“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.”So... people come here to start companies that employ people and buy houses. Sounds good to me. Click here to read the full article.
Here's one way to increase the pool of home buyers: Allow more skilled immigrants to enter the United States legally. Erik Emery wrote a post on a Thomas Friedman article in the New York Times that says we should do exactly that.