Surely now they will say, "We have no king; for we don't fear Yahweh; And the king, what can he do for us?"
"Surely now shall they say ..." would appear to be more accurately rendered as in the New English Bible, "well may they say, etc."  A paraphrase of the intended message might be: "Well may the people say, `We have no king'; for we have forsaken God, and our king is powerless!"  The impending judgment which formed the backdrop for such exclamations is stated, below, in  Hosea 10:5-6.