Wednesday, February 11, 2009

From Thomas Friedman's 2/11/09 column

"The Open Door Bailout"

"Leave it to a brainy Indian to come up with the cheapest and surest way to stimulate our economy: immigration.

'All you need to do is grant visas to two million Indians, Chinese and Koreans,” said Shekhar Gupta, editor of The Indian Express newspaper. “We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans.'”


"We live in a technological age where every study shows that the more knowledge you have as a worker and the more knowledge workers you have as an economy, the faster your incomes will rise. Therefore, the centerpiece of our stimulus, the core driving principle, should be to stimulate everything that makes us smarter and attracts more smart people to our shores. That is the best way to create good jobs."

At this point, we're really not sure why Thomas Friedman doesn't have a high level cabinet post. Energy, labor, technology, foreign affairs. He's probably twice as smart and thrice as worldly as anyone in the Obama administration except perhaps Obama himself.

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