March 15, 2004
Alan Greenspan: Outsourcing Laws Could Harm U.S. Economy
CNET Asia reports on Alan Greenspan's words at Boston College's Finance Conference 2004.
"'In response to these strains and the dislocations (outsourcing could) cause, a new round of protectionist steps is being proposed,' Greenspan said. 'These alleged cures would make matters worse rather than better. They would do little to create jobs; and if foreigners were to retaliate, we would surely lose jobs.'
"'We can erect walls to foreign trade and even discourage job-displacing innovation,' Greenspan said... 'Time and again through our history, we have discovered that attempting merely to preserve the comfortable features of the present--rather than reaching for new levels of prosperity--is a sure path to stagnation,' he said."
Greenspan is a pretty smart guy-and more powerful than the president.
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