Full text of Rand Paul’s victory speech

[scandal 951]

Quote from Paul: "Thomas Jefferson wrote that government is best that governs least."

Um, that was Henry David Thoreau, actually. But never mind, Paul never claimed to be an intellectual.

On balance, it's actually a very inspiring speech, and recalls the Obama 2004 DNC speech with the references to American exceptionalism. Already, the questions are arising however: Does "I will ask the Senate respectfully to deliberate upon this: Do we wish to live free, or be enslaved by debt?" mean that Paul will filibuster the bill to raise the debt ceiling, and throw US Treasuries into default, and the global bond market into utter chaos? We'll find out soon enough if Paul, Bachmann, et al will increase the debt ceiling without compensating spending reductions.

Full text of Rand Paul’s victory speech

Published: November 3 2010 02:14 | Last updated: November 3 2010 02:14

DR. PAUL: (Cheers, applause.) Thank you! Thank you! What a crowd! (Cheers, applause.)

I’d like to thank my wife, Kelly. I couldn’t have done it without her! (Cheers, applause.)

And my boys, William and Duncan and Robert, and for the great music. Thank you, guys! (Cheers, applause.)

I have a message -- (cheers, applause) -- a message from the people of Kentucky, a message that is loud and clear and does not mince words: We’ve come to take our government back! (Cheers, applause.)

They say that the U.S. Senate is the world’s most deliberative body. Well, I’m going to ask them to deliberate upon this: The American people are unhappy with what’s going on in Washington. (Applause.) Eleven percent of the people approve of what’s going on in Congress.

But tonight, there’s a Tea Party tidal wave, and we’re sending a message to them! (Cheers, applause.) It’s a message that I will carry with me on day one. It’s a message of fiscal sanity. It’s a message of limited -- limited -- constitutional government, and balanced budgets. (Cheers, applause.)

When I arrive in Washington, I will ask them respectfully to deliberate upon this: We are in the midst of a debt crisis, and the American people want to know why we have to balance our budget and they don’t. (Cheers, applause.)

I will ask them respectfully to deliberate upon this: Government does not create jobs; individual entrepreneurs, business men and women create jobs, but not the government. (Cheers, applause.)

I will ask them respectfully to deliberate upon this: Why is America great? Why are we the greatest, richest and freest country ever known to man? (Applause.) America -- America -- is exceptional, but it is not inherently so. America is exceptional because we embraced freedom, because we enshrined it in our documents and because we have lived and fought for the principles of freedom. (Cheers, applause.)

America will remain great if we remain proud of America, if we remain proud of the American system, the system that is enshrined in our founding documents, the system that protects and promotes the free exchange of goods, the system that protects capitalism that has made this country great. (Cheers, applause.)

America will remain great if and when we understand -- if and when we understand -- that government cannot create prosperity. We have to understand that it comes from ourselves, it does not come from government. We are the creators of that prosperity. Until we understand that, we cannot truly protect and defend our liberties. (Applause.)

I have great confidence in the American system. We must believe in ourselves and not believe that somehow some benevolent leader in a distant capital will take care of us, will save us from ourselves. We must once again believe in ourselves. (Cheers, applause.)

I will ask the Senate respectfully to deliberate upon this: Do we wish to live free, or be enslaved by debt? Do we believe in the individual, or do we believe in the state?

Thomas Jefferson wrote that government is best that governs least. Likewise, freedom is best when enjoyed by the most. (Cheers, applause.)

America -- America can rise up and surmount these problems if we just get government out of our way. (Cheers, applause.)

I am humbled by the honor bestowed upon me by the voters of Kentucky. I will do everything within my power to live up to that trust. America’s best days lie ahead of her if we can once again unleash the creative genius, the entrepreneurial spirit, the faith in ourselves that is the American dream.

Thank you, and God bless America. (Cheers, applause.)

[I AM NOT THAT GUY 5,715]

That government is best which governs least

Although the saying "That government is best which governs least" is often attributed to Thomas Jefferson, we have not found this particular statement in his writings.

Henry David Thoreau's Civil Disobedience (1849) is often identified as the real source of this quotation, but there may be an even earlier source. Respectfully Quoted: A Dictionary of Quotations[1] points to The United States Magazine and Democratic Review, whose editor wrote in 1837, "The best government is that which governs least."[2]

Although the ideas expressed in this quotation may be in line with Jefferson's opinions, the exact phrasing is almost certainly not Jefferson's.

FOOTNOTES

↑ Suzy Platt, ed., Respectfully Quoted: A Dictionary of Quotations Requested from the Congressional Research Service (Washington D.C.: Library of Congress, 1989), http://www.bartleby.com/73/753.html.

↑ A more in-depth analysis of this earlier source can be found in Paul F. Boller, Jr., Not So! Popular Myths About America from Columbus to Clinton (Oxford: Oxford University Press, 1995), 49.

http://www.monticello.org/site/research-and-collections/government-best-which-governs-least

[luckytxn 2,265]

"That government is best which governs least."

-- Thomas Paine

[Henykat 16]

That government is best which governs least

Although the saying "That government is best which governs least" is often attributed to Thomas Jefferson, we have not found this particular statement in his writings.

Henry David Thoreau's Civil Disobedience (1849) is often identified as the real source of this quotation, but there may be an even earlier source. Respectfully Quoted: A Dictionary of Quotations[1] points to The United States Magazine and Democratic Review, whose editor wrote in 1837, "The best government is that which governs least."[2]

Although the ideas expressed in this quotation may be in line with Jefferson's opinions, the exact phrasing is almost certainly not Jefferson's.

FOOTNOTES

↑ Suzy Platt, ed., Respectfully Quoted: A Dictionary of Quotations Requested from the Congressional Research Service (Washington D.C.: Library of Congress, 1989), http://www.bartleby.com/73/753.html.

↑ A more in-depth analysis of this earlier source can be found in Paul F. Boller, Jr., Not So! Popular Myths About America from Columbus to Clinton (Oxford: Oxford University Press, 1995), 49.

http://www.monticello.org/site/research-and-collections/government-best-which-governs-least

And who cares who said it. If the SOB will actually leave me along the KUDOS to him and his ilk.

[luckytxn 2,265]

Quote from Paul: "Thomas Jefferson wrote that government is best that governs least."

Um, that was Henry David Thoreau, actually. But never mind, Paul never claimed to be an intellectual.

On balance, it's actually a very inspiring speech, and recalls the Obama 2004 DNC speech with the references to American exceptionalism. Already, the questions are arising however: Does "I will ask the Senate respectfully to deliberate upon this: Do we wish to live free, or be enslaved by debt?" mean that Paul will filibuster the bill to raise the debt ceiling, and throw US Treasuries into default, and the global bond market into utter chaos? We'll find out soon enough if Paul, Bachmann, et al will increase the debt ceiling without compensating spending reductions.

Full text of Rand Paul's victory speech

Published: November 3 2010 02:14 | Last updated: November 3 2010 02:14

DR. PAUL: (Cheers, applause.) Thank you! Thank you! What a crowd! (Cheers, applause.)

I'd like to thank my wife, Kelly. I couldn't have done it without her! (Cheers, applause.)

And my boys, William and Duncan and Robert, and for the great music. Thank you, guys! (Cheers, applause.)

I have a message -- (cheers, applause) -- a message from the people of Kentucky, a message that is loud and clear and does not mince words: We've come to take our government back! (Cheers, applause.)

They say that the U.S. Senate is the world's most deliberative body. Well, I'm going to ask them to deliberate upon this: The American people are unhappy with what's going on in Washington. (Applause.) Eleven percent of the people approve of what's going on in Congress.

But tonight, there's a Tea Party tidal wave, and we're sending a message to them! (Cheers, applause.) It's a message that I will carry with me on day one. It's a message of fiscal sanity. It's a message of limited -- limited -- constitutional government, and balanced budgets. (Cheers, applause.)

When I arrive in Washington, I will ask them respectfully to deliberate upon this: We are in the midst of a debt crisis, and the American people want to know why we have to balance our budget and they don't. (Cheers, applause.)

I will ask them respectfully to deliberate upon this: Government does not create jobs; individual entrepreneurs, business men and women create jobs, but not the government. (Cheers, applause.)

I will ask them respectfully to deliberate upon this: Why is America great? Why are we the greatest, richest and freest country ever known to man? (Applause.) America -- America -- is exceptional, but it is not inherently so. America is exceptional because we embraced freedom, because we enshrined it in our documents and because we have lived and fought for the principles of freedom. (Cheers, applause.)

America will remain great if we remain proud of America, if we remain proud of the American system, the system that is enshrined in our founding documents, the system that protects and promotes the free exchange of goods, the system that protects capitalism that has made this country great. (Cheers, applause.)

America will remain great if and when we understand -- if and when we understand -- that government cannot create prosperity. We have to understand that it comes from ourselves, it does not come from government. We are the creators of that prosperity. Until we understand that, we cannot truly protect and defend our liberties. (Applause.)

I have great confidence in the American system. We must believe in ourselves and not believe that somehow some benevolent leader in a distant capital will take care of us, will save us from ourselves. We must once again believe in ourselves. (Cheers, applause.)

I will ask the Senate respectfully to deliberate upon this: Do we wish to live free, or be enslaved by debt? Do we believe in the individual, or do we believe in the state?

Thomas Jefferson wrote that government is best that governs least. Likewise, freedom is best when enjoyed by the most. (Cheers, applause.)

America -- America can rise up and surmount these problems if we just get government out of our way. (Cheers, applause.)

I am humbled by the honor bestowed upon me by the voters of Kentucky. I will do everything within my power to live up to that trust. America's best days lie ahead of her if we can once again unleash the creative genius, the entrepreneurial spirit, the faith in ourselves that is the American dream.

Thank you, and God bless America. (Cheers, applause.)

Don't worry Socialist sheep and start whining about Rand Paul. He already knows what he will do and will do it.

[I AM NOT THAT GUY 5,715]

Don't worry Socialist sheep and start whining about Rand Paul. He already knows what he will do and will do it.

He is one of one hundred, and a newbie to boot. Perhaps Al Franken can give him a few pointers on how to be a graceful junior senator in a chamber full of pompous idiots.

[luckytxn 2,265]

He is one of one hundred, and a newbie to boot. Perhaps Al Franken can give him a few pointers on how to be a graceful junior senator in a chamber full of pompous idiots.

He has his father a long time congressman there to show him around. In fact his father was winning by like 80 percent the last I looked.

[mawilson 2,133]

Does "I will ask the Senate respectfully to deliberate upon this: Do we wish to live free, or be enslaved by debt?" mean that Paul will filibuster the bill to raise the debt ceiling, and throw US Treasuries into default, and the global bond market into utter chaos? We'll find out soon enough if Paul, Bachmann, et al will increase the debt ceiling without compensating spending reductions.

The Republican-Democrat Regime will not stop wasting our money until they are no

longer able to borrow.

In this regard, the US Treasury defaulting on its debt could be a blessing in

disguise. While potentially disastrous in the near-term, a default may be exactly

what we need to finally return to a sound fiscal policy.

The best thing you can do for a heroin addict is stop feeding their addiction.

Our government is addicted to spending and a default would be the equivalent of

heroin withdrawals.

[luckytxn 2,265]

The Republican-Democrat Regime will not stop wasting our money until they are no

longer able to borrow.

In this regard, the US Treasury defaulting on its debt could be a blessing in

disguise. While potentially disastrous in the near-term, a default may be exactly

what we need to finally return to a sound fiscal policy.

The best thing you can do for a heroin addict is stop feeding their addiction.

Our government is addicted to spending and a default would be the equivalent of

heroin withdrawals.

There will be no default anyway. It will be just a deferment until a budget is passed. We saw this before in fact. The GOP will send deficit budgets to Obama the Socialist to and he will sign it. If everyone remembers their new contract they brought out it mentioned only lowering the deficit and getting rid of it. The GOP still has clue what the people are upset over and figure they have free reign.

[Henykat 16]

You're all delusional sheople. They will get what they want until you run out and it doesn't matter who is there. Stop paying these friggin people for taking away your property!

[scandal 951]

Don't worry Socialist sheep and start whining about Rand Paul. He already knows what he will do and will do it.

Hey Mr. Yuk-yuk, what would you do?

Pretend for a moment that you are Paul. It is Tue April 5 2011, and you are a newly sworn-in Senator. The Debt ceiling is at $14.3 trillion. The outstanding debt has ratcheted up to 14.28 trillion, and a routine Treasury auction is scheduled for tomorrow Wed Apr 6 to sell $55 billion in 10 and 30 year notes, with the proceeds intended to retire $15 billion of corresponding 10 and 30 year notes that mature tomorrow, pay the coupons on another $20 billion of outstanding treasuries, and deposit $20 billion to the general operating fund to pay for government operations.

A bill is presented to the House and Senate to increase the Debt ceiling to 15 trillion, to accommodate tomorrow's auction and further such Treasury auctions for the forseeable future.

What do you, Mr. Paul?

1. Vote for the increase in debt, with no corresponding reductions in spending?

2. Vote against the increase, but allow a majority vote of your colleagues to pass it anyway? A weak form of insisting that Washington must change, at best.

OR ..

3. Filibuster, and stall the vote by delaying tactics such that the clock rolls over midnight to April 6. You will have achieved your campaign promise, sent your message to Washington that government must live within its means, and really meant it. Meanwhile the Treasury Dept, by law, is now forbidden from holding its Auction. The matured bonds that are to be repaid will default on their principal payments. The bonds with coupon payments due will default on their interest payments. The US Treasury market will be in chaos, with the "Risk Free" AAA benchmarks now instantly downgraded to defaulted D status. Every other bond out there in the US- all corporate, muni, and agency issues - instantly is credit-spread to D bonds rather than AAA bonds, and become Ds themselves. Every other government bond in the world - German Bunds, British Gilts, instantly is credit-spread to D benchmarks, and becomes Ds themselves. Benchmark rates - LIBOR, EURIBOR instantly skyrocket - 15, 20, 30%. Bank prime rates instantly skyrocket - 25, 35, 40%. Business and Personal loan rates: HELOCs, mortgages, credit cards - go stratospheric - 50, 60% rates. The world economy instantaneously goes into a nosedive to make 2008 look like patt-a-cake. US GDP for Q2 2011 is -11%, monthly unemployment numbers tally 4million lost jobs in April (just getting started), 7million in May (now we're really rolling), and 11 million in June (YES WE CAN). Not bad for 1 man, 1 senator, with 1 critical filibuster on one US Senate vote one evening next April, acting on his principles. Think it can't happen?

So, Mr. Yuk-yuk, what would YOU DO?

I'm actually kinda tickled to see a genuine Tea Party guy like Rand Paul elected, rather than the joke Tea Pary candidates like Christine O'Donnell. Paul actually does stand for a well-thought out principled view of government, and I respect him for that. The question will be: what will he do when faced with the reality of actual governance, not just the rhetoric of the campaign?

[luckytxn 2,265]

Ok Socialist lover why don't we wait and see what he does. I doubt but want him to do as his father always does and votes NO to any unbalanced budget. Also I wish he will vote NO to any and all bills that are seen as unconstitutional. The best thing would be to not have to accrue more debt and then no need to have more bond sales.

[웃 910]

End of Round Uno:

Scandal: 1

Luckytxn: 0

DING DING DING

[mawilson 2,133]

3. Filibuster, and stall the vote by delaying tactics such that the clock rolls over midnight to April 6. You will have achieved your campaign promise, sent your message to Washington that government must live within its means, and really meant it. Meanwhile the Treasury Dept, by law, is now forbidden from holding its Auction. The matured bonds that are to be repaid will default on their principal payments. The bonds with coupon payments due will default on their interest payments. The US Treasury market will be in chaos, with the "Risk Free" AAA benchmarks now instantly downgraded to defaulted D status. Every other bond out there in the US- all corporate, muni, and agency issues - instantly is credit-spread to D bonds rather than AAA bonds, and become Ds themselves. Every other government bond in the world - German Bunds, British Gilts, instantly is credit-spread to D benchmarks, and becomes Ds themselves. Benchmark rates - LIBOR, EURIBOR instantly skyrocket - 15, 20, 30%. Bank prime rates instantly skyrocket - 25, 35, 40%. Business and Personal loan rates: HELOCs, mortgages, credit cards - go stratospheric - 50, 60% rates. The world economy instantaneously goes into a nosedive to make 2008 look like patt-a-cake. US GDP for Q2 2011 is -11%, monthly unemployment numbers tally 4million lost jobs in April (just getting started), 7million in May (now we're really rolling), and 11 million in June (YES WE CAN). Not bad for 1 man, 1 senator, with 1 critical filibuster on one US Senate vote one evening next April, acting on his principles. Think it can't happen?

I think it can. One hell of a rude awakening for Washington, DC.

[scandal 951]

Ok Socialist lover why don't we wait and see what he does.

If you insist on calling me a "Socialist lover" I will have no choice but to start treating you as I do Marc, and plaster you with Barney cartoons and other mushy stuff. If you want a serious discussion, I'm game - just stop the namecalling.

I doubt but want him to do as his father always does and votes NO to any unbalanced budget. Also I wish he will vote NO to any and all bills that are seen as unconstitutional.

The key difference between Ron Paul and Rand Paul is that the former is a member of the House of Representatives where there is no filibuster, and the latter is a Senator-Elect. The Senate is an ingenious body, designed on purpose to foil itself. Rand Paul can stand on the Floor and filibuster for as long as he likes, and the only thing his 99 other colleagues can do is to threaten him with cloture (and take away his bathroom pass). Cloture, best case, will take about a week of procedural motions. That's way way too long when the Treasury Auction is tomorrow morning, and those coupons need to be paid by tomorrow close of business.

The best thing would be to not have to accrue more debt and then no need to have more bond sales.

I agree - wouldn't it be lovely to have no more debt and no need for more treasury sales?(*) Now can we please come back to reality?

[Actually, it wouldn't be so lovely, given that US Tbills do serve a vital role as a benchmark for the rest of the credit markets. When we were running surpluses during the Clinton era, the Greenspan Fed had serious discussions about what to do when the Debt was retired, and there were no more Tbills in circulation. It's a "good" problem to have, but actually a real policy headache, it turns out. In any event, George Bush quickly solved it for us by plunging us back to budget deficits]