Tech CEOs are about to go to war with President Trump over the 90-day ban of immigration from seven countries and a pending executive order that will restrict the visa programs.
Stocks Tumble
Stocks are beginning to tumble with 20 of the most influential tech stocks plummeting after the Friday executive order restricting Muslim immigration from seven countries.
The pre-planned, Soros-funded protests also caused a slowdown and stoppages at airlines and they too suffered in the stock market.
The tech industry is about to freak out on the administration. The threat of restricting outsourcing and limiting or even shutting down the H-1B visa program is the problem.
Capitalists Start to Revolt
The tech CEOs opposition to Trump’s policies is growing more visible and louder.
On Monday morning, former US Treasury Secretary Larry Summers, speaking in an interview with Bloomberg Television, said that he is “gratified” by what he heard from the tech community. “As global businesses, they have a huge stake in the United States being a nation of the Statue of Liberty rather than being a nation of refugee camps.” He added that “they have a huge stake in the United States supporting an open and tolerant global system, they have that stake for their employees, their customers, they have it for the reputation of the United States and they have spoken out.”
Summers is a globalist and vehemently anti-Trump. He compares Trump’s policies to the Holocaust.
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Last summer, Larry Summers set off a trial balloon and suggested a form of socialism.
He floated the idea of continuous purchases of stocks as a potential ingredient in a recipe for the developed world to strengthen economies struggling with subdued growth and inflation.
Among the proposals that deserve “serious reflection” is the purchase of a “wider range of assets on a sustained and continuing basis,” Summers said in a lecture at a Bank of Japan conference in Tokyo Friday. “I’m not prepared to make a policy recommendation at this point,” he told reporters later.
Summers wants our tax dollars to go to government officials who can use them to prop up stocks.
This is how these globalist bureaucrats view the world.
Visa Programs
The cold war between Trump and the tech CEOs is centered around the H1-B program. They use it to hire high-skilled foreign workers for crucial jobs. Whether they can find Americans for these jobs is the unknown.
Both Steve Bannon and Jeff Sessions are highly skeptical of the program. Trump has not been clear about his feelings though he has said recently that he’s concerned about the misuse of the program. Some worry he won’t be reasonable and has an echo chamber of chaotic and differing views whereas Obama had an echo chamber of singular views.
With the H1-B program, the visas are capped at 65,000 a year, with 20,000 additional visas for foreign workers with master’s degrees. The demand for the visas is so high that the cap is quickly exceeded.
Tech companies such as Microsoft, Google, IBM, Cisco, Apple, Intel and Facebook say the visas are critical for some jobs. They want the best and brightest for these jobs.
New Executive Order
The next executive order will overhaul the work-visa programs. This will cause tech companies to break out into an explosive war if it keeps them from hiring tens of thousands of foreign employees every year. The overhaul will require them to give jobs to Americans first and they will be the most highly paid, which is the bottom line.
The executive order will cover all or most of the visa programs and some programs are said to be very corrupt. Some allow an investment as small as a house to put them and their families on the road to citizenship. Others are good programs.
Programs are in some cases abused with companies looking for cheaper labor, according to the allegations. Visas for specialized labor will likely continue but visas for cheap labor over American workers are likely to get hit.
Trump also wants more transparency.
How much force this order will have is yet to be seen.
At the same time, Congress is working to tighten requirements for workers at these companies.
War Is Coming
Silicon Valley will be hard hit by the loss of their cheap labor. A war is coming.
Airbnb is providing free housing to refugees and anyone not allowed in the US. Stayed tuned for more, contact me if urgent need for housing
— Brian Chesky (@bchesky) January 29, 2017
The blanket entry ban on citizens from certain primarily Muslim countries is not the best way to address the country’s challenges
— Elon Musk (@elonmusk) January 29, 2017
The Executive Order’s humanitarian and economic impact is real and upsetting. We benefit from what refugees and immigrants bring to the U.S. https://t.co/HdwVGzIECt
— jack (@jack) January 28, 2017
Indian tech companies will be hard hit.
For generations, this country has been home to immigrants like Sanaz. Her story is playing out all over the country. Google is with you. https://t.co/mllnZ5gNDB
— sundarpichai (@sundarpichai) January 29, 2017
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