1-20-2010

A Hot Breeze in January

The results are in, and Massachusetts has a new Republican Senator. Scott Brown trounced Martha Coakley.  The spin doctors have already started spinning. However, it’s clear to all that independent voters in Massachusetts shunned the Democratic party as a message back to Washington that they don’t like what’s going on. This was not a cool response to health care. This was not a measured criticism of fiscal spending. This was a hot breeze running through wintery Massachusetts that speaks volumes to the displeasure of the electorate. 

The tea party is becoming a moot point. The whole country is up in arms about what they perceive to be a “big lie”. The lie was perpetrated by the incoming Democrats who said they would turn Washington on its ear and eliminate politics as usual. Instead, they have seen less bi-partisan action than ever before. They have seen more back-room political negotiating and deal making than ever before. They have seen greater profligate spending than ever before. The population doesn’t like what it sees and the rose colored glasses have been set aside, even in Massachusetts. 

Last March, on my speech circuit, I included a clip of Howard Beale from the famous Paddy Chayefsky movie Network. I pointed out that Network was conceived coming out of the dismal recession of 1974-1975. Peter Finch played Howard Beale and received a posthumous Academy Award for his portrayal. The clip is of his infamous rant that includes “I’m mad as hell and I’m not going to take in anymore”. Against the economic backdrop that existed in 1976, it was somewhat believable that people would come out of their homes and join the chant that Beale promoted. It’s amazing how much the details of that speech still ring true today. http://www.youtube.com/watch?v=QMBZDwf9dok

My point of including this clip was to tell my audiences that we needed to again coalesce as a society around this call to make sure that Washington understands exactly what we want, and more importantly, what we don’t want. My favorite battle cry is that representative democracies move very slowly, but very surely. (I attribute it to one of my early mentors, Greg Smith.) In my wildest dreams, I couldn’t believe that the whole country would be “mad as hell and not going to take it anymore” by January 2010, but here we are!

Fred S. Fraenkel
Vice Chairman and
Chairman of Investment Policy
Beacon Trust Company

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