lot more advantage, and am thankful for having a chance to be able to leave a job when I wanted to. So, when I see “we are handicapped because we are not H1B” seems odd.
5. I benefited greatly from this country, and I think there is more than enough progress to be made. I haven’t yet reached the stage of “I’ve got mine, to hell with everyone else.”
Dullard,
H1b is one of the causes in the underemployment of US born people. I don’t think these folks can give 2 sh1ts about giving opportunities to people overseas. And may I am why you use Mc Dullard name? that’s cultural misappropriation and insulting to UK natives and decendents. America first Baby!
Ben #34,
“At that point in time, the US was attracting top tier talent from places like Russia, Eastern Europe, and Asia. Well educated and established people were the ones who moved here.
I am not sure if you are trolling or actually believe in what you are posting…
The Chinese Exclusion Act of 1882, banned virtually all immigration from China (till 1943). The Immigration Act of 1924 was aimed at further restricting immigrants from Southern and Eastern Europe, particularly Jews, Italians, and Slavs (most of the Jewish refugees fleeing the Nazis were barred from coming to the United States).
The immigration policy till 1965 explicitly discouraged immigration from Asia. The rationale was to, I kid you not, “maintain same ethnic mix of the country”.
You seem to be very fond of those days… Good for you.
I finished my quota of posting here for the year.
35
In addition to the abuse of the system and the workers involved (that is outweighed by benefits in your opinion), is it possible there are unseen costs that you’re not factoring in?
Like Grim I’ve seen it first hand, it is very damaging I’ve seen the H1B, L1B threat used to keep a cap on wages and to replace American workers who were performing their jobs at a high level. Those visas are heavily abused, to bring in bodies at 60% the prevailing wage. The H1B, L1B visa scam is real, and should be addressed. The simplest way in my mind is minimum salaries(I think 150K is a good baseline), if someone will pay you 150K you have a skill that’s difficult to obtain, otherwise you’re just a body. In tech 100k is a mediocre body, 125k is decent body, 150k gets someone with some skill and the really skilled people make like 200k as individual contributes in tech. I mean starting salaries from top programs in the major markets are between 100-125k so an experienced person is worth more. So many visa holders are paid 75-80k which is a joke for technical people.
#38 Joyce…
I think it is like NAFTA and trade deals. Local effects will be uneven, but there is an overall benefit. The people that get into jobs by gaming the system have to still keep their jobs (e.g. by putting in longer hours, reading up more, etc., or they will lose their jobs, and will have to go back). Again, I have not come across many cases of abuses — occasionally I hear some anecdote at some discussion and we complement ourselves about how we would never do such a thing, and how we are the real skilled people :)
It is not like the there is a large pool of technically skilled people that are simply being held back by low wages that H1B people command (typical salaries for H1Bs I see are well over 100k+, after middlemen taking cuts). Quite a few are very good (I am in a research area at a telco, so it is full of foreign-born people that have a PhD from the US). I got the job because the super-smart ones have been leaving to fancy companies with offers they cannot refuse. There are more openings than people (while there are native-born applicants, it is a stretch to hire someone that has no mathematical background for a buzzword-heavy job like “machine learning with big data”).
Here is how one way I was able to get in to this company (applied for a low-end position, but eventually got a much senior role as a contractor and then became an employee soon). They had a requirement that an MS or higher degree from US was needed, and some staffing firm called me based on a ten-year old CV. Many H1B abuses can be handled by individual companies (e.g. if I have a startup, I will have some quality control on the hiring process).
40 you are dreaming, I know qualified technical people who have left the field entirely. H1B power houses are Infosys, Tata, Wipro. As I just stated 100k is someone fresh out of college, 10-15 years ago a graduate from a top program was getting over 100k total comp. There are exceptions but the vast majority of people in the H1B program are bodies. Anyone doing machine learning should be making 150-200k easy and under a revised program with NO CAPS, or lotteries, employer tie downs, etc which is purely salary based fixes this.
I disagree with you on the trade deals as well. As they are currently constituted, yes the local affects are uneven… VERY uneven. so much so it strains the definition of the word uneven.
McDullard says:
August 1, 2016 at 5:27 pm
#38 Joyce…
I think it is like NAFTA and trade deals. Local effects will be uneven, but there is an overall benefit.
Just to be clear here, I don’t “see it” – I am actively involved in this.
It’s a bad deal for US workers, IT workers especially.
We’ve gotten to the point that Entry/Mid-range IT work is the equivalent of unskilled factory labor 40 years ago.
It has nothing to do with not being able to find skills or hire, and everything to do with pushing wages down.
Perhaps this was a talent play 20 years ago, it’s not today.
So much so, that these organizations who focus on teaching young girls IT skills and programming.
It’s worthless, it’s the equivalent of training them for home-economics at the current wage trends. By the time they graduate, the field will be so flooded it will be nearly a minimum wage job.
Why aren’t we importing surgeons, en masse, and providing board reciprocity so they can begin practicing immediately? How about we open it up to lawyers and pass a law forcing the bar associations to recognize foreign degrees? Hell, how about we start importing foreign politicians too? God knows ours are overpaid.
Yeah, because … we all know why.
Grim aren’t 27% of all US docs foreign born?
I am not sure if you are trolling or actually believe in what you are posting…
The Chinese Exclusion Act of 1882, banned virtually all immigration from China (till 1943). The Immigration Act of 1924 was aimed at further restricting immigrants from Southern and Eastern Europe, particularly Jews, Italians, and Slavs (most of the Jewish refugees fleeing the Nazis were barred from coming to the United States).
The immigration policy till 1965 explicitly discouraged immigration from Asia. The rationale was to, I kid you not, “maintain same ethnic mix of the country”.
You seem to be very fond of those days… Good for you.
I finished my quota of posting here for the year.
I was referring to post WW2 immigration. It didn’t matter what the policy said until 1965. My grandparents immigrated from China in 1955 as did thousands of others. They were more than welcomed into this country and became a fixture in Teaneck and Ft. Lee opening up what we believe was the first major Chinese restaurants in Bergen County. They were populated by white people.
I’m not fond of anything…I was born in 1980…right around the time when we should have reconsidered whether massive immigration into the country was a good idea. It’s like my kid when he fills up a cup of water at the fridge. I don’t get nervous when the glass is just getting filled up but once it’s near the top, I flip out. We had plenty of room for immigration in the years leading all the way up to 1980. After that….not so much. Near WW2, all those immigrants really did carve out a niche for themselves. The immigrants now actual do take our jobs…literally.
45 – Foreign born isn’t the same.
Let me know when a starting physician is making $45k.
Sorry all you lazy ignornat tech workers but you are simply being punished for linear thinking. This is fair punishment.
Warren Buffet’s annual shareholder meeting draws about 38,000 attendees. Today Warren Buffet appeared on stage with Hillary in Omaha and one of the stories reads Hundreds line up outside North High for speech. Hundreds attended (including 74 High School students recruited to sit behind her while she spoke). There is a very amusing time-lapse video way down on this page that shows the crowd “filling” the gym:
http://www.omaha.com/news/politics/live-video-hillary-clinton-rally-at-omaha-north-high-school/article_eb3be816-580d-11e6-8ce2-abd61f2ed280.html
More from the twitter feed of the small market media reporter who did the time lapse
of the couple hundred people who showed up to see Clinton speak.
https://twitter.com/megan_kristin
37 And since 1965 western Europeans can’t come here. What’s your point?
Yeah I don’t care so much. Why don’t you push for $15, we will do very well dealing with the resulting surge in offshoring.
Spent a good chunk of the day helping to clean up at the local co-op preschool where my daughter goes. Incredible the amount of damage from flash flooding.
You can see me and my daughter on News 12 if you watch for a bit. My wife was on channel 11. She’s on the board.
Anyhow.
https://www.gofundme.com/2hgapfb9
Re: -#48 – that might work for song writing…..how is that working out for ya?
3b, And since 1965 western Europeans can’t come here. What’s your point?
Wow! You are either trolling or you have no clue. In both cases, the joke’s on me, so you win!
Anyway, der Fuhrer’s third wife came to US on a visa, didn’t she?
McDullard you are welcome! But you still ignore the scam going on? Are you really a typical Desi? I think you are better than that. I know what Bill Clinton did first hand, we don’t need a million of more guest workers within a few years of a Hillary presidency, even you will be pressured to keep your wages or your job, we all can be replaced for lower wage.
Ok how about we limit h1b by country so that it’s equal for all? No single country more than 5% of the total.
McDullard meet DesiDullard
More fitting No? Just keeping it real.
I’m missing the days of stories of floods with high heels parked in oar locks of row boats.
Massachusetts soon to have the highest salaries in the nation (for a short while, as businesses pull the hell out):
In what backers say is a first-in-the-nation provision, the new law bars employers from asking prospective workers to provide a salary history. Supporters say that practice can perpetuate a cycle of lower salaries for women. Prospective employees could voluntarily offer salary information.
http://thinkprogress.org/economy/2016/08/01/3803836/massachusetts-equal-pay/