I don't know anything about dsl's commenting history, but this comment sounds elitist. Not sure if you meant it that way, but your point would have been made without the implication that top schools are a requirement to be globally meritorious.
I hire people purely on technical merit, I don't even bother reviewing educational credentials. I am opposed to abusing the H1-B system rather than opening offices overseas to bring in skilled labor and raise local standards of living.
Opening new offices overseas is obviously not feasible in all cases and scalable.
And I don't think companies like Linkedin, Facebook, Google etc abuse the H1-B system. People there are genuinely smart.
However, there are certain consulting companies like Accenture, Infosys, TCS, Cognizant, various body shops etc that abuse the shit out of it. The govt. should definitely be more proactive in banning these companies and not play to the likes of NASSCOM. Infact, I'd argue that the govt. should come up with a whitelist of companies to grant H1-Bs to.