Rand Paul: You’ll Bail Out Detroit ‘Over My Dead Body’

” Why would Mr. Paul be so against another bailout? Hmm, maybe because we don’t have the money. That kind of stuff matters to some of us.

His final piece of advice:

“You don’t set up an implicit promise from the federal government that everybody is getting bailed out,” Paul said. “It’s sort of like too big to fail for banks. 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.

“So, really, the answer is, just like the federal government, live within your means and spend what you have but don’t spend money you don’t have. The problem is so many of our state governments, the politicians are being elected by the public service unions. ”