Fed. Reserve Gov. Warsh speech June 28,2010

"Excessive growth in government spending is not the economy's salvation, but a principal foe. Slowing the creep of protectionism is no small accomplishment, but it is not the equal of meaningful expansion of trade and investment opportunities to enhance global growth. The European sovereign debt crisis is not upsetting the stability in financial markets; it is demonstrating how far we remain from a sustainable equilibrium. Turning private-sector liabilities into public-sector obligations may effectively buy time, but it alone buys neither stability nor prosperity over the horizon."
-Federal Reserve Governor Kevin Warsh
Speech Atlanta Rotary Club
Atlanta, Georgia
June 28,2010

http://www.federalreserve.gov/newsevents/speech/warsh20100628a.htm

Link to complete speech