Federal Reserve Chairman Alan Greenspan said in Omaha Friday that the nation's current anxiety about losing jobs to other countries is not new.
He says there were fears about losing jobs to low-wage Japan in the 1950s and 1960s and to low-wage Mexico in the 1990s. More recently, he says, low-wage China joined the mix.
However, Greenspan says the recent migration of service sector jobs, such as employees working in telephone call centers, to India is a new phenomenon. But he cautions any answer that involved erecting trade barriers in this country would be wrong.
He said, quote, "The protectionist cures being advanced to address these hardships will make matters worse rather than better."