Sen. Rand Paul: 'We Have No Money. There's No Rainy Day Fund, There's No Savings Account'

[libertybele]

He is absolutely right on this!

Sen. Rand Paul: 'We Have No Money. There's No Rainy Day Fund, There's No Savings Account'

As congressional Democrats push another multi-trillion coronavirus relief package, Sen. Rand Paul (R-Ky.) is warning we've run out of money.

"Well, we have no money, Neil," Paul told Fox News's Neil Cavuto on Tuesday..........

............

    There's no rainy day fund. There's no savings account. It's not like we go over to the Federal Reserve, open the safe, and we find out, oh, we have all this money we can give to people.

    The $3 trillion we have already sent to people because of this government-mandated depression has been borrowed. Where are they going to get another trillion dollars? They're going to borrow it.

    And so I think it's a really, really rotten thing to do. What you have to do is look at the source. The source of the economic depression is the government and the government shutdown of the economy.

    The government, and particularly the governors, need to get out of the way, let the economy open up, and let individuals assess their risk and act accordingly.................

https://www.cnsnews.com/article/washington/susan-jones/sen-rand-paul-we-have-no-money-theres-no-rainy-day-fund-theres-no

[XenaLee]

If the left can Cloward-Piven us into a total collapse of the economy under Trump, they will have a trifecta success story.  One, they collapsed the economy (again).  Two, they managed to blame a Republican president (again).  Three, it will likely result in a rabidly leftist DemocRat being elected (again).

[catfish1957]

Color me shocked that Rand Paul is  one man hinting at fiscal restraint.   Cruz?  Lee?  Sasse?  Cotton?

Hello?.....  Pfff. Pfff .....  Hello?..... Is this on?

Sometimes I feel like the Lone Ranger Screaming at the top of my lungs about this insanity in the guise of unsustainable Fedzilla debt!!!!

[XenaLee]

Color me shocked that Rand Paul is  one man hinting at fiscal restraint.   Cruz?  Lee?  Sasse?  Cotton?

Hello?.....  Pfff. Pfff .....  Hello?..... Is this on?

Sometimes I feel like the Lone Ranger Screaming at the top of my lungs about this insanity in the guise of unsustainable Fedzilla debt!!!!

It unnerves me that more are not "hinting".   Makes me wonder if they already know that we're screwed....royally....

either way.   

[DB]

Color me shocked that Rand Paul is  one man hinting at fiscal restraint.   Cruz?  Lee?  Sasse?  Cotton?

Hello?.....  Pfff. Pfff .....  Hello?..... Is this on?

Sometimes I feel like the Lone Ranger Screaming at the top of my lungs about this insanity in the guise of unsustainable Fedzilla debt!!!!

Yep. None of them have the courage to speak the truth.

[rustynail]

"I Can't be Out of Money, I Still Have Checks Left!"

[DB]

"I Can't be Out of Money, I Still Have Checks Left!"

You mean ink, paper and a printing press...

[libertybele]

Color me shocked that Rand Paul is  one man hinting at fiscal restraint.   Cruz?  Lee?  Sasse?  Cotton?

Hello?.....  Pfff. Pfff .....  Hello?..... Is this on?

Sometimes I feel like the Lone Ranger Screaming at the top of my lungs about this insanity in the guise of unsustainable Fedzilla debt!!!!

Disappointing that there is not more disapproval from the Senate, but ultimately it is the House that holds the purse strings. Coming up with yet another stimulus is ridiculous -- the House is all but anxious to continue to destroy the economy, it's election year after all.

[roamer_1]

Disappointing that there is not more disapproval from the Senate, but ultimately it is the House that holds the purse strings.

That is a cop-out. Especially in a 2/3 Republican government.

[libertybele]

That is a cop-out. Especially in a 2/3 Republican government.

The runaway spending hasn't gone completely unchecked  --

U.S. Senator Ted Cruz and Colleagues Send a Letter to President Trump to Reject State Bailouts

https://goldrushcam.com/sierrasuntimes/index.php/news/local-news/23264-u-s-senator-ted-cruz-and-colleagues-send-a-letter-to-president-trump-to-reject-state-bailouts

https://texasscorecard.com/federal/cruz-to-trump-dont-put-american-taxpayers-on-hook-for-blue-state-bailouts/

[roamer_1]

The runaway spending hasn't gone completely unchecked  --

U.S. Senator Ted Cruz and Colleagues Send a Letter to President Trump to Reject State Bailouts

https://goldrushcam.com/sierrasuntimes/index.php/news/local-news/23264-u-s-senator-ted-cruz-and-colleagues-send-a-letter-to-president-trump-to-reject-state-bailouts

https://texasscorecard.com/federal/cruz-to-trump-dont-put-american-taxpayers-on-hook-for-blue-state-bailouts/

YES, it has. Show me the bills that died or were vetoed. Every or at least most $$bills flew right on through the senate,  and were signed by Tumpy.

[libertybele]

YES, it has. Show me the bills that died or were vetoed. Every or at least most $$bills flew right on through the senate,  and were signed by Tumpy.

Yes, in that you are correct. There were four GOP votes against the stimulus -- Rand Paul was not one of them.  They were; Reps. Thomas Massie (Ky.), plus three leaders of the Freedom Caucus, Reps. Andy Biggs (Ariz.), Ken Buck (Colo.) and Jody Hice (Ga.)

(The article I posted was in reference to state bailouts -- predominately blue -- but that does seem like a mere blame game).

https://thehill.com/homenews/house/494419-the-five-lawmakers-who-voted-against-484b-in-coronavirus-relief

[Applewood]

Rand Paul is too weird for my tastes, but every once in a while he says something that is actually rational.  Maybe the attack by his neighbor loosened up his brain cells. 

[Free Vulcan]

He's right. We are quickly sprinting toward $30T in debt. Even at the modest rate of around 2% we are paying right now, that is $600B interest a year.

That's almost what we fund our entire military with.

Our FY19 revenues were $3.46T. $600B in interest represents just under 20% right off the top.

Imagine your budget getting slashed 20% to pay interest instead of basics.

If interest rates take any kind of spike, it will be dire. Don't even get me started about our currency if that happens.

Our grandchildren aren't going to pay for this. We're going to pay for it right damn now.

[Hoodat]

If interest rates take any kind of spike, it will be dire. Don't even get me started about our currency if that happens.

As long as the printing presses at the mint continue to run, interest rates will stay at whatever point the Fed decides.  Either way, our currency gets trashed.

[DB]

He's right. We are quickly sprinting toward $30T in debt. Even at the modest rate of around 2% we are paying right now, that is $600B interest a year.

That's almost what we fund our entire military with.

Our FY19 revenues were $3.46T. $600B in interest represents just under 20% right off the top.

Imagine your budget getting slashed 20% to pay interest instead of basics.

If interest rates take any kind of spike, it will be dire. Don't even get me started about our currency if that happens.

Our grandchildren aren't going to pay for this. We're going to pay for it right damn now.

Interest rates have been artificially low for some time. They can't be allowed to go up to historical levels ever again no matter what. It would consume half or more of all federal tax revenue. And when you bend economic realities they only stay bent for so long before they can't be contained anymore and coming storming in with extreme consequences.

But never mind that... We going to carry on doing what we're doing anyway... Screw the future...

[Free Vulcan]

As long as the printing presses at the mint continue to run, interest rates will stay at whatever point the Fed decides.  Either way, our currency gets trashed.

Yes, and the cascade effect will be the stuff of nightmares.

On a positive note, we might not have to deal with the west coast states anymore, after China takes them to pay for our outstanding debt because we are too weak to defend ourselves.

[catfish1957]

He's right. We are quickly sprinting toward $30T in debt. Even at the modest rate of around 2% we are paying right now, that is $600B interest a year.

That's almost what we fund our entire military with.

Our FY19 revenues were $3.46T. $600B in interest represents just under 20% right off the top.

Imagine your budget getting slashed 20% to pay interest instead of basics.

If interest rates take any kind of spike, it will be dire. Don't even get me started about our currency if that happens.

Our grandchildren aren't going to pay for this. We're going to pay for it right damn now.

My throat's hoarse.  I can't scream any longer.  In the past 24 hours I have been basically called a one trick ponied fiscal loon.

But since I can't predict when this house of cards starts falling,  some will stand behind a facade of idelogical purity where the good of man will stand true and prevail.  It's almost like some think that there is some pre-ordainment that there is no way nothing can come to harm for us.  But like you said...  $30T and upwards debt. is not sustainable.  There is no such thing as blank checks, and limitless credit cards.  I'd venture that ultimately our soverignty as a valid nation is at risk, but being singled out as a loon more than once in a day is enough.

[Free Vulcan]

Interest rates have been artificially low for some time. They can't be allowed to go up to historical levels ever again no matter what. It would consume half or more of all federal tax revenue. And when you bend economic realities they only stay bent for so long before they can't be contained anymore and coming storming in with extreme consequences.

But never mind that... We going to carry on doing what we're doing anyway... Screw the future...

Yes. People misunderstand interest rates and debt. The Federal Reserve can set it's fed funds rate all it wants, but debt is auctioned in the market place at the market price.

If foreign nations start dumping our debt and currency, that price, the interest rate will go up, and there's not a damn thing the Fed can do about it.

[DB]

My throat's hoarse.  I can't scream any longer.  In the past 24 hours I have been basically called a one trick ponied fiscal loon.

But since I can't predict when this house of cards starts falling,  some will stand behind a facade of idelogical purity where the good of man will stand true and prevail.  It's almost like some think that there is some pre-ordainment that there is no way nothing can come to harm for us.  But like you said...  $30T and upwards debt. is not sustainable.  There is no such thing as blank checks, and limitless credit cards.  I'd venture that ultimately our soverignty as a valid nation is at risk, but being singled out as a loon more than once in a day is enough.

Don't take what was said towards you personally. There was a substantial disconnect between parties in that conversation you were involved in. And you are correct, our future as a country is at risk due to our reckless spending.

[catfish1957]

Yes. People misunderstand interest rates and debt. The Federal Reserve can set it's fed funds rate all it wants, but debt is auctioned in the market place at the market price.

If foreign nations start dumping our debt and currency, that price, the interest rate will go up, and there's not a damn thing the Fed can do about it.

And there has been a lot of undercurrent and talk of eliminaton of the $ as reference currency.  That event alone will cause the $ to float soouthward.  Chicoms yanking Long Treasuries will be the second stab of that effort.  In my 40 years in investing  I have never been a gold bug, but............

[Hoodat]

My throat's hoarse.  I can't scream any longer.  In the past 24 hours I have been basically called a one trick ponied fiscal loon.

But since I can't predict when this house of cards starts falling,  some will stand behind a facade of idelogical purity where the good of man will stand true and prevail.  It's almost like some think that there is some pre-ordainment that there is no way nothing can come to harm for us.  But like you said...  $30T and upwards debt. is not sustainable.  There is no such thing as blank checks, and limitless credit cards.  I'd venture that ultimately our soverignty as a valid nation is at risk, but being singled out as a loon more than once in a day is enough.

When it finally hits the fan, we will at least have a President who knows something about bankruptcy.  With our currency already in the trash and the standard of living for all Americans cut by two-thirds, we default on all outstanding US debt and lose possession of all US holdings abroad.  We will become what Russia is now.

[Free Vulcan]

My throat's hoarse.  I can't scream any longer.  In the past 24 hours I have been basically called a one trick ponied fiscal loon.

But since I can't predict when this house of cards starts falling,  some will stand behind a facade of idelogical purity where the good of man will stand true and prevail.  It's almost like some think that there is some pre-ordainment that there is no way nothing can come to harm for us.  But like you said...  $30T and upwards debt. is not sustainable.  There is no such thing as blank checks, and limitless credit cards.  I'd venture that ultimately our soverignty as a valid nation is at risk, but being singled out as a loon more than once in a day is enough.

30 years ago as a finance major in college my father gave me a book by James Dale Daviidson called The Great Reckoning. It laid out exactly what would happen if we kept spending ourselves in to debt. That day is here.

We are in a perfect financial storm of a situation that no one has seen in all of history. I was somewhat hopeful for awhile that maybe with a decent economy we could start making stride paying down debt with some reform - until I realized that hardly any in DC had any plans to do that at all.

Now with the blue state Governors trying to crash the economy, we're just careening toward the cliff at best. At worst the car is mid-air and still going forward on it's momentum.

I haven't even touched the marxist mobs and all the other little commie maggots in high and low places out there actively trying to burn it all to the ground.

I will be be blunt. There is no more princess in the park flaunting, sauntering, and swaggering around with her little handmaids. No more fancy dresses, glittery social engagements, playing polo with the castle's thoroughbreds, picnics in the pasture, croquet on the lawn, or twice a year trips to Paris. It's time to get grounded - now.

It's time to go on defense and get into survival mode. Retreat to the hills, hole up, hunker down, batten the hatches, patch the fences, dig the moats, and polish the cannons.

And mostly be on attention, high alert and wired like a SEAL team going to raid Bin Laden's compound.

We will be lucky to get out of this without a major depression, civil war, and a complete breakup of the nation unless God has other plans.

Sorry if that's bleak, but the storm is here and there is no more room for fair weather positivity. Crap is about to get real.

My only hope is that Trump will get re-elected and maybe hold off the worst of it for a time.

[libertybele]

And there has been a lot of undercurrent and talk of eliminaton of the $ as reference currency.  That event alone will cause the $ to float soouthward.  Chicoms yanking Long Treasuries will be the second stab of that effort.  In my 40 years in investing  I have never been a gold bug, but............

I had hear a few months ago on Glenn Beck that China was already starting to ditch treasuries and Japan and other countries are no longer buying our debt.  He also made comment that U.S. banks don't have the money to cover what their customers have on deposit.  Very troubling.

We've held gold and silver for the past 15 years or so and it hind sight I wish now we had purchased more. 

This country has a very long and very rocky road ahead of us.

[Free Vulcan]

And there has been a lot of undercurrent and talk of eliminaton of the $ as reference currency.  That event alone will cause the $ to float soouthward.  Chicoms yanking Long Treasuries will be the second stab of that effort.  In my 40 years in investing  I have never been a gold bug, but............

That is my biggest sum of all fears. If the dollar gets de-pegged, it's pretty much the pandora's box.

On that note, I've always been a fan of having a little silver around, if the local economy doesn't totally sink in to barter.