Cumberland Associates Reads The Room….“I’m Mad As Hell And I’m Not Gonna Take It Any More”

Posted By on January 19, 2010

“I’m Mad as Hell and I’m Not Gonna Take it any More”
January 19, 2010. 9:34 PM, Massachusetts time
 
The title of this missive comes from “Network” an award winning 1976 American satirical film.  We remember it then and respect it now.
 
“I’m mad as hell and I’m not gonna take it any more.”
 
In New Jersey and Virginia last year and in Massachusetts this year, the American public awoke from its stupor and went to the window and opened it and yelled, “I’m mad as hell and I’m not gonna take it any more!”  Readers who are too young to recognize this famous and inspiring rejection of government intervention into their lives are invited to Google the phrase and see for themselves.
 
Americans have said “No!” to a deal that gives Nebraska special treatment to be paid for by the other 49 states, as a way for Senator Harry Reid to buy off a vote.  They have said “No!” to House Speaker Nancy Pelosi’s version of health care and all that means for the demise of a health-care system in the US.  They have said “No!” to a tax that would be imposed on employers who have provided their employees with a superior health-care package.  They have said “No!” to a special exemption that would allow union members to postpone the health-care tax until 2018, while the rest of us had to pay in 2013. 
 
They have said “No!” to an administration that promotes a tax scofflaw to Treasury Secretary of the US and as chief cabinet officer to oversee the IRS.  They have said “No!” to deficit spending at the rate of over $1 trillion a year for the next decade.  They have said “No!” to the $28 billion of earmarks in the stimulus bill.  And they have said “No!” to Goldman Sachs being made whole on its payment exposure to AIG.  They have said “No, No, No!”
 
Americans are slow to anger.  They like their government to be stable, they want their institutions to be predicable, and they want their politicians to reflect their consensus views.  
 
When a political party loses that compass, it runs the risk of repudiation.  When a political party engineers events or policies that fly in the face of the majority, it is the American way to reject them.  We go to the windows and shout and then to the voting booth, and we “vote the bastards out.”
 
In America the police power cannot bring tanks into the streets to oppress us.  A citizen still has rights, and the notion of the citizen rights come first and ahead of the priority of the rights of the states or the national government to decide what is best for us.  In America we still have the wonderfully imbedded freedoms that allow us to vote and to express disagreement, and even to write an opinion piece like this one.  We still have a vigorous open press.  We still trust our courts to defend our personal and civil rights.
 
The greatness of this wonderful country is the ability to say “No!” and reject a notion that is disagreeable, and then to move on and build a positive force.  If the Obama-Reid-Pelosi connection persists in ramming a negative deal down the throats of America, it will cause a huge reversal to the Democratic Party.  That will be the impact of passing a bill the country rejects, by forcing a vote between now and when the new Senator from MA is sworn in.
 
This rejection is exactly what happened to the Republican Party when the Bush-Cheney nexus attempted to ram its policy down American throats.  Americans reject arrogance whether it is Democratic or Republican.
 
Americans do not like to be pushed around or toyed with, whether the offense comes for the red side or the blue side.  We are patient and slow to anger.  But when we reach the tipping point we get ”mad as hell” – and then we don’t take it any more.
 
All this is bullish for US markets and the US economy. We are going to arrest the lurch to the extreme left.  We are headed back for the middle.  But not back to the far right, which is just as dangerous and destructive as the far left.  America is going back to the middle.  We are “mad as hell and we are not going to take it any more.”
 
David R. Kotok, Chairman and Chief Investment Officer

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Copyright 2010, Cumberland Advisors. All rights reserved.
The preceding was provided by Cumberland Advisors, 614 Landis Ave, Vineland, NJ 08360 856-692-6690. This report has been derived from information considered reliable, but it cannot be guaranteed as to accuracy or completeness.

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