Not to counter your argument against H1B visa, but parts of your arguments are based on inaccurate prejudiced data.
1. "people who are smart enough to get jobs in some of the top corporations" - Not all H1B's work in top corporations, not all H1B's who work in top corporations do 'smart' work, not all employees of top corporations do smart work.
2. "I want get a job doing smart stuff for a smart employer[2], and I don't expect to get that job in India." - Most 'top' corporations have offices in India - where a lot of smart people do smart stuff. Not all of them do it because they dont have an option of going to the US. A lot of them do it because they are happy staying in India. Please stop twisting facts to rationalize your motivations.
1. "people who are smart enough to get jobs in some of the top corporations" - Not all H1B's work in top corporations, not all H1B's who work in top corporations do 'smart' work, not all employees of top corporations do smart work.
2. "I want get a job doing smart stuff for a smart employer[2], and I don't expect to get that job in India." - Most 'top' corporations have offices in India - where a lot of smart people do smart stuff. Not all of them do it because they dont have an option of going to the US. A lot of them do it because they are happy staying in India. Please stop twisting facts to rationalize your motivations.