A Christmas Letter

We are reprinting an open letter from David R. Kotok, Chairman and Chief Investment Officer of Cumberland Market Advisors, to Mr. John Boehner, Speaker of the US House of Representatives. We do so since it is a wonderfully concise description of the US’s fiscal problems with a next step recommendation. The letter:

Dear Speaker Boehner:

Please do not do it. Please do not call the House of Representatives back into a year-end, lame duck session.

Please let us get to January 1, 2013. Actually, let us get past January 1 and into the reorganization of the House and the Senate. Lame duck failure must be replaced by accountability of the new Congress in 2013.

We will then start the year in the following condition. Barack Obama will have presided over the largest tax increase in American history. He will have presided over the raising of payroll taxes, income taxes, capital gains taxes, estate taxes, etc. And he will have presided over trillions of deficit spending.

He did not do this alone. He had help. He was and will have been aided and abetted by the outgoing Congress – Democrats and Republicans, bulldogs and tea partiers, Senators and Representatives, men and women who were sent to Washington to represent the 325 million citizens of the United States.

Mr. Speaker, please do not convene the House of Representatives in the lame duck session. Let us start over in 2013 with the new players in their seats.

Happy New Year! God bless America!

David R. Kotok, Chairman and Chief Investment Officer


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