California is in deep 22:
Closing California's deficit this year would be immeasurably easier if the state weren't paying for a 10-year borrowing binge...I don't think the MSNBC-types expected Harvard professor Niall Ferguson to speak this way: "I do think that the president regards making touchy-feely speeches as a substitute for having a strategy."
But the state has had an insatiable appetite for debt in recent years. In the last decade, the debt per resident has tripled, to $2,362, according to the credit-rating agency Moody's Investors Service...
Voters have approved borrowing in the last 10 years for such causes as stem-cell research ($3 billion), high-speed rail ($10 billion), and parks, water and the environment ($14 billion). They even took on $15 billion in debt to paper over a deficit that Gov. Arnold Schwarzenegger said would never reemerge — something economists have scolded the state for doing.
Because of its rock-bottom credit rating, California pays a premium for its loans. Taxpayers must fork over roughly $2 for every $1 borrowed — about 20% more than top-rated states, said Matt Fabian, an analyst at Municipal Market Advisors, a bond research firm.
A story from Nazi history I'd never before heard:
On February 22, 1943, Sophie Scholl, her brother Hans, and Christoph Probst were executed by guillotine in Munich, Germany. Their crimes? Anonymously distributing leaflets criticizing the German government at the University of Munich. They were members of the White Rose, an underground student group that should inspire every American who loves the cause of liberty.
By the end of the interview, Letterman is reduced to admitting to the audience that he is completely outmatched... but that Rand Paul is somehow wrong in his arguments anyway. (video clip included)