"We can erect walls to foreign trade and even discourage job-displacing innovation," Greenspan said. "The pace of competition would surely slow, and tensions might appear to ease--but only for a short while. Our standard of living would soon begin to stagnate and perhaps even decline as a consequence."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.
Read the full text of his speech here : http://edworkforce.house.gov/hearings/108th/fc/knowledgeeconomy31104/greenspan.htm
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