Dancing bear in cahoots

from Das Racist – Ek Shaneesh Lyrics on Rap Genius

Meaning

To be “in cahoots” with somebody is to be a co-conspirator

The “dancing bear” in question could be an image of dancing bears for tourists in South Asia, or the Grateful Dead/hippie cartoon icon, or Misha, the cartoon mascot of the 1980 Moscow Olympics, which Reagan boycotted

Also, this album was put out in partnership with the clothing label Mishka, which shares its name with the Moscow Olympics bear

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