Rand Paul Quotes
If you have 'too big to fail' for cities or for states, and they believe they'll be bailed out, they'll continue to make unwise decisions.
Paul, Rand. "Speech to the Detroit Economic Club." C-SPAN, National Cable Satellite Corporation, 6 Dec. 2013.
There was a financial crisis in the country and the world when highly risky home mortgage loans defaulted leaving investors and speculators in mortgage-backed securities in a poor position. The investors had been reaping very high interest rates for their risky investments, but this was the first time that this form of risky investment had failed. The investors, of course were looking for a bailout from government. When the Bush administration failed to bail out investment bank, Lehman, there was a panic and the banking system of the country and much of the world froze up. Bush and his Secretary reversed their bailout of speculators policy and provided various assistants and bailouts to the very bankers and other investors who had caused the economic meltdown. The policy was continued by the Obama administration although the bailouts were just as distasteful to Obama as they were to Bush, but most economists agree that the two presidents very distasteful and unpopular bailout actions probably saved the nation from a massive depression. After being bailed out by the taxpayers, the Bankers then paid themselves exorbitant bonuses while the results of their management put 10 percent of the country out of work.
Randal Howard Paul is an American physician and politician serving as the junior United States Senator from Kentucky since 2011. He is the son of former three-time presidential candidate and twelve-term U.S. Representative of Texas, Ron Paul.