Full text of Rand Paul’s victory speech

[luckytxn 2,265]

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

Exactly. It can and should be done but I honestly don't think they will do anything of the sort. The GOP is nothing but Socialist lite. They will maintain the Fed at the same levels at the least. We will continue to have huge deficits and have our Armed forces flung worldwide and frittering our wealth away away from our own shores.

The GOP is part of the problem. We do not need this huge Federal apparatus people but they have brainwashed everyone that they not only need it but it is a necessary thing and the bigger the better.

The best thing would be for them to default and wake up the world to how we have been their ATM and we are broke. We can get out of all this but we will not. Rand Pauls father is maybe the exact person we need but everyone couldn't handle it.

Edited November 3, 2010 by luckytxn

[Heracles 417]

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!

Which state are you located in?

[luckytxn 2,265]

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.

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.

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]

Do as you want. You are good at putting in barney cartoons then so be it and do it. No sweat off my balls. If you think it is being called names then so be that also. You Socialists are done in the house. Y'all lost big time. I like it but know in the long run it just means we get a little less deficit. We are still having our brave heroes dying on foreign soil needlessly. We are spread everywhere all over the globe to ensure that other countries can have their protection. These countries spend a lot less then they need to on their own military because of us and that means we subsidize their Socialism and allows them to accrue more wealth then they would have done so without us there. We can stop this and have this for ourselves but we have allowed these two parties to unleash the dogs of war in perpetual hostility for really no gain for ourselves that makes real sense.

Now you Socialist want to tax the hell out of the most productive part of our economy to feed the least productive. This is biting the hand that feeds us. It squelches innovation and pretty much leads us to less individual freedoms.

Edited November 3, 2010 by luckytxn

[Heracles 417]

Y'all lost big time.

If Scandal still owns property in Canada, he hardly lost at all.

Edited November 3, 2010 by Heracles

[scandal 951]

I thought I'd dust-off this posting from right after last Nov's election of Rand Paul to the Senate.

Now that we're getting closer to the issue of Debt Ceiling vote I thought this would be worth revisiting.

I continue to think the Armageddon scenario for defaulting on the Debt is very, very real, and approximately as I described it in point 3. below.

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]

Guess we should go and find other old threads and bring them back. Lets see what I can go find.