Econ -101: thanks, Alan!

I know that there are real live economics and finance people who write here. Can somebody tell me what I'm missing?

Digby reports today on recent comments of Alan Greespan:

Income inequality "is where the capitalist system is most vulnerable," Greenspan said. "You can't have the capitalist system if an increasing number of people think it is unjust."

Agreed. Not a particularly technical piece of economics, right? Solution, Dr. Greenspan?

The former Fed chief said that increasing the number of immigrants with sought-after skills would increase the labor supply of these workers in the United States and hold down the wage gains of all workers with these skills. In that way, Greenspan said, the gap between skilled and unskilled workers would be lowered.

Say what? Digby was less than impressed; me, too. Did Greespan really say this? Is he this out of touch?

"If the rising tide doesn't lift all the boats, punch holes in some." Right. Thanks, Alan.