In 1776, Englishman Edward Gibbon published The History of the Decline and Fall of the Roman Empire.  If he were alive today, he could certainly do a Great Britain version or even an account for the entire western world.  One thing is for sure, we are not a ‘happy people’ and we have little confidence in the future.  This notion played out in a YouGov poll last year when people in numerous countries were asked: All things considered, what’s your thinking generally about the World?

	Getting Better	Getting Worse
U.S.	6%	65%
UK	4%	65%
China	41%	33%

Much was made in the media last year when the Oxford Dictionary choose a pictograph or emoji as its ‘Word of the Year’ that many didn’t recognize. Specifically, the ‘Face with Tears of Joy’, emoji which best reflects the ethos, mood, and preoccupations of 2015.  It was the first time a pictograph was chosen; as they say, a picture is worth a thousand words.

I think that the tears are still appropriate; however, that smile has been turned upside down as the country drowns in self-pity and fading hope.

Words as Harbinger of Things to Come

As it turns out, Words of the Year are very telling at reflecting moods; but also at projecting the direction of society.  Oxford Dictionary actually has a UK and American version of its word of the year; more often than not, it’s the same word.   Over the last few years, the ‘word’ was really a warning.   Consider squeezed middle and omnishambles.

Word of Year	United Kingdom	United States
2011	Squeezed Middle
2012	omnishambles	GIF (verb)
2013	Selfie
2014	Vape

Squeezed Middle

Boy the way Glenn Miller Played
Songs that made the Hit Parade
Guys like us we had it made
Those were the days

Didn't need no Welfare states
Everybody pulled his weight
gee our old LaSalle ran great
Those were the days

And you knew who you were then
Girls were girls and men were men
Mister, we could use a man like Herbert Hoover again

People seemed to be content
$50 payed the rent
Freaks were in a circus tent
Those were the days

Take a little Sunday spin
Tonight I'll watch the dodgers win
Have yourself a dandy day that cost you under a fin

Hair was short and skirts were long
Kate Smith really sung the song
I don't know just what went wrong

-Those Were the Days
(Theme to All in the Family)

Lamenting the good old days is something that has become a rite of passage for each generation.  It seems that everyone remembers a time when the country was tougher and a buck went much farther.   Such was the case with Archie Bunker, the main character in the 1970s sitcom hit ‘All in the Family.’

Based on the British sitcom ‘Till Death Us Do Part,’ Archie was a working class WWII vet with disdain for the direction of the country.   The real middle-class squeeze was just beginning in 1971 when the show premiered.  Back then, the middle income household represented 62% of U.S. aggregated income; and now, it’s down to 43%.  Archie was considered the ‘lovable bigot.  Today, it’s hard to find any working- class person that doesn’t feel the same frustration.

If you throw away labels, it’s easy to say, these days we’re all Archie Bunker.

Omnishambles

Trying to come up with a similar word in (American) English is tough.  Essentially, it means everything associated with the government is a disaster. 

Example:

On charities, the reality is that the Prime Minister is not making the rich worse off. He is making charities worse off. Over the past month we have seen the charity tax shambles, the churches tax shambles, the caravan tax shambles and the pasty tax shambles, so we are all keen to hear the Prime Minister’s view on why he thinks, four weeks on from the Budget, even people within Downing Street are calling it an omnishambles Budget.

— Ed Miliband MP, Prime Ministers Questions, 18 April 2012

In March 2015, a poll found that 73% in the UK said the country was not governed by the “will of the people.”  Moreover, 31% felt that elections were not free and fair; that number doubled from 2002.

It’s an unhappy western world that must take control of over its own destiny.  I can only hope that the 2017 Word(s) of the year are “Economic Triumph.”

Today’s Session

Dead cat bounce or continuation of yesterday's turn -that's the big question for the market this morning.  For me, the key is closing above Dow 17,177.  I'll have a new idea with the noon update- if the market bounce looks better.  Will also have an in-depth look on the final revision of 1Q 2016 GDP.  If you aren't already a subscriber to our Hotline service,  click on the link to REQUEST MORE INFORMATION   or call 800-29-86-1145 for immediate assistance.

Comments

once again you are right on, Charles! years ago when the Japanese were buying up the farmland I considered moving to Australia, but 10 years later the american farmers bought back the farms for half the price they sold them. Now since I am almost 80 I am too old to become an Austrailian sheep farmer and I don't think I would be better off anyway! Edward Gildone on 6/28/2016 9:47:06 AM

Cattle are simple creatures. They are completely content to spend their days in the sun, grazing in whatever pasture is chosen for them, taking whatever is given without question or yearning for more. Not so, humans. For us the joy far more in the achieving than the having. We require challenges, obstacles to overcome. The satisfaction we get from solving a problem, building, repairing or growing something, sharing with someone else is what feeds our hearts, minds and souls. Governments of late have decided to do those things for us. The want to protect us from ourselves, give us what they think we need, essentially treat us like their herd of cattle. In doing so, they are stripping us of our freedom to achieve. Yes, sometimes we suffer the pain of failure but it's how we grow. As freedom diminishes, accomplishment diminishes. People grow discontent because we are prevented by a litany of ever growing laws and regulations from using our God given gifts. Look at the refugee camps. People do not thrive on handouts. The western welfare states have people who have lived like that for generations. Governments need to get out of the way and let people succeed or fail on our own. Patricia Hampton on 6/28/2016 9:52:23 AM

Seems I recall Gibbon's final words were "And thus passes away the glory of the world." George Hawkins on 6/28/2016 11:16:56 AM

Patricia - You could substitute 'All Animals' (not including us Humans) for Cattle. TOM HOLCOMB on 6/28/2016 12:51:27 PM

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